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| Name | Calculate 2023-24 UK Income Tax – Using VLOOKUP In Excel |
| Video Uploader | Video From The Excel Hub |
| Upload Date | This Video Uploaded At 17-04-2023 16:00:22 |
| Video Discription | We cover how to calculate your 2023-24 UK Income Tax in Excel. The UK follows a progressive system and therefore, the VLOOKUP function with its approximate match is particularly useful when calculating tax payments. We will start by calculating the deduction in the tax-free allowance based on the taxable income to account for incomes above £100,000. We will then identify the amount payable in each tax band. Following this, we will calculate the outputs, including the amount payable in the previous tax band, the rate of the current tax band and the amount payable in the current tax band and finally, use these figures to calculate the annual and monthly tax payable. DISCLAIMER: Although I have taken great care to check all of the calculations, I am not a qualified accountant and you should not use this video to substitute financial advice. Make sure you talk to your own accountant before you use this calculator to make any financial decisions. UK Income Tax rates and bands: https://www.gov.uk/income-tax-rates VLOOKUP Function Tutorial: https://youtu.be/KvS-1o1C--g Subscribe for weekly Excel tutorials, techniques and examples: https://www.youtube.com/channel/UCgdRm6hepAn6Y0FqMZPLiAw?sub_confirmation=1 Please share this video with others that may find it useful: https://youtu.be/_hxnnOdULeQ Please comment below if you have any feedback or any suggestions for videos you would like us to upload next! 🌍 The Excel Hub website: https://theexcelhub.com/ 📸 Instagram: https://www.instagram.com/theexcelhub/ ABOUT US: The Excel Hub seeks to enhance your Excel and VBA knowledge by providing value-adding tutorials, techniques and examples in order to help you take your spreadsheet and data analysis skills to the next level. For any enquiries, please contact: theexcelhub@outlook.com Overview: (0:00) Calculate Deduction: (1:34) Format Table: (3:19) Calculate Outputs: (6:46) _hxnnOdULeQ |
| Category | Education |
| Tags | income tax | income tax uk | income tax calculation | uk income tax | uk income tax explained | uk income tax calculation | uk income tax calculation excel | progressive tax | progressive income tax | progressive tax explained | VLOOKUP | VLOOKUP function | find data in a table | find things in a table | how to use VLOOKUP | approximate match | true match | tutorial | Excel | spreadsheets | spreadsheet | The Excel Hub | Google Sheets | Excel Hub | VBA | personal allowance | tax free income | tax rate |
