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  From 1 December 2008 the rate of VAT is being cut to 15%. The cut will last for 13 months until the end of 2009. It means a £1,000 Christmas shopping spree would cost a mere £25 less. But this calculator aims to show how much you would save over the term of the reduction - whether you maintain your spending or spend for Britain. =4; return (b_ok); } function getPeriod(periodType){ period = 13; //months if (periodType == "week") return (52/12) * period; if (periodType == "month") return period; if (periodType == "year") return period/12; return new Number(period); } function getWeeklyReduced(){ p = getPeriod("week"); var food_bill = new Number(document.f1.food_bill.value) * p; var weekly = new Number(0); weekly = food_bill; return weekly; } function getWeekly(){ p = getPeriod("week"); var alcoholic_drinks = new Number(document.f1.alcoholic_drinks.value) * p; var takeaways = new Number(document.f1.takeaways.value) * p ; var week

Did you know: your charity donations can be increased by the taxman? A system called Gift Aid will add a percentage on top of your donation according to the tax band your salary falls into. This calculator will show you how much more generous you can afford to be.   Gift Aid calculator YOUR DONATION This calculator shows how much your chosen charity will receive if you are a basic-rate taxpayer taking advantage of the Gift Aid Scheme. Note: This is Money has teamed up with The Charities Aid Foundation to enable online donations from as little as £10. The foundation is a registered charity set up to help donors and charities make the most of their money. You can make a donation using the links in our Giving section. Donation £ RESULT Calculate The charity will receive £ 1. Read the latest advice on our Caring Consumer channel 2. Easy steps to save energy 3. Other advice on saving the world (and money) 4. Compare prices on green energy ta

  This calculator will help you to work out how much VAT you'll need to pay on top of a builder's quote or on other purchases... 0){ document.f1.total_vat.value = x_vat*(0.2); document.f1.total_bill.value = x_vat*(1.2); trunc(document.f1.total_vat); trunc(document.f1.total_bill); } if(total_price>0){ document.f1.actual_cost.value = total_price/(1.2); document.f1.total_vat_paid.value = total_price - total_price/(1.2); trunc(document.f1.total_vat_paid); trunc(document.f1.actual_cost); } return false; } function browserOK(){ var b_ok = true; b_ok = b_ok && (navigator.appName.indexOf("Microsoft")!= -1); b_ok = b_ok && parseInt(navigator.appVersion.substring(0,1))>=4; return (b_ok); } function trunc(formElement){ var sValue = formElement.value; formElement.value = Math.round(sValue*100)/100; } //--> Value Added Tax (VAT) Calculator YOUR VAT BILL Work out how much VAT you'll need to pay on top of a builder's quote or o

After collecting £437billion in tax last year, you would have thought HM Revenue and Customs could afford to create a decent ‘tax calculator’. But the office was forced to apologise yesterday after the online tool imploded within hours of its launch. The calculator – to be found on HMRC’s website – is meant to allow the country’s 29.7million taxpayers to understand exactly how much they pay each year in income tax and National Insurance. The launch of the tax calculator tool on the HMRC website managed to crash it on its very first day But it could not keep up with the demand and was either working slowly or not at all. However, the app version of the calculator, which can be downloaded on to mobile phones, was said to be working correctly.   More... TRY FOR YOURSELF: The HMRC Tax Calculator The calculator had been announced by the Chancellor in his Budget in March last year. FROM TODAY ONWARDS IT'S NOW 'YOUR' MONEY Today is the first this year that we started to e

  If you have made huge profits on selling your or property (with the exception of the home you live in) you may have to pay capital gains tax. For full details of how the capital gains tax system works see our guide. CAPITAL GAINS TAX RATES 2012/13 2013/14 The rate you pay will depend on your taxable income. * Estimate based on planned 1% increase ANNUAL EXEMPTIONS Individuals £10,600 £11,000* Main home unlimited unlimited

Wealthy UK citizens with cash in the Cayman Islands are set to be hit with big tax bills after a landmark agreement between Britain and the Caribbean territory. The deal emerged after the Caymans reached a separate deal with America to sign up to its rules on disclosing tax-dodgers to the authorities. The agreement with Britain will be a major step towards tackling offshore tax evasion. Cayman Islands: The agreement with Britain will be a major step towards tackling offshore tax evasion Until now tax authorities have had to request details of accounts they suspect have been used for evasion. If the new rules are similar to those agreed with Washington, they would require automatic disclosure of any interest earned by a British citizen in a Caymans bank account.   More... Tax dodgers cost the UK £200 per household a year... a total of £5.2BILLION Moving to sunnier climes or overseas for work? Five of the best offshore current accounts to manage your cash Fiona Fernie, a tax p

A shocking 50 per cent of small firms have failed to put money aside to cover unexpected tax liabilities or pay for an accountant to close their books, despite the end of the financial year rapidly approaching. According to a study commissioned by British Gas, more than a quarter of business owners are concerned that not being prepared for the financial year-end could lead to the insolvency or closure of their business. Shock figures: Half of small firms have failed to put money aside to cover tax liabilities. Two in five fear they will be fined for not meeting their financial year-end obligations, while a fifth admit to having lost out financially previously through a lack of preparation.   More... Taxpayers left out in the cold as HMRC announces plans to close ALL of its 281 enquiry offices Running a small business? Don't forget your own finances - five top tips to make more of your money Find a financial adviser Get a free guide to saving tax by Hargreaves Lansdown In