Getting to grips with your tax situation is often a laborious and unwanted chore. But a new application from Arbor Media, downloadable on the iPhone, iPod Touch and iPad, creates a one-stop hub for all your taxation needs, on the go.
The UK Tax Wizard is a comprehensive app that allows you to calculate your tax expenditure on an annual, monthly and weekly basis. It goes much further than some of the other tax apps already on the market, by allowing you to calculate taxation allowances for much more than just your salaried income.
All of your tax expenditure
Versatility is the key to the UK Tax Wizard App. Not only can you calculate your income tax liabilities after taking into consideration your age, marital status, student loan repayments and pension contributions but by inputting your income from dividend payments (from investment in shares) or capital gains from sales of assets; you can get a holistic look at your taxation landscape, all from your phone.
Increased versatility comes from a feature which allows you to switch tax rules and calculations if you are self employed or a business owner.
Is this tax app any good?
Which? has had a play around with the on-the-go gizmo and it is definitely one of the most comprehensive applications for tax calculations on the market. It allows you to save your data and make amendments if your earnings change, and even has a calculation provision for if you are made redundant.
This does come at a cost of £1.79 – but the real drawback is that you have to spend quite a bit of time inputting all of your data on income and capital gains before the calculations can kick in. What’s more, you’re likely to have to do this on a small hand-held device.
With this in mind, you would probably be better off doing your tax calculations on your computer – have a look at Which?’s comprehensive online tax calculator for guidance on this.
If you have any queries on tax, check out our fantastic Tax section on the newly relaunched www.which.co.uk.
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