Tax Back Calculator

honeymonster

I would like to develop a tax back calculator. It would tell you if you paid too much tax during 2008. Im not much of an accountant, more a web developer. What are the factors which are considered in working out if someone is due tax back?

Thanks for the help.

namenotavailablE

This would be a BIG undertaking.

You'd need to receive the following information from a user:

• All sources of income, whether trading, investment or employment.
• All deductions from that income taking account of limits which might apply (e.g. pensions) and rates for things such as capital allowances on machinery
• Correct tax credits based on the person's marital status, expense related credits, employment related credits
• Do you want to check whether the user is due a refund of PRSI and/or income levy?

the above is just a 'quick list' off the top-of-my-head- it's bound to be incomplete. In summary, it's one heck of a big challenge you're considering but best of luck!

zreba

it's not an easy task if you want to do this well.

it's so many of attributes which you need to take under consideration...
there's plenty different incomes and many things you can claim your tax back, like e.g.:

incomes:
- capital gains
- share options
- property lettings income, and all rules which applies
- foreign income
- foreign property lettings

tax credits:
- school/university fees
- rent relief
- waste collections
- medical insurance
- medical costs

those are just most popular I suppose, the list will be huge

I think you would also need to consider all different types of social payments, those taxable and non-taxable

you would need to keep records of all rates etc for every year you'd like your calc to be valid.