The ReckonersHere is the list of the current reckoners that are available. We're constantly adding to them and we're always glad to hear of any requests or suggestions for new ones. They're updated each year, or when changes occur, but we can give subscribers access to previous versions, if they're available. Just email reckoners@ferret.co.uk. Just go to 'register or subscribe' to get access. * marks those currently free to access.
Updated to 2024 / 2025 versions on April 4th 2024. |
Pandemic Related These reckoners provide estimates of HMRC grants support for self-employed people during the covid-19 crisis. They cover the SEISS scheme which needs turnover and profit figures from past periods. There are five different periods with varying rules.
Self-employment Income Support Scheme* (SEISS) Reckoner View Self-employment Income Support Scheme*(SEISS) Reckoner (2nd Round) View Self-employment Income Support Scheme* (SEISS) Reckoner (3rd Round) View Self-employment Income Support Scheme* (SEISS) Reckoner (4th Round) View Self-employment Income Support Scheme* (SEISS) Reckoner (5th Round) View |
Self-EmploymentMinimum Income Floor reckoner*
If treated as gainfully self-employed for Universal Credit, there will be a minimum income floor (MIF) which the DWP use for assessing income for Universal Credit, even if real earnings are lower. Estimates the MIF for single and couples, taking into account any employed earnings, Includes notional tax and NI assessment View Self-employed Expenses for Universal Credit* This reckoner quickly estimates the monthly expenses which will be taken into account for Universal Credit. View Surplus Earnings for Universal Credit* Estimates how earnings, which are high enough to have stopped Universal Credit from payment, will reduce further claims if Universal Credit is reclaimed within 6 months. View Self-employed Losses carry-forward for Universal Credit* Estimate how losses made in previous Universal Credit periods are taken into account for later assessments by reducing the amount of self-employed income taken into account. View Tax and NI* Estimates tax and National Insurance for self-employed and employed. Includes class 2 and 4 NI, and Scottish income tax View |
Universal Credit Assessed Periods' ReckonersPay Periods in Universal Credit*
Different pay cycles in Universal Credit can cause large variations in benefit, or can cause benefit to be stopped. They are affected by the dates of claim, the normal pay dates in employment and calendar issues including weekends and bank holidays. This can cause different numbers of paydays to fall within an assessment period, causing different amounts of earnings to be used in the assessment. This variation can be larger where both members of a couple have earnings. This reckoner works out the cycles for individuals or couples and the effects on Universal Credit payments. Even takes account of the different bank holidays in the four home nations. View Rent Periods in Universal Credit The rent periods of tenants can add to the complexity and the variations in Universal Credit. This is because there may be different numbers of payments of rent due within an assessment period. This reckoner allows the effect of rent cycles to be assessed for individuals and couples. View Pay Periods and Rent Periods in Universal Credit* This reckoner allows the effect of both pay and rent cycles to be assessed for individuals and couples. View |
How much is bedroom tax? What's the MIF level? What's the redundancy pay?
Pensions and Pensioners
Emergency Tax for pensions* When taking lump sums from a pension, it is common for emergency tax rates to be applied to the withdrawal. This is because tax is applied as if the sum will be regular income. Although this can be reclaimed it may be important to know how much initial tax is payable View State Pension Age* This reckoner shows when State Pension Age is reached, for individuals or couples, and when 'Mixed Age Couple' rules will apply for state benefits. View Mixed Age Couples Loss Reckoner Shows when State Pension Age is reached and when 'Mixed Age Couple' rules will apply, and estimates the lower level of benefit paid to couples on Universal Credit instead of Guarantee Pension Credit. View Notional Pension Income Reckoner Untaken pension savings, for those over state retirement age, are treated as generating a notional income for pension savings. This is a complex calculation using the client's age, savings, current 15 year Gilt rates and values from Government Actuaries Department tables of notional annuity values. This reckoner carries out these complex calculations. View |
Work
Better Off Changing Work with Universal Credit* Estimates of changes in overall income when job or earnings change when receiving Universal Credit. Takes account of tax, National insurance, pension contributions, childcare and work expenses. View Better Off Changing Work without Universal Credit* Estimates of changes in overall income when job or earnings change when not receiving Universal Credit. Takes account of tax, National insurance, pension contributions, childcare and work expenses. View Benefits effect of making Pension Contributions Making contributions to pension savings, while working and receiving in-work benefits can affect the amount of benefit received. This is because it may change the amount of earnings used in the benefit calculation. By reducing the earnings used, contributions can increase the amount of benefit. The effect is different for different benefits. The reckoner shows the effect of pension savings on the different benefits. View Redundancy Reckoner This reckoner estimates entitlement to statutory redundancy pay. Using entered full years of employment. View Tax and NI* Estimates tax and National Insurance for employed and self-employed. Includes NI and Scottish income tax View Surplus Earnings for Universal Credit* Estimates how earnings, which are high enough to have stopped Universal Credit from payment, will reduce further claims if Universal Credit is reclaimed within 6 months. View |
Other Reckoners
Equity Comparison Reckoner* Mortgages and Equity Release, with different ways in which interest can accrue or be paid are complex financial products. Means-tested benefits can also now include loans for providing some help with mortgage interest payments. This reckoner looks at potential costs of different types of mortgages over a range of time and includes benefit loans. It also illustrates the effects of house price inflation over time. This is not intended to help with decisions about any choices being made where professional advice should be sought. View LMI Home Equity Reckoner Estimates the effect on home equity of taking a Loan for Mortgage Interest in means-tested benefits. This is not intended to help with decisions about any choices being made, where professional advice should be sought View Net to Gross reckoner This reckoner calculates the original gross value of a sum on which income tax has been paid. View Bedrooms for Benefits* This reckoner calculates the number of bedrooms a household is entitled to for benefit purposes. This figure is in assessing entitlement to rental support in Universal Credit and Housing Benefit. For social tenants it is used in the 'Bedroom Tax' or 'Spare Room Subsidy' calculation. For private tenants it is used in the Local Housing Allowance figures for local areas across the UK. View Cyfrifiannell Cyfyngiadau Ystafelloedd Gwely Tenantiaid* Gweler (Bedroom Reckoner in Welsh) |