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Finance Rate Calculator - Net Income Explained

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* In this context when we talk about net income it means the following:

1. Income from Employment and State Benefits

- This includes (i) Salaries and Wages, (ii) Pensions from former employer/s, (iii) State Pension, (iv) Child Benefit (v) Social Security Benefit including Unemployment Benefit, Income Support, Family Credit etc (vi) Any other regular income

- The following deductions may be made from the Gross Income from above sources: (i) Income Tax and National Insurance Contributions deducted under the PAYE system (ii) Council tax paid to Local Council (iii) Any other Government Taxes on income.

2. Income from Vocation or Trade (Self Employed Persons)

- Gross Fees Charged / Gross Income from Trado

- Less: Deducations allowed - such as (i) Expenses incurred for business purposes eg Rent, Rates, Electricty, Gas, Telephone etc (ii) Income Tax and National Insurance paid (iii) Council Tax paid to Local Council (iv) Any other Government Taxes on Income.

3. Income from Property, Land, Investment eg Shares

- This includes Gross Income from (i) Land, (ii) Agriculture, (iii) Rents from Property (iv) Dividends received from Sahres in quotes / unquoted companies.

- The following deducations, as appropriate, may be made from teh gross income from the above sources:

(i) Property Tax, Land and Municipal Rates, (ii) Revenue and Agricultural Land Tax (iii) All expenses incurred from production, (iv) Property Repairs and Maintenance (v) Income Tax and National Insurance paid (vi) Any other Government Taxes on Income.

NB - Mortgage repayments in respect property purchased for own occupation are not deducatable from net income as defined above.

MKA Standing Order Form

MKA Standing Order Form

MKA Standing Order Form