Income¶
Income entries represent recurring money coming into your plan — salary, pension payments, rental income, and anything else you expect to receive regularly. Tally Up uses these to project your future cash position over 30 years.
Income is separate from transaction-level income recorded in your assets. It is a planning input for the forecast, not a record of what has already happened.
Adding income¶
Go to the Income section and tap Add. Fill in the details for the income source.
Fields¶
Name¶
A label for this income source — for example, "Salary", "State Pension", or "Rental Income".
Type¶
| Type | Description |
|---|---|
| Salary | Employment income |
| Pension Payment | Drawdown from a pension or annuity |
| Other | Any other regular income |
The type is used for display and categorisation — it does not change how the income is calculated.
Amount and frequency¶
Enter the amount per payment and how often it is received — monthly, quarterly, annually, or another interval. Tally Up normalises all incomes to an annual figure for the forecast.
Growth rate¶
Choose how the income changes over time:
- Index linked — grows with inflation
- Fixed — grows at a rate you specify (or zero for no growth)
Start date¶
When this income begins:
- Plan start — from the beginning of the plan
- Retirement — from the person's retirement date
- Statutory retirement — from the state pension age
- Custom date — a specific date you choose
End date¶
When this income stops:
- Plan end — runs for the full forecast period
- Retirement — stops at the person's retirement date
- Custom date — a specific date you choose
Owner¶
The person who receives this income. Tax is calculated based on the owner's tax residence and bands.
Receiving asset¶
The asset where this income is deposited. If left on automatic, Tally Up decides where to allocate incoming funds based on your funding rules.
How income affects the forecast¶
The forecast engine reads all your income entries and projects them forward year by year, applying growth rates, start and end dates, and ownership-based tax calculations. The result is your projected net cash position at each point in the future.
Tips¶
- Add income in today's terms — growth rates handle future increases.
- Use separate entries for income sources with different growth rates or end dates (for example, salary stopping at retirement and state pension starting at statutory age).
- Income entries are planning inputs, not linked to actual transaction data. If your salary arrives in your current account, it appears as a deposit transaction there; the income entry here tells the forecast to expect it.