Enter your income, then click Calculate.
Result
| Item | Amount |
|---|
What it does, and what it leaves to you
- Covers: the personal allowance and its taper above £100,000, the 20%, 40% and 45% income tax bands, Class 4 National Insurance, student loan and postgraduate loan repayments, the £1,000 trading allowance, payments on account, and flags for VAT registration.
- Not decided: Scottish tax bands, other income, pension relief, Gift Aid, capital allowances, losses, the High Income Child Benefit charge, the Marriage Allowance, VAT amounts and non-residents. HMRC or your accountant decide these.
Common questions
How much of my self-employed income should I set aside for tax in the UK?
Often 20% to 30% of profit once you add income tax and Class 4 National Insurance, and more with a student loan, but it depends on your profit. Enter your income and expenses here for a number built from the actual rates.
What are payments on account?
If your self assessment bill is £1,000 or more you pay half of it in advance on 31 January and 31 July for the next tax year, on top of the balance due each 31 January. Your first January bill is therefore much larger than one year of tax.
Do I pay Class 2 National Insurance?
Not as a charge. Above the small profits limit Class 2 is treated as paid. You pay Class 4 at 6% on profits between £12,570 and £50,270 and 2% above.
What is the trading allowance?
A £1,000 deduction you can take instead of listing actual expenses. This tool uses it automatically when it beats your real expenses.
Is my data uploaded anywhere?
No. Everything is calculated in your browser and nothing is sent.