Tax Spreadsheets

DebtHater

Hi all

Does any one have, or know where I can find, any good Excel spreadsheets for us self employed people?

Didnt want to put loads of time into making one if someone already had one I could make use of

Thanks

fengirl_2

What do you want the spreadsheet to do?

DebtHater

I got this from the HMRC website:

HMRC wrote:

Summary of Calculation for 6 April 2009 to 5 April 2010

Income
Total earnings before Tax taken off
£15,000.00

Total interest paid by a UK bank or building society (before Tax is taken off)
£0.00

Total Income
£15,000.00


less Personal Allowance(s)
Personal Allowance
£6,475.00

Total Allowance(s)
£6,475.00


Income on which Tax is due
£8,525.00


How your Income Tax has been calculated
Taxable employment income

£0.00 @ 10% = £0.00


£8,525.00 @ 20% = £1,705.00


£0.00 @ 40% = £0.00

Taxable interest paid by a UK bank or building society

£0.00 @ 10% = £0.00


£0.00 @ 20% = £0.00


£0.00 @ 40% = £0.00
Taxable Income
£8,525.00

Income Tax due
£1,705.00



less tax already taken off
Tax paid on earnings £XXXX

Tax paid on UK bank or building society interest £0.00

Total tax already taken off
£XXXXX

Basically, the above in a spreadsheet form so I can put in my income per week/month, I can put in my expenses so it will off-set against the profit and give me the taxable figure and how much Tax/NI is due

By the way, the above figures in the quote arent the real figures, just for demonstration

fengirl_2

This wont work because there are adjustments which have to be made on your tax return at the end of the year such as private useages and capital allowances. Also, if you are buying and selling, you need to know the cost of your sales and this can only be done at the year end.

If you are trying to save for your tax bill, put aside 20% of your weekly takings and this will be enough.

DebtHater

fengirl wrote: »

This wont work because there are adjustments which have to be made on your tax return at the end of the year such as private useages and capital allowances. Also, if you are buying and selling, you need to know the cost of your sales and this can only be done at the year end.

If you are trying to save for your tax bill, put aside 20% of your weekly takings and this will be enough.

The only expenses I have are for small purchases, such as things I need to do my job. Dont have anything to buy or sell....

Just wanted something that would make it easier and enable me to have it all documented, something that would show me how much tax and NI would be payable out of my weekly profit - I dont see what you mean by capital allowances though?

nxdmsandkaskdjaqd

DebtHater

I have a spreadsheet that records all earnings and expenses. Drop me a PM with your email address if you want a copy.

DCodd

DebtHater wrote: »

The only expenses I have are for small purchases, such as things I need to do my job. Dont have anything to buy or sell....

Just wanted something that would make it easier and enable me to have it all documented, something that would show me how much tax and NI would be payable out of my weekly profit - I dont see what you mean by capital allowances though?

I think what fengirl was saying was that this only shows income tax due from earnings and as such is not viable for a self-employed person who will have deductions from "Capital expenses" or your "small purchases".

And correct me if I am wrong but I can not see any NI in this calculator?

DebtHater

DCodd wrote: »

I think what fengirl was saying was that this only shows income tax due from earnings and as such is not viable for a self-employed person who will have deductions from "Capital expenses" or your "small purchases".

And correct me if I am wrong but I can not see any NI in this calculator?

That was an example from HMRC, just for the tax!

I did say I would need one that allowed me to input expenses and would calculate NI as well