Self Employed Tax Calculator

joeblack066

Hi all, have just gone fully self employed and was wondering if anyone knows of an online calculator to give me an approximation of how much I should be putting aside for tax? Thx in advance!

Sea78

Oh gosh - I have no idea - but I'm sure one of the government websites should have something like this! I know there are a few self employed people on the site, so hopefully someone will be able to provide a link!

Sea xxxx

tyllwyd

It gets a bit more difficult to calculate tax for self-employment, because of course you are paying tax on your profit, not your turnover, so to calculate it accurately you will need to be deducting your expenses. And of course you don't have to pay tax on the first amount up to your personal allowance, so that can have a big effect if your self-employed income is low ... and for next year the 10% band is being lost, which again will have a big impact if your income is low.

What sort of annual profit are you aiming towards? A lot of people find it easiest to put aside say 25% of any money that comes in, so there is a pot of money available when the tax bill arrives.

BTW you'd probably get more responses for your question on the Cutting Tax board.

wobstyr

I know a great website that is a self employed tax calculator.
All you need to do is put in your invoices, and expenses and it will work out what you owe the tax man, its brilliant.


it will even work out two income streams, so if for instance you are employed on a full time bases and pay PAYE, you can put a seconf income "self employed" into the system and it will workout your tax, minus what youve all ready paid in PAYE.

Its the way to go, no more expensive accountants.

Unfortunatly i am not allowed to post links on this forum, so if you want to find it. cut and paste this into google, incude the quotes and look for the 4th one down. "self-employed-tax-calculator"

good luck!!!

Clariman

If you think there is some demand for such a calculator, then I may take a stab at writing one.