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Self-employed taxes,
minus the stress

Sorting your taxes should be simple. With TaxScouts, it is. Let us be your one-stop-shop for everything self-employed taxes. Click through the tabs for guides, free self-employed tax calculators, downloadable tax management tools and more.

Your situation

Outlined number oneOutlined number one
I am
Annual self-employed income
Self-employed expenses
?

Tax and profit

Outlined number two
  • Total earnings
    £50,000
    £1,000 tax-free Trading Allowance
    ?
  • Tax to pay
    £10,994
    £7,286 income tax
    £159 class 2 National Insurance
    £3,549 class 4 National Insurance
  • What you’re left with
    £39,006

How your income tax is calculated

When you’re self-employed, you have to pay your income tax and national insurance contributions yourself in your annual Self Assessment. Our calculator helps you quickly assess how much you owe.

However you may be eligible for a tax refund when:

  1. You already made tax payments for the year but your annual income ended up less than planned
  2. You have done things that qualify for a tax relief (made private pension contributions, given to charity, etc.)

In your case when you earn £50,000:

Income tax breakdown

You pay no income tax on first £12,570 that you make

You pay £7,286 at basic income tax rate (20%) on the next £36,430

National insurance contributions breakdown

No contributions on the first £9,568 that you make

You pay £3,549 in contributions (at 9%) on the next £39,432 that you make

You pay £159 in NI Class 2 contributions

Not found the info you need?

Not found the info you need?

Don’t panic! There’s way more where all this came from. Click below for all the tax guides, blogs and tools we have, especially for the self-employed.

Did you know… 🤔

IR35 for the private sector came into force in April 2021. If you’re found to work within it, you could stand to lose as much as 25% of your income! Check out how to determine your employment status by clicking the button below.

Get your tax toolkit

Stay on top of self-employment tax with our Tax Return Toolkit. Get a template spreadsheet to format and record your income and expenses for the tax year, check out our Spotify playlists to motivate you for tax filing, or download our tax deadline calendar straight into your Gmail.

Self-employed invoice and expenses template

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Songs to help you focus

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Tax deadline calendar

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