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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:
In your case when you earn £50,000:
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
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
Opening a business account can be a useful bookkeeping strategy. It helps you to separate your personal and business expenses, which makes declaring your income and calculating the tax you owe much more simple.
Not 100% how to tackle expenses? Watch this 10(ish) second video to learn the basics: what they are, how to claim them, and what you can claim.
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.
We can help. As well as filing your tax return, we also offer one-off tax advice from an accredited accountant. Totally remote, no strings attached.
Book a tax advice consultation for 1-1 professional support by phone or video call. £119, all in. Learn more.
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