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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
Tax and profit
- 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:
- You already made tax payments for the year but your annual income ended up less than planned
- 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
Self-employed taxes made simple
Confusing tax jargon? No thanks. We make tax make sense. Understand your taxes in plain, simple language with our guides, blog and Taxopedia. We’ve hand-selected our most popular articles for freelancers here.
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Top tip for freelancers 💡
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.
What are expenses?
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.
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
Download template
Songs to help you focus
Listen now
Tax deadline calendar
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Got a tax-related problem?
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.
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