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.
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.
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.
Want us to take your taxes off your hands? Scroll down to learn more about our TaxScouts services. We’re adding new tools and polishing our existing services all the time, to make sure we’re bringing our community the crème de la crème of simple, online tax help.
Sign up for important updates, deadline reminders and basic tax hacks sent straight to your inbox.