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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
When you submit a Self Assessment tax return for the first time, your bill will probably be higher than you expect. That’s because you’ll pay for the year you worked plus and advance payment for the first half of the current tax year.
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.
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