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The self-employed taxes are the same as the ones regular employees have to pay: income tax and National Insurance contributions.
You’re just paying them differently: instead of the employer doing it for you, you have to calculate them, file a Self Assessment tax return, and pay the taxes yourself.
Is the same as for regular employees: £12,570 in the 2022/23 tax year.
If you have two jobs and one is self-employed, make sure that your Personal Allowance is applied to the one where you make the most money.
Just look at your tax code:
Unlike for employees, when you’re self-employed you pay Income Tax on your profits only, not your total income.
Then simply multiply by the tax rate:
|between £0 and £12,570||0%|
|between £12,571 and £50,270||20%|
|between £50,271 to £150,000||40%|
Here is a self-employed tax calculator if you want to know how much you have to pay.
As a self-employed, you need to pay:
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