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NOTE: this guide has been updated for the 2019/2020 tax year.
Self-employed have to pay the same taxes as regular employees: income tax and National Insurance contributions.
However, the way you pay is different.
Is the same as for regular employees: £12,500 in the 2019/20 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 the tax code:
Unlike for employees, when you’re self-employed you pay income tax on your profits only, not your total income.
To calculate your profits deduct your claimable expenses from your self-employed income.
Then simply multiply by the tax rate:
| Income | Tax rate |
|---|---|
| between £0 and £12,500 | 0% |
| between £12,501 and £50,000 | 20% |
| between £50,001 to £150,000 | 40% |
| above £150,001 | 45% |
Here is a self-employed income tax calculator if you want to know how much you have to pay.
As a self-employed, you need to pay:
Check out our article about the NIC that sole traders have to pay.
Get your self assessment prepared for you online by certified accountants for £119
Our online tax-bot will go over your tax situation and will make sure you won’t overpay your taxes.
You can talk to one of our tax assistants at any time during the process when you have any questions.
We’ll tell you exactly what documents you need and sort them for you online. You just upload them or snap a picture with your phone.
Your certified accountant will go over your details & prepare your tax return for you to review. It will be filed on your behalf once you approve it.
We have a simple online service that guides you through the entire process. Regardless of your reasons for doing your tax return we'll help you get it done right.
We'll prepare your self assessment and help to maximise your CIS tax refund. We have the lowest fees in the industry and you don't have to pay up front if you're eligible for a refund.
Our service allows people living abroad to prepare their income tax return online. We are able to process all returns regardless of your current country of residence.
UK company directors are required to file their self assessment annually. TaxScouts handles this through a simple online process.
Long Lets, Airbnb, Capital Gains. TaxScouts will sort out your self assessment and take away the worry of tracking all the recent tax changes.
TaxScouts ensures the self employed don't overpay on their taxes. We'll help you benefit from all the tax breaks and deductions that can be applied to your return.
At TaxScouts we appreciate that tax returns are highly individual. Before you get assigned an accountant we make sure to understand your circumstances and help you build your optimal tax profile.