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End of tax year party 🎉

Ready to make some new tax year resolutions? Well, we’re here to help. You can file your tax return for the 2021/22 tax year any time from 6th April 2022, and organisation is key.

Scroll down to get your tax filing tools ready to start this tax year as you mean to go on. But first, here’s a recap of the last tax year – the yearbook you never knew you wanted to see.

Let’s meet the class of 2021/22…

New year, new intentions

Let’s start the 2022/23 tax year as we mean to go on. Getting your taxes sorted doesn’t have to be an ordeal. Follow these four steps and let us keep things smooth and stress-free for you this tax year 👇

1. Organised from day 1

Download these tax preparation templates to keep a record of everything you earn and spend throughout the year, and get ahead of the tax deadlines from the very beginning.

HINT: a business account can help prevent crossover of personal and business spending

-> Invoice and expenses spreadsheet

-> CIS expenses spreadsheet

-> Mileage record template

-> Rental income and expenses spreadsheet

-> Tax deadline calendar

Your situation

Outlined number oneImage of an arrow
Annual salary (gross)
Self-employed income
Self-employed expenses

Tax and profit

Outlined number two
  • Total earnings
    £7,680 already sorted by your employer
    £2,000 self-employment expenses
  • Tax to pay
    £9,146 income tax
    £971 class 4 National Insurance
  • What you’re left with

How your taxes are calculated if you’re both employed and self-employed

As an employee, your employer calculates and deducts Income Tax and National Insurance contributions for you.

But because you’ve earned over £1,000 from self-employment, you need to submit a Self Assessment tax return to pay Income Tax and National Insurance on your earnings.

PAYE taxes breakdown

These are all deducted from your salary by your employer every month.

You pay no Income Tax on the first £12,570 that you make.
You pay £5,486 (20%) on your salary between £12,570 and £40,000.

You pay no NI contributions on the first £12,570 that you make.

You pay£2,194 (8%) on your salary between £12,570 and £27,430

That’s not all. Your employer is also required to pay separate NI contributions, but these won’t come out of your wages. In your case they would need to pay an extra £3,785 – you should see these on your payslip.

Self-Employment tax breakdown

You will need to submit a Self Assessment tax return and pay these taxes and contributions yourself. The deadline is January 31st of the following year.

You pay £2,054 (20%) on your self-employment income between £0 and £10,270.

You pay £7,092 (40%) on your self-employment income between £10,270 and £28,000.

You will also have to pay £616 (6%) on £10,270 of your self-employment income.

You will have to pay an additional £355 (2%) on another £17,730 of your self-employment income.

Tax bill amount £10,117
I want to pay by
Savings frequency

You need to save

£15.19 per day

to pay your £10,116.80 tax bill by 31/1/2026 which is in 666 days

3. Stay in the know

So, if you do your taxes with us, we’ll provide you with your very own personal, accredited accountant. But we’ve also got loads of free resources that you can use too. Here are some of the most popular:

-> Why is National Insurance going up?

-> Mileage deduction calculator

-> I’m a landlord – what tax do I owe on rental income?

-> Calculate Capital Gains Tax for shares, property and crypto

-> What’s a UTR number and why do I need one?

-> Do I owe tax on lottery winnings? (We can all hope 🤷)

-> How to avoid 60% tax if you earn over £100k

4. Get in the mood

What music goes best with a tax return? It’s an age-old question. Luckily, we know that the vibe for tax filing varies, so check out our Spotify channel and choose the beat you’re working to.

-> Empowering tunes to help you get started

-> Songs to unwind

-> Songs to help you focus

-> Tracks to help you keep going

Ready to file now?

There’s no time like the present. The 2022/23 tax year starts on 6th April 2022, but you can sort your taxes whenever you’re ready.

  • A fair, flat fee – £169 for your tax return filed, £139 for tax advice
  • Expert support from an accredited accountant
  • No stress, no mistakes, no fuss
TaxScouts - We'll do your Self Assessment for you