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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 👇

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

Tax and profit

Total earnings
£70,000
£9,138 already sorted by your employer
£2,000 self-employment expenses
Tax to pay
£9,722
Incl. £9,146 income tax
Incl. £159 class 2 National Insurance
Incl. £418 class 4 National Insurance
What you’re left with
£49,140

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

As a PAYE your employer will calculate and deduct both Income Tax and National Insurance contributions for you.

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

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 £9,568 that you make.

You pay£3,652 (12%) on your salary between £9,568 and £30,432

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 £4,200 – 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 need to pay Class 2 NI worth £159.

You will also have to pay £63 (9%) on £702 of your self-employment income.

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

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

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