Budget for your Self Assessment bill when self-employed
2 mins
Our experts at DSR Tax Refunds know how hard it is to find good, quality information about HMRC’s tax regulations that is easy to understand, and that’s why we have created these handy guides to tell you everything you need to know. Our aim is to make life easier for our clients and that is why we want to share our expertise with you. You can also call our friendly team on 0330 122 9972 – we’re the tax experts you can trust.
How do you work out how much you owe?
It’s tricky when you are self-employed, isn’t it? You know that you will have to settle up a tax bill at some point, once you have completed your Self Assessment tax return for that tax year. But how can you tell how much money to put aside so that you will be able to pay HMRC for your income tax and National Insurance?
Luckily, HMRC provide a handy online calculator to help you budget for your Self Assessment tax bill. All you need to do is enter your estimated weekly or monthly profit and it will give you an estimate of how much income tax, Class 2 and Class 4 National Insurance you will need to pay.
The online calculator assumes that the only income you have is your self-employment income and it also assumes that you have the standard personal tax allowance. It also can’t account for any previous unpaid tax that you also owe HMRC so you will have to take that into account when deciding how much you will need to budget for.
How can DSR Tax Refunds help?
We aim to make life as simple as possible for our clients and that includes giving you the information you need to make your taxes (and your life) simpler and less stressful. Our team of experts at DSR Tax Refunds are always on hand to help our clients and our excellent standing with HMRC means that we can make sure you don’t fall foul of their regulations, while claiming your maximum tax relief. We can even take care of all that paperwork and deal with HMRC on your behalf too. Call our friendly team on 0330 122 9972 – we’re the tax experts you can trust.
This page was last updated on 25/10/2018.