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Tax return for year ending 5.4.16

8 replies

Mrskeats · 08/03/2016 18:18

I'm self employed and wondered if there is any way I can put my figures in somewhere to work out my tax for the year that ends next month?
I don't think you can access the Hmrc one until 5th April
Thanks

OP posts:
19lottie82 · 08/03/2016 19:40

Has self employment been your onlY source of income this financial year, or have you had any PAYE earnings? Also, is this your first year filing a self assessment tax return?

Mrskeats · 09/03/2016 00:09

Yes only
No filled in a return the last few years

OP posts:
SageYourResoluteOracle · 09/03/2016 06:39

As a starting point, calculate all your income for the 15/16 tax year then find 20%
There will likely be deductable expenses and in real terms, tax works out at around 18/19% but this is how I avoid any nasty shocks at the end of a tax year (disclaimer: I pay an accountant to do my returns so really just hand all my receipts, statements, invoices etc at the end of each tax year, he does the spondooly-whatsits and then I ring HMRC, pay and stash any remaining cash into my savings so I'm no expert Grin )

tribpot · 09/03/2016 07:06

You can use some of the calculators here. Are you trading as a limited company?

19lottie82 · 09/03/2016 07:49

Ah ok that makes things a bit simpler. As advised above use a salary calculator and enter how much you have earned pre tax this year, that should give you a rough idea, but it may change depending on how much you earned this year and last year. If the amounts are the same then it should be pretty accurate.

Sage...... You're forgetting everyone has a tax free allowance of 10k Ish..... You're taxed 20% of everything over that (until your earnings hit 45k?)

Mrskeats · 09/03/2016 10:26

No just a sole trader
Thanks for info Smile

OP posts:
Mrskeats · 09/03/2016 10:30

Is there anywhere that I can include my expenses like mileage?

OP posts:
TalkinPeace · 09/03/2016 17:34

Do a spreadsheet to add up your income
and your expenses
one from the other is your taxable profit
those are the only three numbers that go onto your tax return

then tax is 20% of everything over £10k
and Class 4 NI is 9% of everything over £9k
and class 2 NI is £2.40 per week

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