Self Assessment tax calculator

The lead-up to the Self Assessment deadline is always a stressful time if you’re self-employed. QuickBooks’ Self Assessment tax calculator helps you get a sense of how much income tax and national insurance you’ll need to pay this tax year when you complete your Self Assessment.

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What was your self-employed profit in the 2023/24 tax year

The Self-Employment calculator calculates the Income Tax and National insurance based on the tax rates and bands in England & Northern Ireland. The rates are different in Scotland. Wales has the same tax rates and bands as England & NI for 2023/24. The information provided on this site is for illustrative purposes only and the calculations have been made based on the information you have provided. The results are an estimate of your self-employment Income Tax liability and estimated National Insurance Contributions for the tax year selected. Always consult a qualified specialist before making any major financial decisions.

Frequently asked questions

Do I need to complete a Self Assessment?

You’ll need to complete a Self Assessment tax return if any of the following criteria apply to you:

You earn over £1,000 during the tax year through any self-employment venture
You are a registered sole trader or run your own business
You have earned over £1,000 during the tax year in your capacity as a corporate partner
You earn an annual income surpassing £150,000, employed or self-employed
You earn over £2,500 during the tax year from rental income
You have any untaxed income over £2,500 earned during the tax year
Capital Gains Tax Obligations: You have capital gains tax to pay
You claim child benefit whilst being a high earner
You are a trustee of a trust or beneficiary of a registered pension scheme
State Pension is your sole income, and it exceeds the personal allowance
You have received a P800 notification from HMRC indicating that you didn't pay enough tax the previous year
You are the director of a limited company, depending on how you receive your income and whether you are already taxed through PAYE

Learn more about completing a Self Assessment here.

How much income tax will I pay if I’m self-employed?

How do I pay my Self Assessment tax?

When you complete your Self Assessment, you’ll be given an 11-digit payment reference number, which is typically your Unique Taxpayer Reference (UTR) with the letter K added.

You can then pay by card, bank transfer, direct debit, through your bank or building society, by cheque, or through your tax code if the amount payable is less than £3,000. You can choose to pay the amount at once or in instalments.

Learn more about paying your Self Assessment tax here. The deadline for paying your Self Assessment tax is January 31st.

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Self Assessment tax calculator

What was your self-employed profit in the 2023/24 tax year

Frequently asked questions

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