Use this sole trader tax calculator to work out how much tax to pay on profits for the 2023/4 tax year.
How to use the calculator
Fill in the yellow boxes to calculate your post-tax profits, after deductions for expenses, income tax, Class 2 and Class 4 NICs.
To keep this tool as simple as possible, we make several assumptions. Please scroll down for more details.
2023/24 Self Employed Tax Calculator
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Assumptions used in this calculator
- This calculator is aimed at self-employed business people. IT contractors, however, rarely work as sole traders, for several reasons. You can find out more here.
- Read this article to see the current Class 2 and Class 4 National Insurance rates.
- The calculator assumes you make annual profits above the Class 2 NIC Small Profits Rate (£12,570) during 2023/4. If not, please ignore the £179.40 entry.
- Please note pension contributions for any employees are an allowable business expense, however personal contributions for a sole trader are paid from post-tax earnings. Tax relief is available and then claimed via the self assessment process. We have included the pensions entry for illustrative purposes.
- All calculations gave been verified by our accountant.
- Please talk to an accountant if you have any questions related to your own tax affairs.