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Unincorporated profits

Calculating your personal liability to tax on your profits is not straightforward. The calculation starts with your business profits or share of partnership income which is then subjected to a number of adjustments, add backs and deductions.

This 2012/13 calculator uses current year tax rates to tax accounting profits made before 5 April 2013.

The tax and class 4 National Insurance liability is due for payment in two equal instalments on 1 January 2013 and 1 July 2013. However, the payment you make on 1 January 2013 will also need to include any capital gains tax due for the tax year 2011/12.

Sounds complicated? Yes, it is which is why we recommend that you contact us if we have not already written to you confirming the amount of tax you are due to pay in 2013.

Please continue and enter values using the following options.

Profits
This is your annual profit for the account year ended before 5 April 2013.
e.g. Plant and machinery. Not property, goodwill etc
  1. Depreciation is one of those items in your profit and loss account that is not an allowable cost for corporation tax purposes.
  2. Tax relief is available for certain capital expenditure. This calculator only allows for capital expenditure incurred during the year you are looking at.

Corporation tax rates

Main capital allowances

Tax and the self employed

Tax and your share of partnership profit

Please note that the results you see on your screen are estimates only. If you wish us to look further you will need to contact us.

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We don’t want our clients to be scared to contact us and potentially lose out on valuable tax saving advice. It's even more important when you first start out as you really need to set your business up in the best way possible. As a start up you’ll probably have loads of questions and will really appreciate the fact you can call your accountant as many times as you like without the fear of racking up large bills.

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To appoint us as your accountants, please fill in our Client Agreement Form online.

If you are a contractor working through a limited company then visit SJD Accountancy (our sister company) who specialise in providing tax advice and accountancy services for Limited Company contractors. You can also keep up to date by following the SJD Accountancy Twitter

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