Help Understanding Tax Going from PAYE to Self Employed

[IndependenceBathing]

Hi,

During the current Tax year, i have gone from Being Employed PAYE to self employed.

Come April when i send a tax return, i want to be well prepared, and know exactly what details i will be submitting. I currently use Quickbooks for self employed to manage my invoicing, and expenses. Its fantastic for showing allowable expenses etc, and helps fill in the SA 103F form.

But what i really want to know is how i can work out my tax liability, and if/what refund i may or may not be due. I have my P45 from my employer, and i have all the details from the SA 103F form up until todays date, and i can probably work out what i will be invoicing until the 5th of April.

Could someone point me in the right direction.

Kind Regards.

Paul.

[Lambs]

Hi I,

Go to

http://taxationweb.azurewebsites.net/Pe ... debug=true

and use our draft tax calculator. It is currently set up for 2016/17, and if you click on the Earnings section to put in your PAYE income from employment / tax deducted, and your net profit from self-employment, it should be able to do the rest. If you have any investment income or pension contributions, use the sections as appropriate. It will not get the Class 2 NIC right, because you've started in self-employment part-way through the year. But the difference will be pretty small, I should think.

Kind regards,

LAmbs