Hi All,
I am trying to get an estimate of what my possible self-assesment tax liability will be, but I also have a PAYE job, on the tax summary page it will either show me £0 if I don’t include my PAYE income, or £1,134.72 if I do (see screenshots bellow), celarly I’m not going to have to pay ~£1,300 on proffits of only ~£1,800, I would personally expect this to be no more than about ~£370 based on a 20% tax rate.
From my payslip from ASDA, I’ve already paid £1,523.00 on that ~£16,400, this seems ridiculously high on it’s own, I would have estimated around £750 based on my 1263L tax code, not to mention this is this is more than it’s expecting me to pay when both incomes are included.
Essentially, is there a way I can tell the software how much I’ve earned from PAYE income, and how much Income Tax I have already paid?
Thanks, Daniel
Hi @DanielCoates
I’m not sure Quickfile is built for that because PAYE is separate to Self Assessment.
There is a website called Tax Calculator that might help give you what you are looking for.
It is at THIS link.
Hope this helps.
Hi Darren, It helped a little bit, what I’ve worked out from using that is, if I put the £12,570 allowance into the ‘Other Income’ box, it assumes I pay TAX on all other earnings, and shows me about £350 which is what I was expecting, but it gives me a rough idea as to what I need to put aside. Thanks, Daniel
You can do your own quick calculation for income tax with the following table.
It’s a basic table that will give you an idea of what income tax will be payable with your combined employment and self employed income.
Just swap out the numbers
The calculation for taxable income from self employment is here:
This will give you a back of a fag packet figure and in this example, you will need to put aside £390 for self assessment income tax.
This doesn’t include any self employment NICs nor any Payments on Account, but it’s a ready reckoner that might come in handy.
Hope this helps!
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