Self-employed in the UK? Taxes like Income Tax and NICs can feel tricky, but ToolHubX’s free Self-Employed Tax Calculator simplifies it into three steps for 2024/25.
Step 1: Calculate Profit—Income minus expenses. Earn £40,000, spend £8,000 (e.g., travel)? Profit’s £32,000.Step 2: Apply Tax Rates—£12,570 is tax-free (Personal Allowance), so £19,430 is taxable at 20% (£3,886). NICs: Class 2 (£179.40/year) + Class 4 (6% on £19,430, £1,165.80). Total tax: £5,231.20.Step 3: Check Take-Home—£32,000 - £5,231.20 = £26,768.80.
Input £40,000 and £8,000, hit "Recalculate," and see this instantly—HMRC-compliant estimates, not filings. Share this 3-step hack on X with #UKTax! Explore our Ltd Co or Personal calculators too. Thoughts? Email support@toolhubx.uk or see our Privacy Policy.