Sole trader tax estimate Model (UK but adaptable)
Originally published: 23/07/2018 06:15
Last version published: 19/10/2018 15:54
Publication number: ELQ-89873-3
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Sole trader tax estimate Model (UK but adaptable)

Income and national insurance tax estimates for sole traders

Description
Excel spreadsheet tool for estimating income and national insurance tax for self-employed and sole traders.

Uses cash basis reporting (i.e. record income and allowable expenses when paid rather than when accrued. The tool offers guidance as to what expenses might be allowable as tax deductible. Allowable expenses per the tool are as defined on 'Her Majesty's Revenue & Customs' (HMRC) ie the UK tax authority. However, this may not be a complete list for your particular tax authority. As such, the tool provides space for additional allowable costs to be considered.

Whilst the tool is useful for forecasting and estimating the expected amount of income tax, national insurance contributions and take-home pay. However, it is up to you as the individual to ensure that you pay the right amount of tax and that you keep appropriate records. We strongly recommend that you seek advice from a qualified financial or tax professional.

In terms of using the tool:
Yellow cells are input cells e.g. trading income, allowable expenses, tax rates. Tax rates in particular will need to be updated based on the current tax year and tax jurisdiction. Blue cells are also input cells but we anticipate that these will not be changed as regularly.

This Best Practice includes
1 Excel Spreadsheet

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Further information

To estimate, taxable profits, income tax, national insurance tax and take-home pay

Best for UK tax jurisdiction but could be adapted

Where the user is looking for comprehensive tax return calculations for issuing to a tax authority. This tool does not account for all tax issues

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