Budget for your Self Assessment tax bill if you’re self-employed



Use the self-employed ready reckoner to budget for your Self Assessment tax bill for the 2021 to 2022 tax year.

Enter your estimated weekly or monthly profit to get an idea of how much Income Tax, Class 2 and Class 4 National Insurance you’ll pay.

Start now on the HMRC website

What you need to know

This tool assumes you have no other taxable income and receive the standard Personal Allowance. It does not include payments you must make for previous tax bills – known as payments on account.


Understand your Self Assessment tax bill


You’ll get a bill when you’ve filed your tax return. If you filed online you can view this:

  • when you’ve finished filling in your return (but before you submit it) – in the section ‘View your calculation’
  • in your final tax calculation – it can take up to 72 hours after you’ve submitted your return for this to be available in your account

HMRC will send your bill by post if you did a paper return.

You may need your tax calculation (known as a ‘SA302’), for example if you’re self-employed and applying for a mortgage.

This guide is also available in Welsh (Cymraeg).


Understanding your bill

Your bill includes the tax you owe for the last tax year. This is called a ‘balancing payment’ on your bill.

If this is more than £1,000, your bill will usually include an additional payment towards next year’s bill (known as a ‘payment on account’).


If you made payments on account last year

You’ll need to deduct any payments on account you made last year towards this year’s bill to work out what you owe.

To check the payments on account you made last year

  1. Sign in to your online account.
  2. Select the option to view your latest Self Assessment return.
  3. Select ‘View statements’.

Paying your bill

You need to pay your Self Assessment tax bill by midnight on 31 January (following the tax year you’re paying for) to avoid a penalty.






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