Self employed accounts package including tax return software

DIY accounting software, tax accounting, payroll software, limited company formation UK

Self employed accounts package including tax return software

To complete the small business tax software automated within the DIY Accounting basic accounts software UK package, the accounts software UK package also produces an estimate of the income tax and class 2 national insurance contributions likely to be payable on the net profit earned.

No entries required. The tax liability calculation is fully automated to produce an estimate in real time of the self employed tax return liability. The accounting spreadsheet is an integral part of the financial accounts file and available throughout during the financial year so everyone can view their potential income tax liability which is as an essential element of any small business tax software. Income tax payable is often the most significant cost of any self employed businessman. A feature no accounts software or small business tax software should be without.

Up to date with the current income tax rates and tax allowances the small business tax software takes the net profit direct from the profit and loss account and calculates the tax payable.


TAXATION CALCULATION 2008/2009	This section an indication of income tax liability for your information only
TAXATION CALCULATION 2008/2009
Profit from Self employment		0.00
Minus 0708 Personal Allowance		5225
Total income on which tax is due		0.00

Income Tax band 0-36000 at 20%		0.00
Income Tax band 36001+ at 40%		0.00
Income Tax payable		0.00
Deductions by contractors		0.00
Class 4 NI Contribution (Profit x 8%)		0.00
Amounts Payable by 31 January 2010
TOTAL Income Tax & NI Liability		0.00

FUTURE TAX LIABILITY (if over £500)	This section for your information only
	Due Date	Amount Payable
	Due Date	Amount Payable
Tax & NI Assessment 2009 - 2010	Previous Year	0.00
50% Payable	31-Jan-10	0.00
50% Payable	31-Jul-10	0.00
NOTES:
Working Tax Credit
Not taxable and not added to self employment income for tax purposes
Class 2 National Insurance
Payable at £2.30 per week
To receive Full Pension entitlement NI has to be paid 44 years out of 49 years (16 - 65)
UK residents aged 60 - 65 get 5 years bonus.
To confirm current NI / Pension entitlement years the helpline number is 0845 3000 168

"Small business tax software accounts package that completes an excel accounting spreadsheet of both short and full self employed tax return"

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Copyright © 2006 2009 DIY Accounting Limited Last modified: 03/17/09

Copyright © 2006 2009 DIY Accounting Limited
Last modified: 03/17/09