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Self employed tax return, small business tax 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. Fully automated to produce an estimate in real time of the self employed tax return liability. This excel spreadsheet is available anytime during the financial year so users can view their potential income tax liability which DIY Accounting regard as an essential element of any small business tax software.  Income tax payable is one of the most significant costs of any self employed businessman. No accounts software UK, no small business tax software can be complete without producing a self employed tax return.

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 and for your information only
 
  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  
     
  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  
         

 

DIY Accounting  "Self employed tax return, small business tax software"

 

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Last modified: 03/13/08