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Unincorporated profits

Unincorporated profits calculation

Calculating your personal liability to tax on your profits is not straightforward. The calculation starts with your business profits or share of partnership income which is then subjected to a number of adjustments, add backs and deductions.

This 2015/16 calculator uses current year tax rates to tax accounting profits made before 5 April 2016.

The tax and class 4 National Insurance liability is due for payment in two equal installments on 1 January 2015 and 1 July 2016. However, the payment you make on 1 January 2016 will also need to include any capital gains tax due for the tax year 2014/15.

Sounds complicated? Yes, it is which is why we recommend that you contact us if we have not already written to you confirming the amount of tax you are due to pay in 2016.

Please continue and enter values using the following options.

Profits
This is your annual profit for the account year ended before 5 April 2016.
e.g. Plant and machinery. Not property, goodwill etc
  1. Depreciation is one of those items in your profit and loss account that is not an allowable cost for corporation tax purposes.
  2. Tax relief is available for certain capital expenditure. This calculator only allows for capital expenditure incurred during the year you are looking at.

Corporation tax rates

Main capital allowances

Tax and the self employed

Tax and your share of partnership profit

Please note that the results you see on your screen are estimates only. If you wish us to look further you will need to contact us.