Unincorporated profits

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 2011/12 calculator uses current year tax rates to tax accounting profits made before 5 April 2012.

The tax and class 4 National Insurance liability is due for payment in two equal instalments on 1 January 2012 and 1 July 2012. However, the payment you make on 1 January 2012 will also need to include any capital gains tax due for the tax year 2010/11.

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 2012.

Please continue and enter values using the following options.

Profits

This is your annual profit for the account year ended before 5 April 2011.

Profits (£):

Profit in your accounts

The net trading profit was after charging depreciation of (£):

Capital assets (excluding cars) purchased in the year (£):

e.g. Plant and machinery. Not property, goodwill etc

Depreciation is one of those items in your profit and loss account that is not an allowable cost for corporation tax purposes.
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.