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What are the best ways to calculate business income for self-assessment tax returns?

Are you self-employed and filing your taxes? Do you retain accounting till the 5th of April every year to correspond with the conclusion of the fiscal year? Are you wondering what amount to enter in the “business income’ box on the Self Employment sections of your Self Assessment tax return? If so, here are some basic facts and hints to ensure you include the correct amount of income on your tax return with the help of the tax rebate calculator UK.

1. Verify the dates

Most self-employed business owners prepare their accounts each year to correspond with the start of the tax year. That implies that for the tax year you’re filing for, you must include all of your business’s income made between April 6th and April 5th.

2. Declare income earned (rather than received) throughout the tax year.

If you do not prepare your accounts on a cash basis, you must include income in the tax year in which it was generated rather than the tax year in which it was received. So, if you invoiced for work done in the 2021/2022 tax year and your client has given you the payment you in the 2022/23 tax year, that invoice must be included in your income for the tax year ending 5th April 2022 because that was the tax paying year in which the work was done.

3. Declare money earned (but not invoiced) during the fiscal year.

If you do not prepare your accounts on a cash basis, you must reflect income in the year it was generated rather than the year it was invoiced. If you offer services rather than items, you must calculate your income based on when you completed the task. So, if you finished a piece of work in 2021/22 but didn’t pay your clients for it until the 2022/23 tax year, you must include that money in your 2021/22 tax return. If you had only partially completed a project at the end of the fiscal year but still had some work to perform, you must file a tax return.

4. Only include business income.

  • Make sure to solely include trade income from your firm when filling out the Self Employment portions of your tax return.
  • This implies you should not list the following revenue sources on the Self Employment Page:
  • Employment – this refers to any work you have in addition to operating your business (keeping in mind that your own firm does not count as employment), and should be mentioned on the page of Employment of your Self Assessment tax return.
  • Personal property rent must be disclosed on the Property page of your tax return.
  • Transfers from a personal account to the corporate bank account
  • Bank interest (even if generated on a business account) – this should be stated on your tax return.

5. Leave out VAT

If your company is VAT registered, keep in mind that the amount for trade revenue will be your sales, less VAT. If your company is on the Flat Rate Scheme, this amount would be your sales less flat rate VAT.

6. Filing Self Assessment Online with FreeAgent

If you are a single trader or the director of a limited company, you may use FreeAgent to calculate your business revenue for Self Assessment, determine how much tax you owe, and even send your tax return straight to HMRC.

Is it necessary for me to file a Self Assessment tax return?

Yes, if: Your self-employment revenue exceeded £1,000 (before taking off anything you can claim tax relief on). Your rental income was greater than £2,500 (you must call HMRC if it was between £1,000 and £2,500). You earned more than £2,500 in untaxed income, such as tips or commission; your income from savings or investments was £10,000 or more before tax, and you must pay Capital Gains Tax on earnings from the sale of assets such as shares or a second house. You work as a corporate director (unless it was a non-profit organization, such as a charity) You or your partner earned more than £50,000 and are receiving Child benefits.


If you earn more than £50,000 in the 2021/22 tax year and make pension contributions, you may be required to complete an assessment in order to receive the additional tax relief you are entitled to if you are a trustee of a trust or a registered pension plan. Because your State Pension was your sole source of income and exceeded your personal allowance, you received a P800 from HMRC stating that you did not pay enough tax the previous year. If you want to pay optional Class 2 National Insurance contributions, you can also file a Self Assessment tax return. This will improve your eligibility for benefits such as the State Pension. If you are an employee who has paid tax through the payroll, you normally do not need to complete a Self Assessment tax return.

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