How much tax do I pay?

Contents

Understanding taxes

Have you ever wondered how much tax you pay? You can download our tax calculator Excel and see things illustrated clearly based on your profit and other income.

Which taxes are included?

There are a number of taxes relevant to this question:

  • Corporation tax
  • Income tax
  • Dividend tax
  • National Insurance (Employer, Employee, and associated classes)

Downloadable Excel tax calculator

Here's the model for the upcoming year with the new thresholds and bands announced in the 3 March 2021 budget.

It illustrates your optimal salary dividend mix for minimising your overall tax liability and also provides a comparison between Sole Trader and Limited Companies in terms of tax-efficiency at various revenue levels.

Note, some employers, typically those with two or more employees can claim the Employers Allowance, which increases the efficient salary paid level slightly. If this applies to you, refine these numbers with your accountant.

Accountants who understand Ecommerce

If you run an ecommerce business, and would like a safe pair of hands to handle your business and personal tax, get in touch.

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