Even on a good day, Self Assessment can be complicated! Luckily, there is tax software available to make your life easier. In today’s article, we explore free tax calculators for Self Assessment in the UK. In a few simple steps, you can plan (or even file) your return with confidence by using a calculator to check your tax due.
If you’re wondering which Self Assessment tax calculator to use, and how to use it, look no further! We have all the answers ready below.
What is a tax calculator?
A tax calculator is a tool that helps you to estimate and understand the amount of tax you owe. In the context of UK Income Tax, we are specifically referring to an online Self Assessment tax calculator. In essence, this is a (typically free) software which provides a breakdown of your specific tax obligations towards HMRC.
What are the benefits of a tax calculator?
Working out whether you need to pay tax (and how much) is confusing at the best of times. When filing your tax returns, the range of financial factors involved can often feel overwhelming. Luckily, Self Assessment software is available to help make sense of the numbers and identify any errors.
Online tax calculators automatically generate a detailed breakdown of your Income Tax obligations, according to your individual circumstances. This breakdown shows you the range of variables added and subtracted from your total tax due. This can be invaluable when preparing your Self Assessment for HMRC.
Using Self Assessment software in this way increases tax transparency. By providing you with a clear breakdown of your individual tax variables, it empowers you take control and understand the steps underlying tax. The best part is that you can do all of this for free.
Which Self Assessment tax calculator should I use?
The AbraTax team has been working hard to develop even better tools to make your Self Assessment (and VAT) returns smoother and easier. We now offer a free tax calculator as part of our comprehensive Self Assessment service. See below for a quick step-by-step guide (or log into your Self Assessment dashboard to get started now)!
How to use our Self Assessment tax calculator
Using our free Self Assessment tax calculator is super quick and easy. In three simple steps, you can produce a personalised tax calculation.
Step 1: Questionnaire
First, simply log into your Self Assessment dashboard and fill in the questionnaire. Here, you provide all the details needed to work out your specific tax obligations. Along the way, there are handy hints as well as automatic error-checking.
Step 2: Calculate
After entering your Income Tax-relevant details, click on “Calculations” in the left panel.
Here, you will find your automatically generated tax breakdown ready to view:
(Please note: if you return to the questionnaire to make amendments, you can click “Recalculate” to update the tax calculations.)
Step 3: View and download
Once ready, click on “The Calculation” to view your completely personalised tax data. Here, you will find a maximally detailed and personalised overview of your individual tax calculations:
You can even download the data as a PDF to review later.
Can I use a tax calculator to submit a return?
We know it’s a pain to input data across multiple services. That’s why the AbraTax tax calculator is built into our (currently totally free) Self Assessment tool. Once you are happy with your tax calculation, simply move to the “Declaration” tab and submit your Self Assessment directly to HMRC!
TL;DR
Tax calculators represent a valuable tool for improving your tax-paying experience:
- Receive a free detailed breakdown of tax due
- Save time (avoid manual data-checking)
- Submit Self Assessment directly via AbraTax software
Sign up now to benefit from our free tax software today!