Example
A year-end tax return in flonancial
After your four quarterly updates, you finalise the year once. flonancial brings all your income together, shows you HMRC's own calculation, and you submit your tax return. Here's what that looks like for a few of the same example people as the quarterly demo. The year-end return is built into flonancial and free.
Tom Reilly
Personal trainer, sole trader. Self-employment is his only income.
Income by source
- Self-employment profit
- £31,880.00
- Total income
- £31,880.00
- Taxable income
- £19,310.00
- Income tax due
- £3,862.00
- Class 2 NIC
- £0.00
- Class 4 NIC
- £1,158.60
Priya Sharma
Freelance graphic designer who also lets out one flat. Class 4 NICs apply to her design profit only.
Income by source
- Self-employment profit
- £41,506.11
- UK property profit
- £8,835.00
- Total income
- £50,341.11
- Taxable income
- £37,771.11
- Income tax due
- £7,568.44
- Class 2 NIC
- £0.00
- Class 4 NIC
- £1,736.17
Margaret Harrington
Landlord who owns four rentals 50:50 with her husband. She reports only her half; David files his own.
Income by source
- UK property profit (her 50% share)
- £21,025.00
- Total income
- £21,025.00
- Taxable income
- £8,455.00
- Income tax due
- £1,691.00
- Class 2 NIC
- £0.00
- Class 4 NIC
- £0.00
Steve Barker
Bricklayer and general builder, sole trader, with profits in the higher-rate band.
Income by source
- Self-employment profit
- £60,173.00
- Total income
- £60,173.00
- Taxable income
- £47,603.00
- Income tax due
- £11,501.20
- Class 2 NIC
- £0.00
- Class 4 NIC
- £2,460.06
Marcus Williams
Four businesses: taxi driving, eBay reselling, weekend DJing and two rental flats, which HMRC treats as one UK property business.
Income by source
- Self-employment profit
- £78,495.12
- UK property profit
- £14,522.00
- Total income
- £93,017.12
- Taxable income
- £80,447.12
- Income tax due
- £24,638.85
- Class 2 NIC
- £0.00
- Class 4 NIC
- £2,826.50
Example figures only, to show how the screen looks. Your own tax is calculated by HMRC from your actual income for the year.
Get ready for your first MTD year-end
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