Self-Employed Tax & Profit Calculator
Estimate take-home profit after tax and NI (illustrative).
Enter yearly figures
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Self-employed tax & profit calculator guide for UK sole traders
WeCovr's self-employed tax & profit calculator helps UK sole traders estimate take-home pay, backed by FCA-authorised guidance and 900,000+ policies issued across protection products. We also support private medical insurance UK planning, while this guide explains tax and NI basics for awareness.
What this self-employed tax calculator estimates
The calculator estimates income tax plus Class 2 and Class 4 National Insurance based on revenue and allowable expenses.
It does not include student loans, benefits, or other adjustments.
Estimates profit after expenses.
Calculates income tax and NI contributions.
Shows an illustrative take-home figure.
Why profit and NI matter
Knowing your net profit helps you set aside tax reserves and plan monthly drawings with more confidence.
Why WeCovr supports self-employed planning
WeCovr provides FCA-authorised guidance with high customer satisfaction ratings. We also offer complimentary access to the CalorieHero AI calorie tracking app and discounts when customers take PMI or Life insurance. If you are exploring private medical insurance UK cover, we can help you access private health cover through a trusted PMI broker.
Data sources and guidance references
This guide references HMRC guidance on income tax and National Insurance for the self-employed.
Self-employed tax elements
| Element | Based on | What it affects | Notes |
|---|---|---|---|
| Income tax | Taxable profit | Main tax bill | Bands apply |
| Class 2 NI | Profit threshold | State benefits | Flat weekly rate |
| Class 4 NI | Profit bands | Additional charge | Percentage rate |
Related WeCovr resources
FAQs
Does this include Class 2 and Class 4 NI?
Yes. It estimates Class 2 and Class 4 NI based on profit thresholds.
Can expenses reduce my tax?
Yes. Allowable expenses reduce taxable profit and can lower tax.
Is this calculation exact?
No. It is an illustrative estimate and should be checked against HMRC guidance.
Do I need to register for self-assessment?
Most sole traders must register if they have taxable income not taxed through PAYE.