Unincorporated profits

Unincorporated profits calculation

This calculator uses 2020/21 rates to tax accounting profits in the accounting period prior to 5 April 2020.

Tax relief is available for certain capital expenditure. Please contact us to discuss the extent to which you are able to claim up to £1m relief on capital expenditure.

Profits
This is your annual profit for the account year ended before 5 April.
e.g. Plant and machinery. Not property, goodwill etc
  1. Depreciation is one of those items in your profit and loss account that is not an allowable cost for income tax purposes. Tax relief is available for certain capital expenditure. This calculator only allows for capital expenditure incurred during the year you are looking at. While there is a £1m allowance for plant and machinery, your entitlement this year will be less. Please contact us to discuss the tax relief available on your capital expenditure.
  2. The tax and class 4 National Insurance liability is due for payment in two equal instalments on or before 1 January 2021 and 1 July 2021. However, the payment you make on 1 January 2021 will also need to include any capital gains tax due for the tax year 2019/20.

Corporation tax rates

Main capital allowances

Tax and the self employed

Tax and your share of partnership profit

Please note that the results you see on your screen are estimates only. If you wish us to look further you will need to contact us.