Unincorporated profits

Unincorporated profits calculation

This calculator uses current year tax rates to tax accounting profits made before 5 April. It uses the Scottish rate of income tax. Tax relief is available for certain capital expenditure. Please contact us to discuss the extent to which you are able to claim up to £200,000 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 £200,000 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 2 equal instalments on 1 January 2017 and 1 July 2017. However, the payment you make on 1 January 2017 will also need to include any capital gains tax due for the tax year 2015/16. Sounds complicated? Yes, it is which is why we recommend that you contact us if we have not already written to you confirming the amount of tax you are due to pay in 2017.

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.

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