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Self-employed and sole trader tax calculator

What is the sole trader tax tool?

Designed specifically for sole traders, the tax calculator gives you a profit and loss statement based on the transactions in your Starling sole trader account. What’s more, you’ll also see an estimation of your tax liability for the self-employment part of your self-assessment tax return. And to make sure you’re ready when the time comes, you can create a Savings Goal to set aside money for your tax bill in a matter of clicks.

Making sole trader tax less taxing

Estimate your tax bill (and more!) with our sole trader tax tool:

  • Understand your P&L.
    See a detailed profit and loss statement.
  • The full breakdown.
    Get insight into your tax liability, which includes Income Tax, National Insurance and Student Loan repayments.
  • Plan ahead and save.
    See how much your tax bill will cost and use Spaces to save up towards it.

How does the sole trader tax calculator work?

Start by making sure we have the correct information about you - including your tax region, any student loan plans, and national insurance details. All looks good? Then you can use our sole trader tax calculator to see a profit and loss statement (based on transactions in your Starling account and any that you’ve manually added in the Bookkeeping section), with an expenditure breakdown that maps directly to the SA103F form (the self-employed part of your Self-Assessment Tax return).

The allowable income or expenditure is automatically set based on the business spending category assigned to a transaction - you can change the category and the allowable tax amount for a transaction in the Bookkeeping section, which all feeds into the Tax tool. You can also view estimates of your tax liability and save up towards it using Saving Spaces.

Where can I find the sole trader tax calculator?

Once you’ve subscribed to the Business Toolkit in your mobile app, log in to online banking on your desktop. You’ll see a tab on the left side of the window. From there, click ‘Tax’.

Log in to online banking

The rundown

  • Real-time Self-employed tax estimation
  • National Insurance estimation
  • Student loan repayment estimation
  • Save towards a real-time Tax savings Goal
  • Profit & Loss report
  • Expenditure breakdown to help you complete your self-assessment tax return
  • Useful tools to highlight outstanding bookkeeping
  • Supports bespoke accounting periods
  • Supports different UK tax regions

Want to know more?

Check out the FAQs for our sole trader tax estimation tool, or discover all of the additional great features of our Business Toolkit.

Apply for a Starling sole trader account today and enjoy app-based banking at its best.

Start your application