Tax & Compliance
No more January surprises
See your estimated tax bill — updated in real time
Accounted calculates your Income Tax, National Insurance and VAT as transactions are categorised, so you always know how much to set aside and never face a shock on payment day.
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How It Works
Transactions categorised
Every sale and expense you log feeds into Penny's tax engine so your position is always based on real data.
Tax calculated continuously
Income Tax, Class 2 and Class 4 National Insurance, and VAT are recalculated every time a transaction changes.
Dashboard updates
Your tax position dashboard refreshes in real time, showing exactly how much to set aside and when it is due.
Why Tax Position?
Real-time estimates
No waiting until year-end. Your estimated tax liability updates the moment a transaction is categorised.
Income Tax + NI + VAT in one view
See your full tax exposure on a single screen — Income Tax, Class 2 NI, Class 4 NI and VAT, broken down clearly.
Tax-saving opportunities
Penny flags allowances you haven't used, reliefs you could claim and thresholds you're approaching.
Payment on account estimates
Know your January and July payment-on-account amounts in advance so you're never caught short.
Cash flow planning
The monthly set-aside figure shows exactly how much to put away so tax day is stress-free.
Tax calculated as it happens
Most sole traders only discover their tax bill after the year ends. Accounted reverses that by calculating your position continuously, using the same HMRC rates and thresholds your Self Assessment will use.
- Income Tax at basic and higher rates
- Class 2 and Class 4 National Insurance
- Personal allowance tapering above £100,000
- Student loan repayment thresholds
Plan your cash flow with confidence
Knowing your tax liability in advance means you can set money aside monthly instead of scrambling in January. Accounted calculates your ideal monthly set-aside and factors in payment-on-account obligations.
- Monthly set-aside recommendation
- Payment-on-account forecasting
- Alerts when liability crosses key thresholds
- Historical comparison to previous tax year
Frequently Asked Questions
The estimates use the same HMRC rates, thresholds and allowances as your Self Assessment. They are as accurate as the transactions you have categorised — the more complete your records, the closer the estimate.
Yes. The dashboard shows Class 2 NI (flat weekly rate) and Class 4 NI (percentage of profits above the threshold) alongside your Income Tax estimate.
Accounted estimates your January and July payment-on-account amounts based on your current-year liability, so you know exactly what HMRC will ask for in advance.
Yes. The dashboard lets you compare your current position against previous tax years so you can spot trends in your income and expenses.
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