Use this calculator for quick arithmetic calculations related to your accounting tasks, such as summing invoice amounts, calculating expense totals, or estimating tax figures.
Instructions: Click the number buttons to input values, use operator buttons (+, -, ×, ÷) for calculations, and press '=' to get the result. Use 'C' to clear the display. Parentheses can be used for complex expressions.
Example: To calculate the total of two invoices (£50 + £120), enter "50 + 120 =" to get £170. For VAT on £100 at 20%, enter "100 * 0.2 =" to get £20.
What is VAT? VAT (Value Added Tax) is a tax on goods and services, typically 20% (e.g., £20 VAT on a £100 fuel receipt, total £120).
VAT Deduction: If VAT-registered, reclaim the VAT (£20) in your HMRC VAT return if marked as reclaimable. If not VAT-registered, deduct the total (£120) from your income for income tax.
How to Use: Enter the amount excluding VAT, select the VAT rate (e.g., 20% for fuel), and the VAT amount auto-calculates. Adjust manually if needed. Uncheck 'Reclaimable VAT' for personal expenses. The table/PDF shows both for HMRC reporting.
Example (Fuel Receipt): Receipt shows £120 total. Enter £100 (excl. VAT), select 20% VAT rate, VAT auto-sets to £20. Choose 'Travel' category. Total (£120) is deductible for income tax if not VAT-registered.
VAT Registration: Register if your turnover exceeds £90,000/year (2025 threshold). Check HMRC for details.
What is Taxable Income? Total income (from Invoices tab) minus deductible expenses (from Summary tab, use 'Total Deductible' if not VAT-registered).
Income Tax (2024-2025): £0-£12,570 (0%), £12,571-£50,270 (20%), £50,271-£125,140 (40%), above £125,140 (45%).
National Insurance (Class 4, 2024-2025): 9% on profits £12,570-£50,270, 2% above £50,270. No NI if profits below £12,570.
2025-2026 Rates: Tax and NI rates may change. Current estimates use 2024-2025 rates. Check HMRC for updates.
Tip: Use the Summary tab’s 'Total Deductible' to calculate deductions. If VAT-registered, only deduct expenses excluding reclaimable VAT.
| Category | Amount (£) |
|---|---|
| Total Income | £0.00 |
| Total Expenses (excl. VAT) | £0.00 |
| Total VAT (Reclaimable if Registered) | £0.00 |
| Total Deductible (for Income Tax) | £0.00 |
| Net Profit | £0.00 |
What is Profit & Loss? P&L shows your total income (from Invoices) minus expenses (excl. VAT). Net profit is what’s left after expenses, used to calculate taxable income.
How it Works: Income comes from invoices (e.g., £200 from a Premium plan). Expenses (excl. VAT) are from the Expenses tab (e.g., £100 fuel). VAT is shown separately for VAT returns if registered. Total Deductible (Amount + VAT) is for income tax if not VAT-registered.
High-Expense Categories: Categories exceeding 20% of total expenses are highlighted in red in the chart for attention.
Time Filter: Use the dropdown to view data for the current month or quarter to spot trends.
Example: You earn £500 (invoices) and spend £100 (fuel, excl. VAT) + £20 VAT. Net Profit = £500 - £100 = £400. If not VAT-registered, deduct £120 (Total Deductible) for income tax.
Tip for £10,000/Month: Check P&L weekly to ensure expenses don’t exceed income. Use negative profit (in red) as a warning to cut costs. Review Summary tab for expense breakdown.
| Invoice # | Customer | Amount | Status | Date | Actions |
|---|
Total Outstanding:£0.00
| Category | Amount (excl. VAT) | VAT | Total (Deductible) | Reclaimable VAT |
|---|
Total VAT (Reclaimable if Registered):£0.00
Total Deductible (for Income Tax):£0.00