Profit of £40,000, England, Wales, and Northern Ireland: income tax £5,486.00, Class 4 £1,645.80, keep £32,868.20, about £2,739.02 a month. Estimate, not tax advice.
Updated Oct 2026
Keep £32,868.20 · about £2,739.02/mo. Income tax £5,486.00. Class 4 £1,645.80. Estimate, not tax advice. Tax year 2026/27.
England, Wales, and Northern Ireland. Personal allowance £12,570.00. Class 2 is treated as paid (profit is at least £7,105). Before any other reliefs. Estimate, not tax advice.
2026/27, England, Wales, and Northern Ireland
Personal allowance £12,570, reduced by £1 for every £2 of profit over £100,000, and zero at £125,140. Income tax: 20 percent on taxable income up to £37,700, 40 percent up to £125,140 of taxable income, 45 percent above that. Class 4: 6 percent between £12,570 and £50,270, then 2 percent. Class 2 is not charged on this card when profit is at least £7,105. Sources: gov.uk/income-tax-rates and gov.uk/self-employed-national-insurance-rates.
Scottish bands are not on this page. The trading allowance is not subtracted.
For 2026/27, profits at or above £7,105 are treated as having paid Class 2, so there is nothing to pay. Below that, voluntary Class 2 is £3.65 a week. This card does not add the voluntary amount.
What is the trading allowance?
The first £1,000 of trading income can be tax-free if you are eligible, instead of deducting expenses. This card does not subtract it.
When must I register for VAT?
When taxable turnover goes over £90,000. That test is on the registration card. Profit on this card is not VAT turnover.
Does Scotland differ?
Yes. Scottish income tax bands are not on this page. The bands here are England, Wales, and Northern Ireland.
Is this profit or turnover?
Profit for income tax and Class 4. Turnover for VAT, on the other card.
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