Your year and your tax estimate

Log income that doesn't come through an invoice, then check your year in the Year Overview and see how your tax estimate is worked out.

1. Log income without an invoice

Open Finance, tap + and choose Log Income. Enter the Amount (£) and set Date Received.

2. Choose the category

Pick the Category, such as Local Authority Funding. Add a note under Reference / Description, like the term the payment covers. Tap Save Income.

The payment appears under Recent Transactions, and counts towards your Net Income.

3. Open the Year Overview

On the Finance dashboard, tap Year Overview. It shows your income and expenses for the year, with Est. Annual Tax.

4. Switch the view

• Tap Calendar Year or Tax Year. In the tax year view, the figure is labelled Est. Tax.
• Tap By Month or By Category. By category, tap an income type to see its months.

5. See how the tax is estimated

Go back to the dashboard and tap the info button next to Est. annual tax. The panel explains the steps:

1. Your paid invoices and claimable expenses since 6 April are totalled.
2. The total is divided by the months so far, to get a monthly average.
3. The average is multiplied by 12.
4. The personal allowance of £12,570 is applied, then Income Tax (20%) and Class 4 NI (6%).

Tap Got it to close it.

What to do next

• Tracking your income and expenses: logging income and expenses day to day.
• Logging expenses and mileage: household bills and journeys, worked out for you.