An interactive self-employed ready reckoner has now been produced by HMRC which is aimed at helping the newly self-employed budget for tax payments by showing roughly how much money to set aside to meet their first tax and Class 4 National Insurance bill.

The ready reckoner tool is for self-employed people who have no other taxable income and are entitled to a basic Personal Allowance and is available at http://www.hmrc.gov.uk/tools/sa-ready-reckoner/index.htm