Understand your tax estimate
See where the headline figure comes from and what to set aside each month.
What Broom uses
The Tax view brings together income, expenses, cleaner pay, mileage and the allowances or settings relevant to the selected UK tax year.
The headline numbers
Estimated tax is a running guide based on the records currently in Broom. Set aside / month divides the estimate into a practical monthly amount. Profit is income less the deductions Broom is using for the estimate.
Estimate versus HMRC filing
The estimate can use allowances to help show a sensible expected bill. Quarterly MTD updates still send the actual income and expense figures required for those periods.
Keep it useful
- Complete jobs promptly.
- Mark income paid using the correct date.
- Record costs and mileage as they happen.
- Review other taxable income and use-of-home settings.