Guides Reports Reading the Tax Summary report in Keepr

Reading the Tax Summary report in Keepr

How to read your sales tax (VAT) figures, what each row means, and where to find your Self Assessment or Corporation Tax estimate instead.

Updated 11 August 2026 4 min read
On this page
  1. A quick glossary
  2. What each row means
  3. Filters at the top of the report
  4. Setting up your tax codes
  5. Worked example
  6. Looking for income tax or Corporation Tax?
  7. When the numbers look off
  8. Frequently asked questions

The Tax Summary report tells you how much sales tax you've collected on invoices, how much you've paid out on expenses, and the net amount you owe (or can reclaim) for a given period. In the UK that's usually VAT; the report works for any tax code you've set up. You'll find it at Tax Summary - or click Reports in the sidebar and pick the Tax Summary card.

If you came here looking for your Self Assessment estimate or your Corporation Tax estimate, this isn't the page. Those live on the Summary page as the Tax Estimate card. Skip to Looking for income tax or Corporation Tax? below.
The Tax Summary report showing a VAT (20%) block with Collected, Less Expenses and Net rows, and Taxable Amount and Taxes columns.
One block per tax code. Each block shows what you've collected, what you've paid, and the net you owe.

A quick glossary

TermWhat it means
Sales tax / VATTax you add on top of your prices and collect on behalf of HMRC.
Tax codeA name + rate pair you set up in Settings → Taxes - for example VAT at 20%.
Taxable AmountThe net (ex-tax) base figure.
TaxesThe tax portion itself.
NetCollected minus Less Expenses. Positive = you owe HMRC. Negative = HMRC owes you.

What each row means

For each tax code you've set up, the report shows a four-row block:

RowWhat it shows
Header (e.g. VAT (20%))The tax name and rate from Settings → Taxes.
CollectedSum of taxable amounts and tax across every invoice line tagged with this tax in the date range. Calculated as rate × net line amount.
Less ExpensesSum of taxable amounts and tax across every expense tagged with this tax in the date range.
NetCollected minus Less Expenses. This is what you remit to (or reclaim from) HMRC.
Invoices are counted by their invoice date, not their paid date. An invoice raised in March counts in March even if it's paid in May. Expenses use the expense date.

Filters at the top of the report

The Tax Summary toolbar showing only a date-range button, an Export dropdown and a Print button.
Three controls: date range, Export and Print. No billing-type toggle here.

Date range

Defaults to the current calendar year (1 January to 31 December). The picker has four preset groups plus a custom range:

GroupOptions
QuickToday · This Week · Last Week · This Month · Last Month
Financial YearThe current financial year plus the two previous ones
Calendar YearThe current calendar year plus the two previous ones
CustomPick any start and end date on the inline calendar
For UK VAT returns, pick the dates of the quarter that just closed using Custom Range. The Net column for your VAT block is the figure you need to remit.

Export and Print

Export gives you CSV or Excel (.xlsx) - same row structure as on screen. Print uses your browser's print dialog; the print stylesheet hides the navigation and forces landscape A4. Most browsers offer Save as PDF from the same dialog.

Setting up your tax codes

Tax codes are user-defined - they don't appear on the report until you add them in Settings → Taxes.

The Taxes tab in Settings, showing a repeater with Name and Rate columns. One row reads VAT, 20.
Add a name and a rate. The same name then appears on invoice line and expense forms.

Once a tax code exists, you can tag invoice lines and expenses with it. The report picks up everything tagged with that name in the chosen date range.

Worked example

A VAT-registered freelancer turns over £72,000 of taxable invoices in 2025-26, with £14,000 of taxable expenses. VAT is 20%. The Tax Summary for the year shows:

Row (VAT 20%)Taxable AmountTaxes
Collected£72,000.00£14,400.00
Less Expenses£14,000.00£2,800.00
Net£58,000.00£11,600.00

The number to budget for is the Net - Taxes figure: £11,600 of VAT to remit to HMRC across the year (or roughly £2,900 a quarter).

Real life is messier - zero-rated and exempt sales sit outside this report, and partial-exemption rules can limit reclaims. The figure here is your headline position; your accountant has the last word on what you actually file.

Looking for income tax or Corporation Tax?

Despite the name, this report doesn't cover Income Tax, National Insurance, or Corporation Tax. Those estimates live on the Summary page, in the Tax Estimate card. Which version of the card you see depends on the Business Type set in Settings → Business.

Sole traders - Self Assessment estimate

The Tax Estimate card on the Summary page for a sole trader, showing Income Tax, Class 2 NI and Class 4 NI lines.
Sole traders see an estimated Self Assessment liability built from HMRC's bands and National Insurance rates.
ComponentWhat it is
Income TaxTax on profit, stepped through HMRC's 20% / 40% / 45% bands, with a tapered Personal Allowance above £100k.
Class 2 NIFlat weekly National Insurance for self-employed profits above the Small Profits Threshold. Counts towards your State Pension.
Class 4 NIPercentage of profits between the lower and upper limits (6% main, then 2%).
Student LoanShown if you've told Keepr which plan you're on (Plan 1, 2, 4, 5 or Postgraduate).

Limited companies - Corporation Tax estimate

The Tax Estimate card on the Summary page for a limited company, showing the Corporation Tax rate band and a suggested monthly set-aside.
Limited companies see a Corporation Tax estimate using HMRC's small profits rate, main rate, or marginal relief.
Rate bandWhen it applies
19% - small profits rateProfits up to £50,000.
25% - main rateProfits of £250,000 or more.
Marginal relief (~26.5% effective)Profits between £50,000 and £250,000. Keepr applies HMRC's 3/200 marginal relief fraction so the effective rate slides up smoothly.
Marginal relief stops a cliff edge at £50k. Without it, a company on £50,001 of profit would pay 25% on the lot. The further profits go above £50k, the higher the effective rate, until it reaches the full 25% at £250k.

When the numbers look off

What you seeLikely reason
No tax blocks at allYou haven't added any tax codes. Go to Settings → Taxes.
A block shows 0.00 across the boardThe code exists but nothing in the range is tagged with it. Widen the range, or tag the relevant invoices/expenses.
Collected lower than expectedCash sales logged as Other Income don't appear here - only invoiced sales do.
Net looks too high to remitThe report covers the whole range you picked. For a VAT quarter, narrow it to the quarter.

Frequently asked questions

Is this an HMRC submission?
No - it's for your records. To file VAT digitally you need MTD software with HMRC; for MTD ITSA quarterly updates see the MTD Submissions page.
Does it include unpaid invoices?
Yes - invoices count from their invoice date, paid or not. That matches the standard VAT accounting scheme.
Why doesn't Other Income appear?
Other Income no longer tracks per-item tax codes. Log VATable sales through Invoices so the VAT is captured.
Can I have more than one tax code?
Yes - one block per code in Settings → Taxes. Useful for VAT at 20%, Reduced at 5%, etc.
Where's my Self Assessment estimate?
On the Summary page, in the Tax Estimate card. Set Business Type to Sole trader in Settings → Business.
Ready to check what you owe?
Open Tax Summary

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