Freelance Income & Expense Tracker with Tax Set-Aside (Excel)
Self-employed people pay their own tax, and the bill always arrives after the money has been spent. Record each payment you receive (in any currency, converted at the rate you actually got) and each business expense. The workbook shows your profit month by month for the year, how much of it to move into a separate tax savings account at the percentage you choose, and any sales tax (VAT, GST) you collected that belongs to the tax office.
Free · no sign-up · opens in Microsoft Excel, Google Sheets, LibreOffice and WPS Office. Files contain no macros.
Preview
Real view of the file with its sample data (yellow cells are where you type).
| Month | Net income | Expenses | Profit | Keep aside for income tax | Sales tax collected | Total to keep aside | Profit so far this year |
| Jan-26 | 3,159 | 690 | 2,469 | 617.25 | 0 | 617.25 | 2,469 |
| Feb-26 | 3368.9 | 298 | 3070.9 | 767.73 | 0 | 767.73 | 5539.9 |
| Mar-26 | 2198.12 | 310 | 1888.12 | 472.03 | 80 | 552.03 | 7428.02 |
| Apr-26 | 0 | 0 | 0 | 0 | 0 | 0 | 7428.02 |
| May-26 | 0 | 0 | 0 | 0 | 0 | 0 | 7428.02 |
| Jun-26 | 0 | 0 | 0 | 0 | 0 | 0 | 7428.02 |
| Jul-26 | 0 | 0 | 0 | 0 | 0 | 0 | 7428.02 |
| Aug-26 | 0 | 0 | 0 | 0 | 0 | 0 | 7428.02 |
| Sep-26 | 0 | 0 | 0 | 0 | 0 | 0 | 7428.02 |
| Oct-26 | 0 | 0 | 0 | 0 | 0 | 0 | 7428.02 |
| Nov-26 | 0 | 0 | 0 | 0 | 0 | 0 | 7428.02 |
| Dec-26 | 0 | 0 | 0 | 0 | 0 | 0 | 7428.02 |
| Year total | 8726.02 | 1,298 | 7428.02 | 1857.01 | 80 | 1937.01 |
What's inside
- Settings: home currency, first month of your tax year, tax set-aside percentage, date style and up to 20 expense categories you can rename
- Income sheet: date received, client, invoice number, currency, amount, exchange rate, amount in your home currency, sales tax (VAT/GST) included and net income
- Expenses sheet: date, category, supplier, description, amount and business-use percentage (for a phone or internet line that is partly personal)
- Monthly summary for 12 months: income, expenses, profit, tax to set aside, sales tax collected and the total to keep aside, with running totals for the year
- Expenses by category for the whole year, so you can see where the money goes
- A bar chart of income and expenses by month
How to use it
- On the Settings sheet pick your home currency, type the first day of your tax year (for example 1 January, 1 April or 6 April) and the percentage of profit you want to set aside for tax.
- Check the expense categories and rename them to match how your accountant or tax return groups expenses.
- Each time a client pays you, add a row on the Income sheet. For foreign currency, type the original amount and the exchange rate you received (home currency per 1 unit); the home amount calculates itself. If the payment includes VAT, GST or sales tax you charged, type that part in the tax column.
- Add every business expense on the Expenses sheet with its category. For items used partly for personal life, type the business-use percentage, for example 60%.
- Open the Monthly summary to see profit and the amount to set aside each month. Move that amount to a separate savings account when you are paid.
- At the year end, give the file (or its totals) to your accountant along with your receipts.
Tips
- The exchange rate that matters is the one in your bank statement or payment platform, after their conversion; type that rate so your income matches what you received.
- Many freelancers keep 20 to 30 percent of profit aside, but the right percentage depends on your country, income and allowances: ask a local tax adviser.
- Sales tax you collect (VAT, GST, HST) is not your income; this workbook keeps it separate so you do not spend it.
- Keep receipts for every expense. A photo in a dated folder is enough for most tax offices, but check what yours requires.
Questions and answers
Does this calculate my income tax?
No. Tax rules differ by country and by person. The workbook sets aside a percentage you choose so you have the money ready; your actual tax depends on your return.
Why is net income less than the amount received?
Because any VAT, GST or sales tax included in the payment is taken out. That part has to be paid to the tax office, so it is shown separately.
What does business use percentage mean?
If you use your phone 60 percent for work, only 60 percent of the bill counts as a business expense. Type 100% for things used only for work.
My tax year starts in April. Does the summary follow it?
Yes. The 12 months in the summary start from the first day of the tax year on the Settings sheet, so April to March, July to June or January to December all work.