A Simple Guide to Self-Assessment Tax for Sole Traders in the UK

Self-Assessment can feel complicated, but the key dates and steps are manageable when you know what to expect. This guide explains the basics for sole traders in the UK in clear, practical language.

Who needs to file a Self-Assessment tax return?

You may need to register for Self-Assessment if you are self-employed as a sole trader and your gross trading income is more than £1,000 in a tax year, or if HMRC asks you to file a return. Other circumstances can apply, so check your position carefully.

Important Self-Assessment dates

The tax year runs from 6 April to 5 April. The online tax return and any tax owed are normally due by 31 January after the end of the tax year. Payments on account may also be due on 31 January and 31 July.

Records to keep

• Sales invoices and income records

• Business bank statements and receipts

• Mileage and other allowable business expenses

How an accountant can help

A good accountant can help you understand your obligations, keep accurate records, plan for tax payments and make confident decisions. Leathley & Co supports sole traders and small businesses across High Peak and Cheshire with clear, jargon-free advice.

This article is general information, not personal tax advice. If you are unsure about your position, speak to a qualified adviser.