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Sole Trader Tax Return

As a Sole Trader your Self Assessment Tax Return is one of your most significant legal responsibilities. It calculates your taxable income and lets you know how much to pay to HMRC (or how much they owe you!). It’s a complex process, but one that Duport Accountants can make incredibly easy.

What's a 'self assessment tax return'?

If you are self-employed, take dividends as a company director, or if you receive any other non-taxed income then you'll need to file a Self Assessment tax return.

HMRC send out notifications to people who need to file a Self Assessment tax return in April each year.

If you are a Sole Trader, part of the process of completing your Self Assessment is providing details of all sales and takings, purchases and business expenses in order to calculate your personal tax liability.

How it works

A Self Assessment tax return can be quite challenging, and you need to have thorough knowledge of your tax requirements, responsibilities and legislation.

But our Accountancy Service can handle it all for you, and ensure that all your records are correct, so you aren’t over or underpaying your tax. And it’ll save you time too!

  1. We analyse your bookkeeping to check it’s correct
  2. We calculate your personal tax allowance
  3. We complete your SA100 Self Assessment tax return
  4. We file it and submit it to HMRC for you

Our Self Assessment tax service will save you worry, save you time, and save you money too!

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Popular FAQs

Still have questions? Here are the answers to some of the most common questions people ask about Duport.

A sole trader tax return is also known as a Self Assessment tax return. It’s the form that calculates your taxable income, and lets you know how much is owed to HMRC.

In the UK, businesses need to report accounts for HMRC and Companies House annually. The ‘year end’ refers to the day that your business’s financial year ends.

If you are a Limited Company, Partnership, Charity or Non-Profit, then Companies House will set your year end as the last day of the month you formed the company - starting from the next year. So if you formed your company on 19th March 2022, your first year end would be 31st March 2023.

If you are a Sole Trader, your Year End is usually the 5th April, to coincide with the end of the tax year. That’s the date you need to have submitted your self assessment by.

Your tax, as calculated by your Self Assessment Tax Return is due by the 31st January, the year after submission.

So for example, if you submit a Self Assessment Tax Return on the 5th April 2022, your tax bill must be paid by 31st January 2023.

Need some help?

If you need a little advice on the best options for you, or have a question that's not in our FAQ, Duport's expert team are here to help. Give us a call during office hours or email us any time and we'll help you out.