Income records
Sales invoices, till or app summaries and bank credits. Keeping business income separate from personal funds makes reconciliation far quicker.
Sole traders
Self Assessment and accounts for the self-employed
Working as a sole trader keeps administration light, but the tax position still needs care — particularly around expenses, National Insurance and payments on account.
What is included
- Sole trade accounts from your records or bookkeeping software
- Self Assessment tax return preparation and submission
- Income tax and National Insurance calculations
- Allowable expense and capital allowance reviews
- Cash basis versus accruals basis comparison
- VAT registration advice as turnover approaches the threshold
- Payments on account planning and reminders
- Making Tax Digital for Income Tax readiness
The tax year at a glance
6 April
New tax year begins; the previous year's figures can be finalised.
5 October
Deadline to register for Self Assessment after starting to trade.
31 January
Online return, balancing payment and first payment on account due.
31 July
Second payment on account due where applicable.
Records worth keeping
Expense evidence
Receipts and invoices for materials, tools, insurance, professional fees, subscriptions and travel. Digital copies are acceptable provided they are legible and retained.
Use of home and vehicles
Either a reasonable apportionment of actual costs or HMRC's simplified flat rates. Mileage logs support the per-mile method where a vehicle is used for both business and private journeys.