Tax Returns

Sole trader profits and expenses are submitted through a self assessment form each year. The deadline depends on how you submit your return:

  • Paper deadline: 31st October
  • Online deadline: 31st January

These dates are after your last tax year end. For instance, if your tax year ends on 5th April 2020, the above dates would be 31st October 2020 and 31st January 2021.

However you submit your return, the deadline for paying the tax owed is 31st January. If payments on account are due, the deadline applies to the first of these, too.

The dates and deadlines for limited companies are different.

Paying tax

Though the latest deadline for submission and paying is January 31st, it’s worth knowing that HMRC takes a couple of days to:

  1. Update the amount owed to include payments on account
  2. Display any payments in the dashboard

If you’re:

  • Not confident working out the amount owed
  • Want to be sure you’ve paid the correct amount
  • Want to see this reflected in the dashboard

It’s well-worth making a note to complete submission a week or two earlier than the deadline.

Got a student loan?

Useful to know that contributions to this are calculated as part of your tax return. The payment is factored into your bill for that year.

Tax, Pensions & Accounting sponsor

Penfold logo.


Our friends at Penfold provide the self-employed (whether you’re a freelancer or Limited Company) with a completely digital, FSCS-protected & FCA-regulated pension: 

  • It’s simple to use & completely flexible – pause your contributions or make one-off top-ups any time you like. 
  • HMRC adds £25 for every £100 you pay in...or more for higher earners!
  • LTD companies can deduct contributions from their tax bill
  • Work Notes readers get £25 in their pension by using the referral link (or referral code: Work Notes)!

Pensions are a long term investment, and your capital is at risk.