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.
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:
- Update the amount owed to include payments on account
- Display any payments in the dashboard
- 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.