When do I pay taxes as a sole trader? Watch our video for some useful guidance.
If you have started your business up as a Sole Trader or as a Partnership, you will declare your revenue, all your expenses, your profits, and your capital expenditure on your Self-Assessment Tax Return each year.
For a Sole Trader or Partnership, your year will always run from 6 April to 5 April.
You will then have until 31 January the following year to submit your tax return online and pay your liability.
If you want to submit your return by paper, you will only have until 31 October following the year end to file the return. So it’s best to do it online!
So, how does that work in practice? For example, if you started trading on 1 May 2018, your first year of trading would run until 5 April 2019. You will then have until 31 January 2020 to submit your return online and pay your liability.
If you would like any more information, please feel free to get in touch.