Self Assessment and Sole Trader

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Self Assessment Tax Returns and Sole Trader Accounts

Whether you need a self assessment or you are a sole trader business, we understand what you need

Do you need help putting together and submitting your self assessment?
Have you received a letter from HMRC about undeclared online income?
Do you need to submit your sole trader accounts?
Is sole trader status still right for you?

What We Offer

We have worked with 100s of sole traders and owners who need help with their self assessments.

We are expert self- assessment accountants
We handle the entire process for you
We know how to legally keep tax to a minimum so you can keep more of your profit
Prices start from £125 plus VAT

Our Process

We send you an easy to fill out form regarding your income

We put together your self assessment

We run through a tax checklist to ensure you have claimed for everything you can

We share the self assessment with you

We submit the self assessment

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Received a letter from HMRC?

HMRC have all the sales information from all the online ecommerce platforms and have been sending letters to businesses who have not register for self assessment tax. This can be for the last tax return or one from years ago

If you are a seller and not registered as a business HMRC will be wanting tax from you and have been increasing the intensity of the campaign.

If you have received a letter from HMRC make sure to visit the link below to find out exactly how to deal with it.

We have worked with 100s of clients who have received these letters so get in touch and we can make sure you get the best outcome.

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Frequently Asked Questions

Do you need to file a self assessment tax return?

You may need to submit one if any of the following apply to you:

You’re a limited company director or Partner in a partnership receiving untaxed income (such as dividends or drawings)
You have a sole trader ecommerce business and earned more than £1,000 (before expenses)
You’re a partner in an ecommerce partnership
Your total taxable income exceeds £150,000
You’re a higher or additional rate taxpayer and made personal pension contributions
You have additional untaxed income—like dividends, interest, or tips—above certain thresholds
You earn rental income from property
You want to claim specific tax reliefs (such as for work-related expenses, investment losses, etc.)
You’ve sold or disposed of assets (like a second property, shares, crypto, or non-ISA investments) and need to report capital gains

Why do you need to file a self assessment tax return?

PAYE is taxed at source but most of your other income has been paid to you before any tax deductions. That means you need to declare this on your self assessment.

Are there penalties for late or inaccurate submissions?

Missing deadlines or making errors on your Self Assessment can result in penalties—even if you didn’t owe any tax. Here’s what HMRC can charge:

Late Filing Penalties

£100 automatic fine if your return is up to 3 months late
Additional £10 per day from 3 to 6 months late (up to £900)
After 6 months: An extra penalty of 5% of the tax due (or £300, whichever is greater)
After 12 months: Another 5% or £300 charge—plus potential increased penalties if HMRC believes you deliberately withheld information

Late Payment Penalties

If you don’t pay your tax bill on time:

30 days late: 5% of the unpaid tax
6 months late: Another 5%
12 months late: A further 5%

Interest on Late Payments

On top of penalties, HMRC also charges interest daily on overdue tax from the day after the deadline.

Will HMRC know if I haven’t declared income?

Yes, HMRC has access to all online selling platforms and now banks. This means they know if you haven’t declared online income so will be sending you nudge letters to prompt you to disclose this before enforcement action

HMRC have sent me an investigation letter, what do I do?

You need to make sure you respond to that letter. The best thing to do is appoint an accountant and inform HMRC that you have done this. They will then know you are taking this seriously. We will then take over the correspondence with HMRC and deal with this for you.

Key dates for self assessment

Staying on top of deadlines is one of the simplest ways to avoid penalties and stay stress-free. Here are the essential Self Assessment dates you need to know:

6 April – Start of the New Tax Year

This marks the beginning of the new tax year. You can now start preparing your return for the previous tax year (which ended on 5 April).

31 July – Second Payment on Account Due

If you make payments on account (advance tax payments), your second instalment for the previous tax year is due by 31 July.

5 October – Deadline to Register for Self Assessment

New to Self Assessment? If you’ve never submitted a return before, you must register with HMRC by 5 October following the end of the tax year in which you became self-employed or started receiving untaxed income.

31 October – Paper Tax Return Deadline

If you’re filing a paper return, it must reach HMRC by midnight on 31 October.

31 January – Online Tax Return & Payment Deadline

This is the big one.
You must:

File your online Self Assessment tax return
Pay any tax owed for the previous year
Pay your first payment on account for the current year (if required)

Miss this deadline and HMRC may charge a £100 late filing penalty, even if you don’t owe any tax.