As a Sole Trader you have to report your businesses profit or loss on your personal Self-Assessment tax return.
You must also include details of:
- Any other investments (stocks and shares) you may hold
- How much interest you received on your savings
- If you made any money from foreign investments
- Money received from renting out any property.
There are some reliefs which will reduce your tax liability. If you made pension contributions during the year or gave money to charity, these both have to be declared on your return as well.
The personal tax year runs from 6 April to 5 April which will probably be different to your business's financial year.
Your Self Assessment tax return is usually due at HMRC on 31 January following the end of the tax year, for example 6 April 2020 - 5 April 2021 would be due with HMRC before 31 January 2022.
The 123 Way includes the completion of your tax return through our online client pages of our website. You must complete this by 30 November each year to guarantee submission in time for the January deadline.
This information is for general information only. We take no responsibility for any action taken or refrained from in consequence of its contents. Always seek our professional advice specific to your circumstances before acting.