Personal Tax Return and Sole Trader Accounts

April 2025 By

Getting Ready to Submit Your Personal Tax Return & Sole Trader Accounts

As we approach key deadlines in the Self Assessment calendar, we wanted to share a quick guide to help you get prepared for submitting your personal tax return and (if applicable) your sole trader accounts. Whether this is your first year filing or you’re a seasoned pro, getting organised early can make the process faster, smoother, and less stressful.

Who Needs to File a Tax Return?

You’ll need to complete a Self Assessment tax return if:

  • You’re self-employed (a sole trader) and earned more than £1,000 during the tax year

  • You’re a partner in a business partnership

  • You receive income from rental properties, dividends, savings, investments, or overseas sources

  • You need to report Capital Gains or claim certain reliefs

If you’re unsure whether you need to file, please get in touch — we’re happy to advise.

What Information Do We Need From You?

To complete your tax return accurately and on time, we’ll need:

  • Your Unique Taxpayer Reference (UTR) and National Insurance Number

  • Income records – including self-employment, PAYE, rental, dividends, interest, or other income

  • Business accounts/records – invoices, receipts, bank statements

  • Details of expenses – allowable business expenses you’ve incurred

  • P60, P45, P11D (if relevant)

  • Student loan repayment or pension contribution details

  • Any other documentation you believe is relevant

Key Dates to Remember

  • 5 April – End of the tax year

  • 31 January – Online submission deadline & final payment of tax due

We recommend gathering your information as early as possible to avoid the January rush and give you time to plan for any tax due.

Making the Process Smoother

Here are a few ways you can help make things easier — both for yourself and for us when preparing your return:

✅ Keep clear, up-to-date records

Using a spreadsheet, or better yet, cloud accounting software (like Xero, QuickBooks, or FreeAgent), can simplify everything. If you’re not sure which is best for your business, we’re happy to help you choose.

✅ Separate business and personal finances

If you haven’t already, having a dedicated business bank account makes tracking income and expenses far simpler.

✅ Know what you can claim

Allowable expenses reduce your tax bill, so it’s important to include them. Common examples include home office costs, mileage, phone and internet bills, and marketing expenses.

✅ Don’t leave it until January

The earlier you send in your records, the sooner we can work on your return — and you’ll have more time to plan for any tax due.

Coming Soon: Making Tax Digital for Income Tax

From April 2026, Making Tax Digital (MTD) for Income Tax will begin to apply to self-employed individuals and landlords with income over £50,000. If you haven’t yet moved to MTD-compliant software, now is the time to start thinking ahead — and we can help you prepare.

Let Us Take Care of It for You

We’re here to make tax season as easy and stress-free as possible. If you have any questions about what’s needed or want to send us your records, just get in touch. The sooner we have everything, the more time we have to ensure everything is accurate and submitted well before the deadline.

Need help?
📧 info@howardsaccountants.co.uk
📞 01209 206030

Let’s get your tax return sorted — no stress, no surprises.