What are the key dates to remember as a sole trader?

As a business owner, it’s important to focus on your business itself, getting new clients and achieving more sales, but it’s also crucial that you stay organised. As the owner of a business, there are key dates in the calendar that you’re going to make a note of. And for each of these dates, you’re going to need to know exactly what you’re responsible for fulfilling on that date. If you aren’t there can be implications both for you as an individual and for your company. But if you’re not aware of what these dates are, don’t worry. That’s what we’re going to run through today, however, we’re also going to run through the implications just to ensure you’ve got the full picture.


First, we’re going to look at the key dates if you’re self-employed as a sole trader/freelancer or an owner of a limited company:-


  • 31st January – if you’ve been trading as a sole trader the previous year this is when your first payment on your account will be due. If you’re unsure of what the amount of this payment is contact HMRC. If you fail to make this payment or at least file with HMRC you’ll receive a late fee and fines every 3 months following.


  • April – this, as you may be aware of, is when the tax year ends. If you have been trading for the previous year you will need to file your tax return. However, if you are new to self-employment and haven’t been established long, you will need to register with HMRC. It’s also important to note that even if you stopped trading part way through the year a tax return will still need to be filed.


  • 31st July – Following on from when you had to make the first payment on your account back in January, this is when you now need to make the second payment on your account. Again, if you’re unsure how much you should be paying, get in touch with HMRC as the same penalties will still apply.


  • 5th October – this applies to both directors of limited companies and also to sole traders. This is the date whereby you will have needed to notify HMRC if you have received capital gains over £12,000 which is beyond the national insurance threshold. The reason for you needing to notify them is so that they can send you to notice that you will need to file a tax return.


  • 31st October – if you file your tax returns by paper, this is the date you will need to have submitted your paperwork by. Even if you don’t have any tax to pay, you MUST still submit this paperwork otherwise you’re going to open yourself up to penalties.


  • 30th December – as opposed to filing it by return, if you’re instead filing your tax return online you’re going to want to submit it online by this date if you’re wanting HMRC to collect tax if you’re self-employed.


If you want to know more about how the dates above can affect you and your business and how we can help you prepare for the above dates get in touch with the team here at D&K Accounting and we’ll be able to advise you on how we can help both you and your business stay prepared throughout the business year.

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