Self Assessment can be one of the most stressful times of the year for sole traders. However, with a little preparation, you can avoid last-minute panic and penalties.

1. Register Early

If you are new to self-employment, register for Self Assessment by 5th October. Don't wait until January!

2. Know Your Deadlines

The deadline for online returns and paying your tax bill is 31st January. Missing this deadline can result in automatic penalties.

💡 Pro Tip: Use software like Xero to track receipts throughout the year. This makes compiling your tax return much simpler.

3. Claim Your Expenses

Deduct business costs like office supplies, professional fees, and travel to lower your final tax bill. Keep detailed records and receipts for everything.

4. Set Money Aside

Set aside approximately 20-30% of your income throughout the year to cover your payment and prevent financial stress in January.

5. Get Professional Help

At Hubble Accountancy, we handle your Self Assessment from start to finish, ensuring accuracy and maximizing your deductions.

Talk to us for a stress-free tax return →