It’s mid-January. You’ve got two weeks. My phone hasn’t stopped ringing since New Year, and I already know what everyone’s going to say: “I’ve left it a bit late, haven’t I?”
Fifteen years as an accountant for sole traders, and January is always the same. Half my clients sorted it out in November. The other half are panicking right about now.
If that’s you, don’t worry. Two weeks is enough time. But you need to start today, not next Tuesday. Let me walk you through exactly what you need to do.
Strip away the jargon, and a self assessment tax return is just you telling HMRC what you earned last tax year and working out what tax you owe. That’s it.
If you’re employed, your employer sorts your tax through PAYE. Easy. But if you’re self-employed, a sole trader, or you’ve got income from other sources like property or investments, HMRC needs you to tell them about it. They don’t know what you’ve earned, so you’ve got to declare it yourself.
The deadline you’re working towards is 31 January. That’s 15 days away. The tax year you’re declaring is 6 April 2024 to 5 April 2025.
You need to file a return if you’re self-employed and earned more than £1,000, if you’re a sole trader, if you’ve got rental income, or if you’re a company director. There are other reasons too, but those are the main ones I deal with day to day.
→ Not sure if you need to file? Running out of time to figure it out? Get in touch with TaxGuru today. We’ll tell you straight whether you need to file and what your options are.
Right now, today, check if you can access your HMRC self assessment login. I’m serious. Do it before you read another word.
If you can’t remember your password, reset it now. If you’ve never logged in before and you’re reading this, we’ve got a problem. Setting up a Government Gateway account for the first time can take 10 working days because they post you activation codes.
If you’re in that boat, call HMRC immediately on 0300 200 3310. Explain the situation. They might be able to fast-track you, or they’ll tell you to file a paper return instead, which has a different process. Alternatively, professional accountancy firms like TaxGuru can often help navigate these situations faster, we deal with HMRC daily and know the shortcuts.
For everyone else who can log in: bookmark that self assessment login page. You’ll be visiting it a few times over the next two weeks.
This is where accounting for sole traders gets real. You need records, and you need them now.
Income first. Every invoice you sent, every payment you received. Bank statements are your friend here. If you’ve been good and kept records throughout the year, brilliant. If you haven’t, get your bank statements downloaded and start highlighting business income.
Expenses next. Receipts for everything you’re claiming as a business expense. Office supplies, travel, equipment, software subscriptions, professional memberships. If you spent it for the business and you’ve got proof, you can claim it.
Here’s the reality check: if you don’t have receipts, you can still estimate some expenses. Mileage, for example, you can work out from your diary or calendar. But HMRC can challenge you, so only claim what you can reasonably justify.
→ Shoebox full of receipts? Missing half your records? TaxGuru specialises in sorting out messy accounts quickly. We’ve got two weeks to get this done.
In fifteen years, I’ve noticed patterns. There are expenses every sole trader claims: laptop, phone, maybe some travel. But there are others people consistently miss.
Professional insurance. Training courses. Trade magazine subscriptions. Website hosting. That business bank account fee. The mileage between client sites adds up fast at 45p per mile for the first 10,000 miles.
Home office expenses trip people up. You can claim a portion of your rent or mortgage interest, utilities, and council tax if you work from home. HMRC has a simplified flat rate, currently £6 a week if you work from home regularly. That’s over £300 a year most people miss.
Or you can calculate the actual percentage of your home you use exclusively for business. Usually the simplified rate is easier and still worth claiming.
Right, you’ve got your HMRC self assessment login sorted, you’ve gathered your records. Now what?
Log into your account, find your return for 2024-25, and start filling in the sections that apply to you. Most self-employed people need the “self-employment” section. If you’ve also got employed work, you’ll fill in the “employment” section too.
The software is actually pretty good. You put in your income, you put in your expenses, it calculates your profit. Then it works out your tax bill based on your personal allowance and the current tax rates.
First time through? Budget three to four hours. Maybe longer if your records are messy. Spread it over a couple of evenings if you need to. Just don’t leave it until 30 January. The system crashes sometimes when everyone piles on at the last minute.
The deadline for filing online is 31 January 2026. That’s for the 2024/25 tax year that ended last April.
→ First time filing and feeling overwhelmed? TaxGuru’s ACCA qualified accountants walk you through it step by step. We’ll handle your return and explain everything so you know what’s happening. Get started today.
31 January isn’t just the filing deadline. It’s also when payment is due.
But here’s what does people’s heads in: payments on account.
If this is your first return, you just pay what you owe by 31 January. Done.
If you’ve filed before, HMRC assumes you’ll earn roughly the same this year. So they made you pay half your estimated tax bill by 31 January and the other half by 31 July last year. Now you’re settling up the difference, plus your first payment on account for next year.
I know. It sounds mental. But the system tells you exactly what to pay when you file. Just look at the calculation and set aside the money now.
Miss the deadline and you’ll get hit with penalties. Late filing starts at £100, even if you don’t owe any tax. It goes up from there. Late payment adds interest and more penalties on top.
Look, you’ve got two weeks. If you’re reading this and thinking “I can’t do this,” call a self employed accountant today.
Most of us are slammed right now, but we’ll fit you in because we’d rather help you meet the deadline than clean up penalty notices later.
If your affairs are straightforward, simple income and expenses, maybe 10- 20 transactions a month, you can probably manage yourself. But if you’re staring at a shoebox full of receipts and fighting the urge to cry, get help.
Here’s something worth knowing: working with ACCA qualified accountants means you’re dealing with professionals who’ve passed rigorous exams and maintain ongoing training. At TaxGuru, we’ve handled thousands of self assessment tax returns over the years. We usually find expenses you’ve missed that more than cover our fees. Plus, we keep you out of trouble with HMRC.
→ Don’t risk penalties or overpaying tax. TaxGuru offers fixed-fee self assessment services, no surprises, no hidden costs. Book a call with us and we’ll sort this out properly.
Not keeping receipts, then trying to claim expenses anyway. HMRC can and will ask for proof.
Forgetting about payments on account, then getting a shock tax bill six months after filing.
Claiming your gym membership because you once thought about business ideas on the treadmill. That’s not how it works.
Leaving it until 30 January. Seriously, don’t. The system struggles under the load, and if it crashes on deadline day, HMRC doesn’t care. You still get penalized.
Rushing through and making silly mistakes. Double-check your numbers before you submit. I’ve seen people add an extra zero to their income. That’s a fun conversation with HMRC to untangle.
Today: Check you can log in. If not, sort it immediately.
This weekend: Gather all your records. Income, expenses, everything.
Next week: Fill in your return. Take your time, check your figures.
By 28 January: Submit and pay. Give yourself a buffer.
If you get stuck at any point, HMRC’s helpline is 0300 200 3310. Yes, the wait times are awful. Put it on speaker and make a coffee.
Look, self assessment tax returns feel more intimidating than they are. Yes, you’ve left it later than ideal. But two weeks is manageable if you start now.
Set aside proper time for this. Not half an hour snatched between meetings. Actual focused time where you can concentrate and get it done properly.
And if you’re really drowning, there’s no shame in calling an accountant. We exist for exactly these situations. Working with qualified professionals means you get it done right the first time. At TaxGuru, we’ve helped hundreds of sole traders through their first returns and their fiftieth. Sometimes you just need someone who’s seen it all before.
Now stop reading and go check you can log in. The clock’s ticking.
→ Ready to get this sorted? TaxGuru has been helping UK sole traders and self-employed professionals with their self assessment tax returns for years. We know the system inside out, we know what HMRC looks for, and we’ll make sure you’re not leaving money on the table.
Anwar is a ACCA certified UK accountant and the lead advisor at TaxGuru, a Manchester based accountancy firm with more than 15 years of in house experience.
0161 531 5171
Info@TaxGuruAccountants.co.uk
Office 20, Halifax House, Manchester M3 2GX
TaxGuru – Manchester’s trusted accountants, offering expert, personalised services to help SMEs, startups, and sole traders grow with confidence and achieve financial success.
TaxGuru Copyright@2026. All Right Reserved.
