What deadlines and obligations apply to me as sole trader?
If you run a business as a sole trader then it’s your responsibility to make sure you understand the reporting deadlines and obligations that come with it.
Our video guide explains your duties as a sole trader, what you need to know about reporting your income and paying tax through Self Assessment, and any deadlines which apply to you. We’ll also cover what penalties might apply for missing a deadline, and include tips on how to avoid them.
For more help with your business, learn more about our online accountant services for sole traders.
What happens if I miss the Self Assessment deadline?
If you’re a sole trader working in the UK, it’s essential that you know your reporting deadlines and requirements for HMRC. If you miss the Self Assessment deadline, or you’re late paying your tax bill, you’ll receive an automatic penalty.
What if I have a good reason for missing the deadline?
You can appeal a penalty if you have what HMRC describe as a reasonable excuse.
Download our guide to deadlines and penalties for sole traders to learn more, or get help from an accountant.