Tax Deadlines
As a sole trader, you’ll pay your income tax and National Insurance liabilities in two stages, known as payments on account. These are payments in advance towards your tax bill
- 31 January 2024 – balance of any tax for year 2022/23 is due
- 31 January 2024 - first payment on account of tax for year 2023/24 is due
- 31 July 2024 – second payment on account of tax for 2023/24 is due
- 31 January 2025 – balance of any tax for year 2023/24 is due
- 31 January 2025 – first payment on account of tax for year 2024/25 is due
As a sole trader, you’ll pay your income tax and National Insurance liabilities in two stages, known as payments on account. These are payments in advance towards you.
Don’t forget, you can contact HMRC for Time to Pay to set up a payment plan if you’re having difficulties. You have to pay interest if you pay late, so do this as soon as possible. .
Self Assessments
You must file your 2023-24 Self Assessment tax return before:
- 31 October 2024 following the end of the tax year for a paper return
- 31 January 2025 following the end of the tax year for an online return
As a sole trader, you’ll pay your income tax and National Insurance liabilities in two stages, known as payments on account. These are payments in advance towards you.
Don’t forget, you can contact HMRC for Time to Pay to set up a payment plan if you’re having difficulties. You have to pay interest if you pay late, so do this as soon as possible. .
New to self-employment?
You must notify HMRC of the potential chargeability to tax and National Insurance Contributions by 5 October following the end of the tax year in which your business started. So, the deadline for the 2023-24 tax year is 5 October 2024.
New partner?
If you’re in a partnership and a new partner has joined you in the 2023/24 tax year, you should notify HMRC by 5 October 2024