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HMRC Guidance & Tax Rules
Income Tax — Sole Trader
Personal Allowance£12,570
Basic Rate (20%)£12,571 – £50,270
Higher Rate (40%)£50,271 – £125,140
Additional Rate (45%)Above £125,140
Personal Allowance tapers to £0 if total income exceeds £125,140
National Insurance — Class 4
6% on profits£12,570 – £50,270
2% on profitsAbove £50,270
Class 2Abolished from April 2024
Corporation Tax — Limited Company
Small Profits Rate (19%)Up to £50,000
Main Rate (25%)Above £250,000
Marginal Relief£50,001 – £250,000
Rates shown are based on HMRC published figures. Always verify with a qualified accountant or at gov.uk/income-tax-rates
Self Assessment Deadlines
Online tax return31 Jan each year
Paper tax return31 Oct each year
Pay tax owed31 Jan each year
Payment on Account (1st)31 Jan
Payment on Account (2nd)31 Jul
Payments on Account are due if your tax bill is over £1,000. Each payment is 50% of your previous year's tax bill.
MTD ITSA Quarterly Deadlines
Q1 (6 Apr – 5 Jul)Submit by 5 Aug
Q2 (6 Jul – 5 Oct)Submit by 5 Nov
Q3 (6 Oct – 5 Jan)Submit by 5 Feb
Q4 (6 Jan – 5 Apr)Submit by 5 May
Final DeclarationBy 31 Jan
MTD Mandation Timeline
Income over £50,000From April 2026
Income over £30,000From April 2027
Income over £20,000From April 2028
Allowable Expenses — Sole Traders
✓ Office & Admin
Stationery, printing, software, business phone & internet (business portion)
✓ Travel & Vehicles
Fuel, public transport, parking, HMRC mileage rate (45p/mile up to 10,000 miles, 25p after). Not commuting.
✓ Clothing
Uniforms, protective clothing, costumes. Not everyday clothing worn to work.
✓ Professional Fees
Accountants, solicitors, surveyors, architects (for business purposes)
✓ Marketing
Advertising, website costs, business cards, samples
✓ Training
Courses to improve skills in your existing trade. Not courses for a new career.
✓ Bank Charges
Business account fees, merchant fees, interest on business loans
✓ Tools & Equipment
Tools, machinery, computers used for work. Capital allowances apply for larger purchases.
✗ Not Allowable
Client entertaining, personal expenses, commuting, fines, personal clothing, non-business portion of mixed costs
Use the simplified expenses flat rates for vehicles, home office, and live-in business premises where appropriate.
What is Making Tax Digital?
Making Tax Digital for Income Tax Self Assessment (MTD ITSA) is HMRC's programme to move tax records fully digital. Instead of one annual Self Assessment return, you'll submit quarterly updates and a Final Declaration each year.
SoloTrader tracks your income and expenses — use the Download CSV to import into HMRC-compatible bridging software for submission. SoloTrader does not submit directly to HMRC.
The 5 Submissions Per Year
Q1 UpdateIncome & expenses Apr–Jun
Q2 UpdateIncome & expenses Jul–Sep
Q3 UpdateIncome & expenses Oct–Dec
Q4 UpdateIncome & expenses Jan–Mar
Final DeclarationConfirm full year figures, claim reliefs
Digital Records You Must Keep
✓ Business income
Date, amount, and source of each payment received
✓ Business expenses
Date, amount, supplier, and category of each purchase
✓ Invoices & receipts
Keep for at least 5 years after the 31 Jan submission deadline
Full address or postcode — used as the start point in the mileage calculator.
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Mileage Calculator
HMRC approved rate: 45p/mile
Mileage Log
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HMRC Tax Calculator
Making Tax Digital — estimated figures based on your accounts data
Estimates only — not financial or tax advice. Always verify with HMRC or a qualified accountant.
Total Income
£0.00
Total Expenses
£0.00
Net Profit
£0.00
Estimated Tax Due
£0.00
Below the £12,570 personal allowance — no tax due yet
Tax Breakdown
Full Year Projections
Based on your pace so far this tax year
6 Apr5 Apr
Projected Income
£0.00
Projected Expenses
£0.00
Projected Profit
£0.00
Projected Tax
£0.00
Transactions in Period
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Disclaimer: These figures are estimates based on the data entered in SoloTrader. Tax rates used are based on HMRC published rates and may not reflect the most recent changes. Always verify with a qualified accountant or check HMRC's MTD guidance before submitting. SoloTrader does not submit directly to HMRC — use the downloaded CSV with HMRC-compatible bridging software.
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Unit Price £
Total
Total£0.00
New Invoice
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New Booking
Add Transaction
Tip: You can also mark an invoice as Paid and it will auto-add to your accounts.
Document
Quote PDF Template
Appears on all exported quote PDFs. No payment details — just your business info and quote terms.
Invoice PDF Template
Appears on all exported invoice PDFs — include your payment details and bank info here.
Design PDF Template
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Quote Terms
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Import Transactions from CSV
Upload any CSV export from your bank or accounting software. You'll map the columns in the next step.
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Invoice marked as paid!
This payment has been added to your Accounts automatically.
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Import Customers from CSV
Upload a CSV with your customer list. You'll map the columns in the next step. Only Name is required — all other fields are optional.