A sole trader tax return is much easier when the records are organised before you start. This checklist helps you gather the information needed to prepare Self Assessment properly.
Income records
Gather all business income, including invoices, cash sales, online platform income and any other trading receipts.
- Sales invoices
- Bank deposits
- Marketplace or payment processor reports
Expense records
Collect receipts and supplier invoices for business costs. Make sure personal costs are not mixed into the claim.
- Materials and stock
- Software and subscriptions
- Phone, internet and office costs
Mileage and travel
If you claim mileage, keep a log that shows business journeys. If you claim actual vehicle costs, keep full records.
- Date and destination
- Business reason for travel
- Mileage or travel receipts
Home working and mixed-use costs
Some costs may be partly business and partly personal. These need sensible calculations and evidence.
- Business use of home
- Mobile phone split
- Broadband or utilities where relevant
Final checks before filing
Compare profit with bank movement, check missing receipts, and make sure tax savings are realistic before the deadline.
- Review bank reconciliation
- Check payments on account
- Keep a copy of the submitted return
Key takeaway
The best time to prepare a sole trader tax return is before the deadline pressure starts.
