Tax returns, Making Tax Digital and fixed monthly fees for the self-employed in Brighton & Hove
Sole traders pay income tax and Class 4 National Insurance on profit, not on what they draw. For 2026/27 you pay nothing on the first £12,570, 20% up to £50,270 and 40% above that, plus Class 4 NIC at 6% between £12,570 and £50,270 and 2% above.
If your gross income from self-employment is £1,000 or less, the trading allowance means you do not need to report it. Above that, you can deduct the £1,000 allowance instead of your actual expenses, or claim the real ones, whichever is higher.
| Date | What is due |
|---|---|
| 5 October | Register for Self Assessment if new to it (first year) |
| 31 January | Online return deadline and balancing payment; first payment on account |
| 31 July | Second payment on account |
Missing 31 January gives an automatic £100 penalty, then £10 a day after three months, on top of interest. Our guide to a missed deadline covers what to do next.
Sources: GOV.UK Income Tax rates, GOV.UK trading allowance, GOV.UK Self Assessment.
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Our self-employed fee is £30 a month, or £75 a month including Making Tax Digital quarterly filings, plus a £95 one-off setup fee in the first year. If you only need an annual Self Assessment return, it is £395 a year.
No, the law does not require one. Many sole traders manage alone until they cross the £90,000 VAT threshold, join Making Tax Digital or have several income sources, then an accountant saves more than they cost.
From April 2026 if qualifying income is over £50,000, from April 2027 if over £30,000 and from April 2028 if over £20,000. Qualifying income is gross self-employment and property income, before expenses.
There is no single profit level at which going limited pays. If you take all the profit out, a company now costs about the same in tax as being a sole trader. It helps when you leave profit in the business, want employer pension contributions or need limited liability. We model the numbers for your situation.