Estimate your annual income and tax bill using GoSimpleTax’s speedy online calculator. For the
tax year:
Income
What was your sole-trader business income for the 2024/25 tax year?
Expenses
What were your self-employed business expenses in the 2024/25 tax year?
Your estimated income and tax:
Here's your estimated breakdown of taxes and takehome for the 2024/25 tax year:
Employment
Self Employment
Total
Gross Income
0.00
0.00
0.00
Tax
0.00
0.00
0.00
Student Loans
0.00
0.00
0.00
National Insurance
0.00
0.00
0.00
Estimated take home*
0.00
0.00
0.00
* Assumes full personal allowance used on employment and you have no other income or allowances and is a tax estimate only.
THE SIMPLE WAY TO CLAIM YOUR EXPENSES
Recording your is quick and easy with GoSimpleTax, enabling you to track and claim all of your tax expenses, so you minimise your tax bills.
Scan or photograph your receipts, upload and safely store them online. Your accounting records will be updated quickly and accurately.
Categorising costs and specifying the business use proportion is easy with GoSimpleTax.
Tracking your expenses is simple, so you can better control your costs and claim for all of your tax expenses.
Because your tax expenses are accurate and up to date, completing your Self Assessment tax return is far quicker and easier with GoSimpleTax, saving you time while ensuring that you don’t pay too much tax. Start your FREE GoSimpleTax trial today!
GoSimpleTax is award-winning software that offers you a much easier and far quicker way to complete your Self Assessment tax return and any necessary supplementary pages and file them directly online with HMRC. GoSimpleTax is a far cheaper option, too, when compared to paying an accountant to prepare your tax return for you. GoSimpleTax saves you time, because you’re guided through only the relevant parts of your tax return, with simple mistakes much less likely, because any issues or errors are highlighted. GoSimpleTax will also tell you how much tax you owe long before payment is due and it comes with highly rated customer support.
Yes they are. Sole traders can employ others and payments to sub-contractors and freelancers, agency fees, wages and other staff costs such as bonuses, pensions, benefits, employers’ NICs, training, etc are allowable expenses that you can claim.
If you use something for business and personal reasons, your mobile phone, for example, or broadband if you run your business from your home, you can only claim allowable expenses for business-use costs. You must use a reliable method to accurately work out business use costs.
Although you don’t submit invoices or receipts as proof when you file your tax return. HMRC can later ask you for proof of all tax expenses you claim. Fraudulently claiming tax expenses can have serious consequences, including a hefty fine.
If you use your home for business, you can claim a proportion of your utility bills for business use. So, for example, if you use one room in your six-roomed house for business, you can claim a sixth of your electricity and gas bills (or a flat rate amount under simplified expenses rules).
As a sole trader, you claim your trade allowable expenses by summarising them within supplementary page SA103, which you file with your main SA100 Self Assessment tax return. You don’t need to submit proof of your allowable expenses when filing your tax return, but HMRC can later request proof. There can be serious consequences for fraudulent allowable expenses claims.
Computers, mobile devices, printers and other equipment that you buy and keep within your business can be claimed as allowable expenses, but only if you use “cash-basis accounting” (where you record your income/costs in your financial records when you’re paid or make payments). If you use traditional accounting (where you report your income and expenses on date of invoice rather than payment), you must claim them as “capital allowances” (another type of tax relief). If you buy equipment and it’s used exclusively for business, the total cost can be claimed.
Absolutely not. There has to be a legitimate business reason for an expense being allowable. However, if you were a fitness coach or personal trainer who uses a gym to instruct others, gym fees would be an allowable expense, although you cannot claim for personal use.
No, a new suit would not be an allowable expense, even if you wear one for your work. However, allowable business expenses can be claimed for staff uniforms (including business branded T-shirts worn by staff) and protective clothing.
No, entertaining clients isn’t a sole trader allowable expense. Event hospitality is another disallowable expense. As a sole trader, you cannot take clients to a football, rugby or cricket match and claim it as an allowable expense.
No, you’ll have to pay for your own lunch. However, if you need to travel for business, for example, to a trade show or to visit a supplier or customer, you can claim for an overnight hotel room plus a reasonable meal.
Sole traders cannot charge for fuel or public/private transport costs to and from their normal place of work, these costs must come out of your own pocket. However, if you work at various places, for example, if you were a plumber working in customer homes in various locations, travel costs are allowable expenses.
No. If you receive a speeding or parking fine, you’ll need to pay it out of your own pocket, you cannot claim it as a business expense.
GoSimpleTax is a multi-award-winning Self Assessment filing solution that is used by many thousands of sole traders, freelancers, business partners, landlords and their accountants. GoSimpleTax has an excellent 4.7 star review on Trustpilot, where you can read hundreds of highly positive reviews. An annual individual subscription to GoSimpleTax is available and you can have a free trial to find out why others love GoSimpleTax so much.
