Why GoSimpleTax for Sole Traders

For sole traders, there’s hardly time to file your tax return let alone keep on top of your accounts. As such, it’s not uncommon for sole traders to miss the 31st January deadline or fall foul of HMRC due to errors in their tax return submission. GoSimpleTax helps prevent that by enabling you to input your income and expenditure in real time, and therefore proactively update your tax return.

Our software walks you through the tax year, highlighting your responsibilities as you go.


Take Advantages Of HMRC Allowances

If you complete your return via the the HMRC website, it won’t tell you about the available allowances. Go Simple Tax via a series of questions highlights exactly what allowances you can claim for.

Allowable Expenses for Sole Traders

Business expenses are inevitable when you’re a sole trader. Thankfully, many can be deducted as allowable expenses from your taxable profits to lessen your Income Tax bill.

These could include:

  • Rent, mortgage, rates and utilities
  • Phone, broadband, stationery and other office costs
  • Bank costs, loans and credit cards
  • Cost of equipment and supplies, such as tools or raw materials
  • Travel and accommodation costs including both public transportation (bus, trains and planes) and mileage
  • Costs of running a web site
  • Legal, accounting and other professional fees
  • Rent or lease payments on business premises
  • Advertising and marketing expenses
  • Insurance premiums

Try out Go Simple Tax for yourself in our free trial – no credit cards required

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