End of tax year checklist for sole traders

The tax year ends on 5 April, and a lot of side hustlers find out what that means in May. Use this in March to see where you stand while there is still time.

Totals

Money in so far this tax year, added up
Money out so far this tax year, added up
What is left, and my hourly rate on it

The £1,000 line

I know my gross trading income for the year
I know whether I am over £1,000 and need to register

Records

Receipts photographed and filed against the cost
Business miles totalled from 6 April
Hours worked at home totalled, if I use the flat rate

Which year is it

I know which payments have arrived and which are still due
I know money received from 6 April counts in the next tax year

Look ahead

Money set aside for the 31 January bill
I have checked the Making Tax Digital thresholds against my gross income

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It is a date, not a month

The tax year runs from 6 April to 5 April. Money received on 5 April belongs to the year that just ended, and money received on 6 April belongs to the new one. For a sole trader on the cash basis, that is the date that counts.

Count from 6 April

Mileage and the 10,000-mile switch run from 6 April, so a new tax year starts your count again. The same goes for the hours you work at home.

This is the moment to look

The numbers are cheap to find in March and expensive to reconstruct in January. A quick total now shows whether the year was worth it and what to put aside.

Figures for the 2026/27 tax year, checked 25 October 2026. Sources: Simpler income tax: cash basis. An estimate, not advice. SideTill is not tax software.

Keep the number for every month

SideTill is the simple record of your side hustle: log the job, send the invoice, record the money when it comes in, and see whether the month actually made you money. It also shows your best month, so you can tell a bad month from a bad habit.

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Questions

Should I invoice before 5 April?

Whether a payment lands this tax year or next depends on when it arrives, not on what you do with the invoice. Do the work and invoice as you normally would.

What is Making Tax Digital?

A phased requirement for digital records and quarterly updates, by income. The gross-income thresholds are on the Making Tax Digital page on this site.

Is this tax advice?

No. It is a checklist of things to look at. For your own numbers use your return, or ask HMRC or an accountant.