Working for yourself? Keep the tax side calm.
As a sole trader your business profit is your income, taxed through Self Assessment. Fenquist keeps the invoices, expenses and mileage that make up that profit, and shows a running estimate of the tax and National Insurance on it.
What gets in the way, and what helps
The January bill is bigger than expected, every year.
The Tax page includes payments on account, so the first January after a good year isn't a shock.
Receipts in a shoebox and a camera roll.
Photograph a receipt and the supplier, date, total and VAT are read for you, sorted into the Self Assessment categories.
Not sure what you can claim for driving.
Log journeys and Fenquist applies HMRC's mileage rates, with the 10,000-mile change-over worked out.
Most used:Tax estimateReceipts and mileageInvoices and quotesAutomatic reminders
Sole trader essentials
- Register for Self Assessment by 5 October after the end of the tax year you started trading.
- File online and pay by 31 January; payments on account are usually due 31 January and 31 July.
- Keep records for at least 5 years after the 31 January filing deadline for that year.
- Making Tax Digital for Income Tax applies above £50,000 of qualifying income from April 2026 and above £30,000 from April 2027.
General information, correct as of October 2026, not tax or legal advice. Check GOV.UK or an accountant for your own situation.
Fenquist doesn't submit to HMRC yet. We're building Making Tax Digital submissions; until then the estimate and year-end pack give you or your accountant the figures.
Questions
Do I need a separate bank account?
Not by law as a sole trader, but it makes your records far simpler, and bank statement upload works best with one.
Is the tax estimate accurate?
It's an estimate for budgeting, using HMRC's published rates. It doesn't include student loans, pension contributions, savings, dividends or the Child Benefit charge.