By lun neh 
You are not required to know everything there is to know about accounting and taxation, but you should know the basics. This way, you’ll be aware of specific dates as well as which taxes apply to your situation. In terms of deadlines, you have the option of submitting your Self Assessment tax return on paper or online.
The deadline for paper submissions will be the 31st of October following the conclusion of the tax year. As a result, the deadline for filing a paper return for the tax year 2021/22 is October 31, 2022. If you submit online, the deadline is the 31st of January following the end of the tax year. The due date, in this case, would be January 31, 2023.
Keep Any Related Information On Hand
Maintaining accurate records of your revenue and expenses is one of your responsibilities as a lone trader. As a result, it’s critical to keep track of relevant information. You should keep any personal records as well. If you are a VAT registered business or employ employees, you should also save the essential information for these areas. While it is not necessary to provide any records with your sole trader tax returns, it is necessary to maintain this information in case HMRC requests documentary evidence to back up your tax return entries.
Use Accounting Software
Using dedicated software to complete your Self Assessment tax return makes it much easier. These tools will do the math for you. This will also save you time because your end-of-year accounts and tax return will be completed much faster. You’ll also have a secure location in the cloud to store all of your important data. As a result, keeping records will be simple, and you’ll have all the necessary information as the tax return deadline comes. You will discover that using these tools, as well as the other recommendations provided here, you may easily and successfully prepare your sole trader tax return.
Allowable Expenses and Capital Expenditures Claim
You’ll want to be certain that you’re claiming all of your expenses. This will help to reduce your tax liability, provided that they are wholly and solely for business purposes. If any expenses are classified as being for both business and personal use, you will only be able to deduct the percentage that is proportional to the business use.
When an expense is split between business and personal use, records should be kept to prove it. For example, a log of business and personal mileage should be kept for car expenses. You can still acquire a car for business purposes and claim solely that as a capital allowance if you utilize cash basis accounting.