The tax year for self employed and sole traders is 6th April to 5th April. If you are self employed you need to submit your self assessment by the 31st January and if the amount you owe HMRC is over £1,000 you will be asked to pay another 50% of the amount owing ahead of the next years tax in July. Due to the effects of Covid 19 we have seen HMRC waiver some of these in extreme circumstances.
Frequently asked question