Tax tips for sole traders and landlords

Straightforward guidance on allowable expenses, deadlines and the mistakes that cost people the most.

This is general information, not tax, legal or financial advice for your own situation. See our Terms of Service for what BusyBee Hub does and doesn't do.

Allowable expenses

Anything you buy wholly and exclusively for the business is fair game: stock and materials, tools and equipment, business insurance, software and subscriptions, a reasonable share of your phone bill, and mileage or fuel for business travel — 55p a mile by car for the first 10,000 business miles in the 2026 to 2027 tax year (45p before), 24p by motorcycle. Mixed personal and business use needs splitting fairly; a phone you use half for work goes down at 50%, not 100%. Equipment (other than cars) is a straight expense if you use cash basis accounting; on traditional accounting it's claimed through the Annual Investment Allowance instead. Either way, the £1,000 trading allowance can replace your actual expenses (and any capital allowances) when it's worth more.

Deadlines to know

Register with HMRC: 5 October
Paper returns: 31 October
Online returns & balancing payment: 31 January
Payments on account, where they apply: 31 January and 31 July

Common mistakes

Not keeping receipts: The evidence behind every claim
Guessing mileage: Log trips instead of estimating
Forgetting payments on account: When they apply: two a year, on 31 January and 31 July, on top of any balancing payment
Leaving it all until January: Check your position as you go instead

Want your own dates?

Your tax timeline lists every deadline that applies to you, payments on account included.

Read: Your Self Assessment estimate

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