How easy is it to do self assessment for a sole trader?

[BetterOffNow]

My partner is a sole trader and is close to the £50k turnover threshhold where he'd have to do quarterly self assessment returns.

His accountant (who currently does his yearly returns) can do this for him, but obviously at an increased cost over what he's paying now.

I have good IT and bookkeeping skills (but no accounting qualifications). I've said I'll look into doing this for him, but would be grateful for some feedback from you lovely people on how easy self assessment is and what software you'd recommend? His business is fairly straightforward (customers pay on invoice and suppliers are paid from his bank account) so I believe it should be doable - am I right?

Thanks in advance!

I used QuickBooks but their self employed version is not compatible with MTD. My Monzo business account is though, and free, I just have to categories each transaction in the app. Time will tell how easy the submitting part will be.

It's super easy. I managed my own payroll, vat return and tax return, never had an accountant. I have a physical shop as well as four online shops, so multiple income/expenditure streams.

I've only ever used QuickBooks and I'm used to it. Their support is good too, they are quick at sorting things out.

My reply has been hidden. What it said was that I used to use a thing that began with Q, but the self employed version is not compatible with making tax digital. So now I am using the free tool on my business bank account it's an online bank that begins with M.

My reply has also been hidden mentioning the Q company. So weird. I've not used any other software and I'm used to it. I manage a vat return, tax return and payroll through it. Their support is really good too.

Could I ask please - the posters using the software packages, beginning with Q or otherwise, what do you need them for?

Maybe I’m doing it wrong, but I just tot up my expenses on a piece of paper, ditto my sales; then input those figures on to the hmrc tax return in the relevant boxes. Just takes an hour or so annually; assuming you keep track of expenses and sales as you go along.

For Making Tax Digital which is now compulsory for some

I’m surprised so many people seem to be unaware of ‘Making Tax Digital’. Turnover over £50k. -started this financial year, over £30 k it starts next April, under £30 k starts April 2028. You have to use approved software. As pps have said there are some free ones. Have to submit quarterly (and pay tax quarterly)

I did my own it was very easy

The OP is presumably referring to MTD (Making Tax Digital) for IT (income tax). This affects all sole traders and landlords going forward (turnover of 50k re year 2025/26 and from 06/04/26 …£30,000 t/p from April 2027 …and £20,000 from April 28.

If you fall into those turnover brackets you are mandated to submit quarterly income and expenditure figures to HMRC via software (an accounts package or via spreadsheet). There will also be a 5th submission T the end of the financial year which will be the final one.

there are no requirements to pay quarterly….yet!

you need to sign up with HMRC to create the relevant links to be able to do the quarterly submissions, much like with VAT.

Thanks all, it is the MTD which has made me look into this - very helpful responses! I use the X one at work but will check out the Q one as well, and the HMRC website.

I'm confident I can handle this, it was my partner's accountant who tried to put him off letting me do them, but then he would wouldn't he?!

Yes he would, but to be honest I don’t think it’s going to be as straightforward as the software advertising would have you believe.

The first submission deadline is 07/08/26 (two weeks into the school summer holidays, thanks HMRC aka the ‘hard of thinking’!) so we shall all see ……

At least there’s no penalties for the first year.

The issue is you have to use, and pay for, accounting software as part of making tax digital. The calculations aren't usually too complicated but you can't just fill in a form anymore.
Its a stealth tax on small businesses.

There are several free options including through banks. There is a checker on HMRC which takes you through your specific needs, it looks quite good.

Thanks, I'll check it out

Maybe let the accountant do it the first financial year? Then you can kind of "copy" their answers following years?

Why quarterly? Can it not be done once a year (30th Jan!) 😬

Ooh that's a good idea!

New rules - Making Tax Digital means if your turnover is above £50k you have to submit quarterly, reducing to £30k next year then £20k

I have done it for many years, both as a sole trader and now as a higher earner.

It's boring, but easy.

The hardest bit is logging into Government Gateway, which is always unduly annoying.