Paying tax as a sole-trader

[Glittertoast]

Hello,

I've been doing some online teaching since May 2020. I am paid directly into my bank account by the school (which is abroad). I have earned about £4,000 since May.

I understand that I will need to register as a sole-trader with HMRC (even though I am under the tax threshold).

Can anyone explain the dates to me though?

The deadline for this year's tax returns is Jan 31st, but the tax year doesn't end until April?

Therefore, am I right in thinking that the Jan 31st deadline is for profits made April 2019 - April 2020?

Any help appreciated

Yes you are correct. The tax year runs April to April and you have to submit your return by end of following January. You can submit earlier though if you want

The tax year is 6th April (2019) to 5th April (2020).
The return for that tax year is due 31 Jan 2021.

Your May 2020 onwards income will fall in to 2020/21 tax year ending 5th April 2021. Return due 31 Jan 2022.

You should notify self employment to HMRC by 31 Oct following the end of the tax year.

Register for self-assessment with HMRC now so that you don't forget, then after April 2021, just fill in your tax return. It doesn't have to be done until next January but it's better to get it out of the way.