Sole traders often overpay tax simply because they’re unaware of all the deductions and allowances available. With the right planning, you can legally reduce your tax bill and keep more of your earnings.
Claim all allowable expenses
From travel and equipment to home office use, many everyday costs can be claimed — reducing your taxable income.
Keep accurate records
The better your records, the more expenses you can justify during tax filing.
Use cash basis accounting
Smaller sole traders can choose this method to simplify bookkeeping and potentially lower tax.
Put money into a pension
Pension contributions are tax-deductible and help secure your future.
Work with a professional
A Accountant ensures you claim everything you’re entitled to and never miss a deadline.
By following these tips, sole traders can reduce stress, save money, and remain fully compliant.