Home Forums Starting your journey When do I pay tax as a sole trader? Reply To: When do I pay tax as a sole trader?

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ThexArm
Member
  • Total posts: 253

Is this the only income you have in this financial year?

Is this contract work based on your personal skill and experience? Does it pass PSI rules?

Why would you want to postpone paying tax until next financial year? It doesn’t make sense.

Based on that you get more specific answer to your question.

If you are using cash based accounting then you pay tax in the year it was paid to you. Or if you follow accrual based accounting then you pay tax in the year you have invoiced your products/services.

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