Registering with HMRC

Registering with HMRC | Savvy Mums Business

 

If you begin working for yourself as a sole trader (or in an ordinary partnership) you are required to inform HMRC and register as self-employed.

This will kick-start your requirements to keep adequate records, submit an annual self-assessment tax return, pay income tax and National Insurance contributions, and register for VAT if your turnover exceeds the VAT threshold.

Registering online is fairly straightforward…

Technically, if you start working as a sole trader between April 2016 to March 2017, you have until 5 October 2017 to register. However, you should aim to register fairly soon into your new business venture. Most accountants recommend within 30 days.

Plus, if you plan to claim any benefits to top-up your income, then you should register as soon as possible as you will need your unique UTR number (which HMRC issue you with) for your benefit claim as ‘evidence‘ that you are self-employed.

Register with HMRC