Having your own business comes with lots of responsibilities. One of the main ones is dealing with HMRC.
You are now responsible for filing your own tax return, calculating the tax, and paying it on time.
Once you become self employed, you must register with HMRC straight away. They will then set you up with a self assessment record. You will then be issued with a UTR.
At the end of the first tax year (5 April) after you started your self employment, HMRC will send you a tax return to complete.
If you want to complete a paper return you have until 31 October. If you chose to file online, you have until 31 January. Any tax that is due is also due to be paid in full by 31 January.
Alternatively you can appoint an accountant to deal with all of this for you, and they will ensure you meet all relevant deadlines.
Contact us today for a complimentary, no obligation initial consultation on 01424 425113
Member since: 4th November 2013
I am partner at Knight Accountants, a family run accountancy practice based in St Leonards. We provide a fully serviced one stop shop for all your accounting needs. We also work on a fixed fees basis,...