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Becoming self-employed is an exciting step in your career. Whether you’re starting as a freelancer, contractor, or running your own business, one of the first tasks is to register with HMRC (Her Majesty’s Revenue and Customs). This guide will walk you through the process and ensure you’re set up correctly.
1. Understand When You Need to Register
You need to register as self-employed with HMRC if you:
Ideally, you should register as soon as you start trading, but the deadline is by 5th October after the end of the tax year in which you started trading.
2. Gather Your Information
Before starting the registration process, make sure you have the following details:
3. Register Online with HMRC
The registration process is done online via the HMRC website. Follow these steps:
4. Wait for Your UTR Number
Once registered, HMRC will send you a Unique Taxpayer Reference (UTR) number by post. This typically takes up to 10 working days. The UTR is a 10-digit code you’ll use to identify yourself in all correspondence with HMRC.
5. Understand Your Responsibilities
After registering, you’ll need to:
Ensure you keep detailed records of your income and expenses to simplify tax filing. Using accounting software or hiring an accountant can make this process much easier.
Registering for self-employment with HMRC is a straightforward process but requires attention to detail. Completing this step ensures you’re operating legally and sets the foundation for managing your taxes effectively. Don’t delay—register as soon as possible to avoid penalties and start your self-employment journey with confidence!
Need help? We can help with this entire process. Get in touch with us today. Call 0116 298 2425 or e-mail enquiries@mylocalaccounting.co.uk
Useful links
HMRC Guidelines on Registering as Self-Employed – https://www.gov.uk/set-up-sole-trader
Government Gateway Portal – https://www.gov.uk/log-in-register-hmrc-online-services
Register for Self-Assessment – https://www.gov.uk/register-for-self-assessment
National Insurance Information – https://www.gov.uk/national-insurance
HMRC Helpline and Contact Information – https://www.gov.uk/contact-hmrc