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Registering Self Assessment for start ups
Starting a new business is an exciting journey, but it comes with its fair share of administrative tasks. One crucial step for many entrepreneurs in the UK is registering for Self Assessment with HMRC. This article will guide you through the process, answering common questions to ensure you’re on the right track.
Do I need to register for Self Assessment?
You must register for Self Assessment if you have to send a tax return and you have not sent one before.
You need to register for Self Assessment if, in the last tax year (6 April to 5 April), any of the following applied:
Failing to register on time can result in penalties, so it’s important to stay on top of these requirements.
How to register for Self Assessment
Many clients ask us how do I register for Self Assessment? Thankfully, it is a straightforward process once you have established that you need to register for Self Assessment.
There are different ways to register if you’re self-employed, registering a partner or partnership, or you need to register for any other reason.
HMRC have an online tool to help guide you on the correct process.
If you’ve previously registered for Self Assessment but didn’t file a tax return last year, you’ll need to register again to reactivate your account.
You must register for Self Assessment by 5 October following the end of the tax year if you have to send a tax return and you have not sent one before. For example, if you started your sole trader business on 1 January 2024 and earned £30,000 of income up to 5 April 2024, you need to register for Self Assessment by 5 October 2024.
Summary
This article has answered the question of how do you register for Self-Assessment and the deadline for registration.
Registering for Self Assessment is a key step in managing your startup’s finances and ensuring compliance with HMRC regulations. By following the steps outlined above, you can navigate this process smoothly and focus on growing your business.
Feel free to reach out if you need more personalised advice or have specific questions about your situation.
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