What You Need To Know About Registering For Self-Assessment
They say that there are only two things that are constant in this world: death and taxes. Not to start off on a morbid note, but that’s simply the reality of life. Taxes, for one, is something that we all must contend with every year.
In the UK, there are various tax regulations which we must all follow. One necessary activity when it comes to taxes is the filing of a Self-Assessment tax return. You may need to do this at one point or another, especially if you have a change in circumstances. Changes in circumstances may include new income or the claiming of relief or expenses. If you have just started your own enterprise or are newly self-employed, you would need to register for Self-Assessment. The same is true when you have income which is untaxed that comes from investments and property.
When should you Register?
The best time to register for Self-Assessment is immediately after your circumstances have changed. But the latest date for registration is on the 5th of October, after the end of a tax year, which is from the 6th of April until the 5th of April. It is in your best interest if you register before October 5, as late registration may result in a fine.
Before Registration – what you need
Before you can register, you need to prepare certain documents. First of all, you need to have your National Insurance Number (if you do not have one yet, you can contact JobCentre Plus at 0845-600-0643). You would also need to present your ten-digit Unique Taxpayer Reference number if you have already registered for Self-Assessment in the past. Other pertinent documents include your personal details such as your address and telephone number, as well as the details of your business or state of self-employment, which includes your business address and the start date of your business, partnership, or self-employment. If you have partnered with someone and are registering a new business, you should be stated as the nominated partner.
Registering for Self-employment
To let HM Revenue & Customs, or HMRC, know about your new self-employed status, you can register with them online. You will likely be asked to supply information about your business circumstances, such as if you have people who are employed by you. If you have a staff of workers, you will also be asked to provide your PAYE.
Registering for a Partnership in Business
Whether you are starting a business with someone or joining an existing enterprise, you and your partner have to be registered. You can also register online, as long as you are the ‘nominated partner’, and submit information such as the address, including postcode, of your business, your Partnership Unique Taxpayer Reference number, and the registration number of your company if you are registered under Companies House.
Registering for other Reasons
You should also register for Self-Assessment if you have received any income from investments or property, and if you or your domestic partner is currently receiving Child Benefit and you have an income which is more than £50,000.
With all the details you need to supply and the paperwork that needs to be done, it can be quite difficult handling tax returns and registrations. If you would like complete peace of mind in the knowledge that a professional team is doing it for you, you can enlist chartered accountancy services such as those available from www.gsmaccountants.co.uk for all your finance and accounting needs.