How to register for Self-Assessment

When must I register?

If you earn over £1,000 in your self employed role then you must complete a self assessment tax return. This also applies if you are a landlord and getting rental income. You’ll need to register for both Self Assessment and class 2 National Insurance Contributions (NIC). 

You’ll need to register by 5th October in your business's second tax year. We recommend registering ASAP. Not only will this mean that you won’t forget but it will also give you a better business mindset. You’re now committed to your business and treating your business as a business rather than a job, this will start you off on the right foot. 

How to register

You can register for self assessment tax on the government website. You’ll need to create a government gateway ID and password. Keep these safe as you will need them each time you access your government gateway account. Once you have completed this process you will receive your UTR code in the post within 10 working days. Again you will need to keep this safe as you will need to enter this on your tax return. If you’re unsure about the process then this is something we can help with.

Deadlines

Once you’ve registered you will need to file your tax return by the deadline. For self employed and sole traders this is by 31st January when filing your return online. 

Make sure you keep a record of all expenses as these can be deducted from your tax bill. Without proof you won’t be able to make the claim. We use cloud software to store all of our clients receipts to ensure none go missing, this then integrates with our accounting software to give a streamlined bookkeeping process with no room for errors.

If you’re worried about filing your first tax return then please get in touch.

If you’re not sure about what expenses you can and can’t claim then be sure to download our guide and sign up to our newsletter for more useful information, tips and advice.