One of the best and easiest ways to start a business in the United Kingdom is to begin as a self employed individual. This way you can save a lot of time, paperwork and consulting fee that you need to spend to get help from any accountants in Croydon.
However, before starting to run your business, it is imperative that you register as self employed with HMRC and let them know that you are capable of assuming all the taxpaying responsibilities and all the associated National Insurance liabilities, as well.
Now, following are the steps that you need to follow while trying to register as self employed with HMRC;
The process involved while trying to register as self employed is given below
While it is a big move that you are trying to make by getting registered with HMRC as self employed, the process does not seem very lengthy or have a lot of paper work associated with the same. It would as be easier for if you can get the help of any accountants in Croydon.
However, the following are the three different scenarios when you try to register as self employed;
- Getting registered as self employed for the first time when you HAVE NOT filed for tax returns previously.
Under this scenario, you are required to register your new business online with HMRC, if you have never filed for a self assessment tax return yet. It must be understood that you are getting registered for Class 2 National Insurance and for the Self Assessment tax simultaneously by doing this.
- Getting registered as self employed for the first time when you HAVE filed for tax returns previously.
If you have already filed a Self Assessment Tax Return previously and trying to register as self employed, you are required to do the same and Class 2 National Insurance by means of completing the form CWF1. This will help you retain the Self Assessment account that you already have.
- When you have already registered as self employed
If you have already registered as self employed previously and are trying to re-register, you need to do it with the help of CWF1.
How to register as self employed?
Registering as self employed needs to be done with great care. If you are not very confident about the same, get help from any accountants in Croydon. There are three ways to do the registration;
1:- By post
- 2:- By phone
- 3:- Online
As you would know, it is quicker and more convenient to do registration online. While trying to register as self employed, you will be required to share the National Insurance number. If you do not have one, it is wise to call National Insurance number application line and apply for one.
Have in mind that it is not possible to register as self employed in advance, hence you must try to do so as soon as possible once you have started working as a self employed professional.
Amongst many accountants in Croydon, DNA Associates have grown as a responsible and reliable accounting services provider. With a myriad of service propositions to help companies with several of their distinct and diverse accounting requirements, all our services are affordable and top-notch. We are fortified with exceptionally talented and academically prolific tax practioners along the lines of some of the best accountants in Croydon. With adequately updated process and procedure knowledge, we can help you with every requirement of yours when it comes to accounting and taxation requirements.
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