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If I start a business as a self-employed person, when do I need to tell HMRC?

If I start a business as a self-employed person, when do I need to tell HMRC?
Tuesday, December 22, 2015

If I start a business as a self-employed person, when do I need to tell HMRC?

This can seem really confusing, and many new clients come to us having not registered as self-employed, and worried that they’re going to get into trouble. In fact there is quite a lot of leeway for the timing of registration. Here’s an extract from HMRC’s guidance:

“When to register

Register by 5 October following the end of the tax year you need to send a tax return for. If you’re late, you won’t get a penalty as long as you pay your Self Assessment bill in full by the deadline.

The tax year is from 6 April to 5 April the following year.

It can take 20 working days (this is usually 4 weeks) to complete the registration process. Allow time so you can send your tax return by thedeadline. This is 31 January, or 31 October (3 months earlier) for paper returns.”

So if you start your business on 1st January 2016, you need to register with HMRC by 5th October 2016. But if you start your business on 1st May 2016, you don’t have to register until 5th October 2017 (although we’d recommend doing it before then so you have plenty of time 

Moving to Panthera is easy

It’s a big decision to move accountants. We get it. That’s why we have a clearly defined process in place to make it as straightforward as possible.

Step 1: We have a short initial discovery meeting to understand your needs so we can create the perfect service package for your business

Step 2: You receive your tailored proposal with one simple monthly fee and you e-sign the letter of engagement

Step 3: You provide your current accountant with notice – and you leave the rest to us!

We liaise directly with your previous accountant regarding the transfer of information. We request authority from HMRC to act on your behalf. We handle as much of the admin as possible, so you can get on with running your business – safe in the knowledge that everything is going on in the background. And if there’s any action for you, we let you know.

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