You’ve finally done it, started your own business, it’s been a goal for a long time and now it’s happened, WELL DONE! It can be exciting, getting new clients, setting up with new equipment and getting everything just right. During all the excitement did you register with HM Revenue & Customs? When should this be done by? And does it matter if you haven’t registered already?

If you started in business between 6th April 2018 and 5th April 2019 and will need to file a Self-Assessment Tax Return you will need to register as self employed with HM Revenue & Customs by 5th October 2019. So, the good news is if you haven’t registered already, you’re not late but time is running out so act now. If this deadline is missed penalties can be charged. Registration can be done online at hmrc.gov.uk or forms can be printed to sent by post.

Once registered you will be sent the necessary details to file your tax return. The sooner you get registered and submit your return the sooner you will know if you have a tax bill to pay on January 31st and have time to budget for it.

I have known a few cases where individuals thought they had already passed the deadline for registering, thinking they would now be late they kept putting it off until they really were late, this dragged on for years, now they really were in trouble, late registration, late tax returns, late payment of tax and interest on top!

If they had realised at the beginning their registration was not late all of this could have been avoided (not to mention the stress and anxiety which comes with it).

Make sure you register as self employed with HM Revenue & Customs by October 5th 2019 to avoid possible penalties.

If you would like help registering and in keeping up with your tax compliance please give me a call or send a message.