Start up Essential information

Start up Business Essential information

Self Assessment deadlines

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There are deadlines for sending your Self Assessment tax return to HM Revenue and Customs (HMRC) and paying any money you owe. 2013 to 2014 tax year This tax year ended 5 April 2014. Self Assessment Deadline Register for Self Assessment You should register by 5 October 2014 Paper tax returns Midnight 31 October 2014 Online tax returns Midnight 31 January 2015 Final payment of any tax due Midnight 31 January 2015 There are exceptions to these deadlines – eg if you want HMRC to collect the tax through your tax code. 2012 to 2013 tax year and...

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Register for Self Assessment

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You need to register for Self Assessment with HM Revenue and Customs (HMRC) before you can send them your tax return. When you register for the first time you’ll get a Unique Taxpayer Reference (UTR) number. If you’re re-registering you need to use the same UTR as last time. Deadline You should register by 5 October following the end of the tax year you need to send a tax return for. This way, you’ll have enough time to complete registration before the tax return and any tax is due. You may have to pay a penalty if you register late. Example...

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Register your business in the UK

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You’ll need to register your business in the UK. Sole traders The easiest way to start a business in the UK is to become a ‘sole trader’. This means that only you own the business and you can work alone or employ other people. You will need to register for ‘self-assessment’ tax, which means you (or your accountant) calculate your own tax. How to do it To become a sole trader you must: have a National Insurance number register for self-assessment with HM Revenue and Customs (HMRC) trade under your own name or choose a business name Find out...

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Set up as a sole trader

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Sole traders must register with HM Revenue and Customs (HMRC) and follow certain rules on running and naming their business. If you’re a sole trader, you’re running your own business as an individual. This is known as being ‘self-employed’. You can keep all your business’ profits after you’ve paid tax on them. You can take on staff – ‘sole trader’ means you’re responsible for the business, not that you have to work alone. Register for Self Assessment You must register for Self Assessment with HMRC as soon as you can after starting your...

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Working for yourself

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Overview If you start working for yourself, you’re classed as a sole trader – even if you’ve not yet told HM Revenue and Customs. You must register and follow rules for self-employed tax and National Insurance. Check what counts as self-employed if you’re not sure about your status. Other ways to work for yourself Instead of being a sole trader, you might find that a different legal structure is better for your business. You can: become a partner in a business partnership set up your own limited company If you set up a limited company, you’re...

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National Insurance and VAT

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National Insurance You may need to pay National Insurance contributions if you’re self-employed, depending on how much you earn. You may also need to deduct National Insurance contributions from any employees’ wages and pay those as well. If you’re employing workers from the European Economic Area (EEA) or Switzerland, and they have an A1 form, you’ll have to deduct according to the rules of their home country and not pay National Insurance contributions. VAT You must register for VAT with HM Revenue and Customs (HMRC) if your business...

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