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Octopus  Bookkeeping  Services

  Practice Licence No:14234

Self Assessment

Have you ever had that feeling you are paying too much tax? Well, you are not alone! Most people would say "Every time I look at my payslip". Sometimes it can be very painful to call HMRC, and when you finally manage to talk to someone you might don't get the answer you were looking for, and you end up more confused than you were before the phone call...

We are now able to help you with your queries and tax returns to make sure you do not pay more tax than you have to. If you require we can talk to HMRC behalf of you so you don't need to stress yourself out with long phone calls  

Who needs to complete a Self Assessment tax return?

Not everyone needs to complete a tax return. If your tax affairs are straightforward you may already pay all of the tax due on your earnings or pensions through your tax code.

But you may need to complete a tax return if you have more complicated tax affairs, even if you already pay tax through your tax code. There are also certain circumstances in which you will always need to complete a tax return - for example if you're:

  • self-employed
  • a company director
  • a trustee
  • receiving foreign income

Registering for Self Assessment

You should register with HM Revenue & Customs if you need to complete a Self Assessment tax return. For example you may have started self-employment or letting property. HMRC will then decide if you need a tax return. If you do, they'll set up your tax records and send you a Unique Taxpayer Reference.

How to register

How you register depends on your circumstances.

If you're newly self-employed

You can let HMRC know about your new self-employment by registering online for business taxes. You'll be asked for information about yourself and your business. HMRC will set up tax records for you using the information you provide, for example:

  • Self Assessment
  • National Insurance
  • PAYE if you have people working for you

A Self Assessment Online account will be set up for you automatically at the same time.

Register your business for HMRC taxes

If you're restarting self-employment

If you've worked for yourself before, HMRC will already have Self Assessment records for you and you should have a Unique Taxpayer Reference already. You can find this on letters and Self Assessment statements from HMRC. You can still re-register online for Self Assessment, using the link below. It's the easiest way to make sure that HMRC have all the information they need. You'll need to register separately for other business taxes, such as PAYE for employers.

Register online for Self Assessment and National Insurance contributions

Other things new businesses need to consider

If you're self-employed as a sole trader or a business partner, you'll usually need to arrange to pay your Class 2 National Insurance contributions straight away too.

You may also need to register for VAT and the Construction Industry Scheme.

Information you'll need before you register

You will need:

  • your National Insurance number - in most cases you'll already have this, but if you haven't worked in the United Kingdom before
    you'll need to get one

  • your contact details (and the contact details of your business if you've started self-employment)

  • your 10-digit Unique Taxpayer Reference number, but only if you have previously completed a Self Assessment return - you'll find
    this on letters or forms sent by HMRC about your tax return

  • the date your circumstances changed