When to register for tax

Bobby_Applejuice

Hi - both me and my partner have gone it alone in the last year. I lost my job last February and then started on my own (just self employed - not a registered business yet) in August 2022. My partner left her job and went freelance (designer) last July. When should we register for tax and does anyone know first steps (links to best place on Gov website)? Thank you!

Jeremy535897

See https://www.gov.uk/register-for-self-assessment/self-employed

Time limit is 5 October 2023 but sooner is better.

MalMonroe

Hi,

The information in the following government link may be helpful. I note that you and your partner are set up already with your careers but you never know - there may be something you haven't thought that is in the link -

https://www.gov.uk/set-up-business

Then the information in the following link tells you all about registering to pay personal tax as well as business tax - I did it a couple of years ago myself. But I haven't earned enough to pay any tax as yet! Oh dear. . . 

https://www.gov.uk/log-in-register-hmrc-online-services/register

And I'm very sorry if this is a duplication but I assume that you will probably need to register for N I contributions as well?  (Something I don't have to pay now as unfortunately I'm too old . . . ) Yet more information, in the following link -

https://www.gov.uk/self-employed-national-insurance-rates

I do hope that information is helpful. As it's published by the government, I do expect it to be up-to-date. 

But please don't rely, do verify all information.

All the very best to you and your partner, working for yourselves.

Bobby_Applejuice

Jeremy535897 said:

See https://www.gov.uk/register-for-self-assessment/self-employed

Time limit is 5 October 2023 but sooner is better.

That's interesting - i thought we'd have to do by this April. So that means we won't be paying tax until next April for the last 2 years, is that correct?

Bobby_Applejuice

MalMonroe said:

Hi,

The information in the following government link may be helpful. I note that you and your partner are set up already with your careers but you never know - there may be something you haven't thought that is in the link -

https://www.gov.uk/set-up-business

Then the information in the following link tells you all about registering to pay personal tax as well as business tax - I did it a couple of years ago myself. But I haven't earned enough to pay any tax as yet! Oh dear. . . 

https://www.gov.uk/log-in-register-hmrc-online-services/register

And I'm very sorry if this is a duplication but I assume that you will probably need to register for N I contributions as well?  (Something I don't have to pay now as unfortunately I'm too old . . . ) Yet more information, in the following link -

https://www.gov.uk/self-employed-national-insurance-rates

I do hope that information is helpful. As it's published by the government, I do expect it to be up-to-date. 

But please don't rely, do verify all information.

All the very best to you and your partner, working for yourselves.

Thank you so much - that is super helpful. And thanks for your well wishes

Jeremy535897

Bobby_Applejuice said:

Jeremy535897 said:

See https://www.gov.uk/register-for-self-assessment/self-employed

Time limit is 5 October 2023 but sooner is better.

That's interesting - i thought we'd have to do by this April. So that means we won't be paying tax until next April for the last 2 years, is that correct?

Your first tax year is 2022/23, the tax on which is due on 31 January 2024. Depending on your profits, you may also be required to make payments on account of 2023/24 on 31 January 2024 and 31 July 2024.

Bobby_Applejuice

Jeremy535897 said:

Bobby_Applejuice said:

Jeremy535897 said:

See https://www.gov.uk/register-for-self-assessment/self-employed

Time limit is 5 October 2023 but sooner is better.

That's interesting - i thought we'd have to do by this April. So that means we won't be paying tax until next April for the last 2 years, is that correct?

Your first tax year is 2022/23, the tax on which is due on 31 January 2024. Depending on your profits, you may also be required to make payments on account of 2023/24 on 31 January 2024 and 31 July 2024.

Thank you.