Page 5 - Perfect Balance - Sle Trader Guide

Register with HMRC for Self-Assessment
You will need to submit an annual Self-Assessment Tax Return and pay relevant taxes. Therefore, you must register as a sole trader as soon as you set up your business.
The latest that you can register is by 5th October in your business's second tax year.
When you register for Self-Assessment online, you will need to provide some basic information including:
Full name Address
Phone number
Date of birth
National Insurance number Email address
You will need to register for both:
Self-Assessment Class 2 National Insurance
Visit www.gov.uk/register-for-self-assessment where you will be able to fill out the required questionnaire to register as a sole trader. You will need a Government Gateway user ID and password to sign in. If you do not have a user ID, you will be able to create one at this stage, at which point you will have to verify your identity.
Make sure you keep this safe - if you lose it, this will create extra work later on. You will need to log into your Gateway account to submit Tax Returns each year and to add your bookkeeper or accountant as an agent to act on your behalf if you choose to use one.
The Government Gateway is a central system where you can register to use other relevant online government services such as CIS (Construction Industry Scheme), VAT and PAYE.
VAT
SELF ASSESSMENT
The Government Gateway
CIS
PAYE
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