Those who are new to self-assessment will be pleased to learn that HMRC has launched an improved service.
Improvements to Online Registration System
According to HMRC, taxpayers will now be able to sign up quickly and easily through their Personal Tax Account using ‘a more streamlined process’.
This includes:
- Forms with pre-populated customer information.
- Signposting to online support during the registration process.
- Save and return functions with no loss of data.
- Confirmation email or text once registration is complete.
Once registered, a Unique Taxpayer Reference (UTR) will be issued via the taxpayer’s online account within 72 hours. This would increase to 15 days if waiting to receive a UTR by post.
Need help deciding between Limited or Umbrella? We are happy to help- give Sophie a call on 01442 795 100 or email sophie.lewis@dolanaccountancy.com
How Do I Know if I Need to Fill In a Tax Return?
For those unsure whether or not their circumstances mean they need to file a tax return, typical examples include those who:
- Are newly self-employed and have earned gross income over £1,000
- Earned below £1,000 and wish to pay Class 2 National Insurance Contributions voluntarily to protect their entitlement to State Pension and certain benefits
- Are a new partner in a business partnership
- Have received any untaxed income over £2,500
A full list is available on GOV.UK.
Our First Time Contractor Guide provides further useful information for those new to contracting.
To find out more about contracting, please get in touch with Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.
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