top of page
  • Writer's pictureRhys Evans

How Do I Register for Self-Assessment as a Sole Trader?

Depending how much you earn as a sole trader, you may need to register for Self-Assessment


Do I need to register for Self-Assessment?

If you are have self-assessment income, it is your responsibility to make sure you pay the correct amount of Income Tax and National Insurance. Registering for Self-Assessment will mean you will be able to submit a self-assessment tax return, and pay declare your earnings and Tax and NI due. If your earnings are over the £1,000 Self-Assessment allowance, you will need to register for Self-Assessment.


What if I am Employed, as well as Self-Employed?

The same rules apply if you are employed, as well as earning money through self-employment.So if that little side hustle you started in your bedroom, is making you more than £1,000 a year, you need to register!  


What is the Deadline to register for Self-Assessment?

You need to register for Self-Assessment before 5th October in the second tax year where you have earned more than £1,000 through Self Employment.


How do I Register?

Registering for self-assessment can done be through your Government Gateway account. While setting up a Government Gateway account can be quick and easy, registering for Self-Assessment can take a little longer, so it’s worth getting this done early!


What happens next?

Once you have registered HMRC will send you a Unique Taxpayer Reference, or UTR for short.They will send this by post, but you will be able to access it online sooner. You will then need to submit your Self-Assessment Tax Return each year. If you stop trading and earning self-employed income, you will need to inform HMRC. 

6 views0 comments

Recent Posts

See All

5 Simple KPIs you should be tracking

Key Performance Indicators, or KPIs, are metrics used to track your financial performance, as well as help with the decision making processes in your business. These are the snapshots that really tell


bottom of page