New business registration with HMRC

I have just started my own business. When do I need to register with HM Revenue & Customs?        

1st October 2012

Firstly, you need to work out which tax year your start date falls into. The tax year runs from 6 April to 5 April, so your start date falls into the tax year ended 5 April 2013. You must therefore register by the following 5 October, i.e. 5 October 2013. As you are registering as self employed, the form you need to complete is HM Revenue & Customs form CWF1.

You will also need to pay Class 2 National Insurance which is only £2.65 per week for 2012/13 so most people choose to pay for these contributions via Direct Debit. You will need to complete HM Revenue & Customs form CA5601 if you would like to pay via this method.

Although you have some time before you need to submit form CWF1, avoid leaving it too long.

Please note, this is merely with regards to self assessment, and does not include VAT or employer matters for example.

Your local TaxAssist Accountant would be happy to help you meet your responsibilities with HM Revenue & Customs, and can also help you to set up your records or put together a cashflow forecast etc.

By Jo Nockels

Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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