Why should I register as self employed?
There are many benefits of being self employed, but without being registered as self employed you could be missing out. If you’re self-employed you’re entitled to the same tax free personal allowance as someone who is employed. Here are some of the other benefits of being a registered as self employed:
- Self-employed tax credits
- Self-employed Housing Benefit
- Self-employed Universal Credit
- Self-employed grants
When do I need to fill in a self assessment?
If you fall under any of the criteria below then you will need to fill out a self assessment form:
- Your self-employment income was more than £1,000
- You earned more than £2,500 in untaxed income, for example from commissions or tips
- Your income from savings or investments was £10,000 or more before tax.
- You need to pay Capital Gains Tax on profits from selling things like shares or a second property
- You received a P800 from HMRC saying you did not pay enough tax last year.
- Your income from renting out property was more than £2,500 (you will need to contact HMRC if it was between £1,000 and £2,500)
- You’re a director of a company (unless it was a non-profit organisation, such as a charity)
- You, or your partner’s, income was over £50,000 and you’re claiming Child Benefit
- You have income from abroad you need to pay tax on, or you live abroad but have an income in the UK
- Your taxable income was over £100,000
- If you earn over £50,001 in the 2019/20 tax year (£50,001 for 2020/21) and make pension contributions you may have to complete an assessment to claim back the extra tax relief you’re owed
- You are a trustee of a trust or registered pension scheme
- Your State Pension was more than your personal allowance and was your only source of income
As a specialist HMRC agent* we are able to handle the management process and apply for your registration, on your behalf, to become registered with HMRC for self-assessment. Once your self-assessment registration process is complete, you will be issued with a UTR number (unique tax reference number) and when your UTR arrives it will be registered for CIS, ‘The Construction Industry Scheme’if you selected that option on our online UTR application.
How long does it take to get my UTR or CIS number?
Once you have registered for your UTR number through our online application form, HMRC will issue your UTR number and send you a letter at home, containing your UTR number, it may take up to 6 weeks (or only 10 working days if you chose our FAST TRACK UTR Service)
This service is completely free with no obligations or tie in to any further services we offer.
When you go through your self assessment registration with us, it is the simplest and most convenient way to register for self assessment, and it’s completely free.
The HMRC register for self assessment process can be completed in a couple of minutes online and will be submitted to HMRC within 24hrs. You can easily start now by completing your details above.
If you would like Tax2u.co.uk to be able to speak to HMRC and handle the management of your self assessment registration to monitor and track the progress, you will need to sign the client authorisation form (64-8 form) that we will email to you once you have signed up.
Again, this service is completely free for any company or individual with no sneaky contracts or charges. All we ask is that you consider using our company management team to support you through the year and to file your end of year tax returns. If you work in the construction industry scheme (CIS), we get back, on average, £2,500 per year for each of our clients, and offer experienced advice and support throughout the tax returns process.
Once registered with us we will send you a welcome pack and details of our helpline, text service and email so that you can ask any questions you have any time. We know that self assessment registration can be confusing, but we simplify the entire process for you, giving you the confidence to know that you don't over pay in tax throughout the year.
Tax2u Ltd is the UK's leading construction specialist that helps Subcontractors from initial CIS and UTR registration through to managing your HMRC account and reclaiming your overpaid taxes.
Tax2u Ltd is a privately owned, independent company. We are not HMRC, we are an authorised agent of HMRC which means we can speak to them on your behalf, but we are not nor do we give the impression that we are endorsed by HMRC. For further questions, contact our helpline.