When should you register as self-employed?
If you have started or starting out on your own, you will need to register with HM Revenue & Customs (HMRC). You should tell HMRC as soon as you start working for yourself. Your application will be not be accept registrations before you start self-employment.
If you do not register within the first three months of self-employment, you may have to pay an initial penalty. The form you complete gives HMRC the information needed to register for income tax and National Insurance purposes. Further penalties can also arise the longer you leave it to register when payments are due and have not been met.
If you are self-employed in a partnership, each of the partners must register separately.
Here is the link to the HMCE website http://www.hmrc.gov.uk/startingup/working-yourself.pdf, which will give you useful help and advise on getting things moving when starting up in business.
Here are links were you can find the application form you need to fill in to inform HMCE taht you have started the business.
- Paper : http://www.hmrc.gov.uk/sa/forms/sa1.pdf
- Online: https://online.hmrc.gov.uk/shortforms/form/CWF1ST