FAQ

According to HMRC, you should register at the earliest opportunity. To remain within the legal times standard, you will need to register by 5th October. This would need to be after the end of the tax year when you became self-employed. For example, if you started your business in July 2021, then you would need to register with HMRC by 5th October 2022. If you need help registering for self-assessment, we would be happy to help.

Currently, you do not. However, Making Tax Digital (MTD) is coming into effect from 6th April 2024, where you will need to submit quarterly returns digitally to HMRC if you meet the criteria. So, it is best to start as soon as you can. We can get you set up on the software of your choice and if need be, we can transfer information across for you.

You must register if, by the end of the month, your total VAT taxable turnover for the last 12 months was over £85,000. If you go over the threshold, then you would need to register within 30 days. Your effective date of registration is the first day of the second month after you go over the threshold. When you go over the threshold, your effective date of registration would be the first day of the second month. You will also need Making Tax Digital (MTD) compatible software, so you can submit your VAT returns digitally. We can help with the registration and setting you up on the software if required.

For corporate accounts, you must keep records for 6 years from the end of the last company financial year they relate to. However, if a single transaction covers multiple of the company’s accounting periods then it may be longer. For self-employed accounts, you must keep your records for at least 5 years after the 31st January submission deadline of the relevant tax year. To make sure you are paying the correct amount of tax, HMRC have the right to check your records.

You must register before the first payday. When getting your PAYE reference number, it can take up to 5 working days. You would not be able to register more than 2 months before you start paying people. You would receive your PAYE reference number by the 31st May if you started employing people on or after 6th April. If you need help registering as an employer, we would be happy to help.