If you’re self-employed or in a partnership you also need to tell HMRC that you’ve started self-employment and register for Self Assessment so you can send them a tax return https://www.gov.uk/log-in-file-self-assessment-tax-return
The good news is that it’s really easy to register your business for tax. Most new businesses can use a simple one-step online registration process and set up an online HMRC account at the same time. register for Self Assessment.
You need to do this within 6 months of the end of the tax year in which you started.
• If you’re self-employed you’ll pay Income Tax and Class 2 and Class 4 National Insurance.
• To check what you might owe HMRC why not use the ready reckoner http://www.hmrc.gov.uk/tools/sa-ready-reckoner/calculator.htm
• Once you’ve registered for Self Assessment, The deadlines for paying your tax bill are:
- 31 January - for any tax you owe for the previous tax year (known as a balancing payment) and your first payment on account (‘Payment on Account’ is a tax payment made twice a year by self-employed people in order to spread the cost of the year’s tax. It’s calculated by looking at your previous year’s tax bill, and is due in two instalments).
- 31 July for your second payment on account
If you prefer to pay regularly throughout the year, you can use a budget payment plan.
You can find videos and webinars on self-assessment on Gov.uk https://www.gov.uk/government/news/webinars-and-videos-about-self-assessment