I want to set up my own business as a self-employed. What should I do?
If you want to start working as self-employed, you must register with HM Revenue & Customs, but first make sure you have a National Insurance Number. After the registration, you will receive your Unique Taxpayer Reference (UTR) and HMRC will set up the right tax and National Insurance contributions records. You should keep your UTR safe because you will need it when completing your Self Assessment tax return.
Your business profits will need to be declared on this Self Assessment tax return by 31st January following the end of your accounting period and any income tax due paid.