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Your step by step DIY checklist setting out what you are required to do:
- Register for tax & NI as soon as possible after starting in business.
- Pay NI – from April 2012 it is £2.65 per week (previously 2011/12 £2.50) and payable either monthly by direct debit or they’ll send you a bill every six months.
- Keep records of your income and expenditure which are good enough to enable you to complete your tax return.
- Monitor your turnover (that’s income received before taking off any expenses) at the end of every month and work out the total for the previous 12 months.
- Register for VAT within 30 days if you find your turnover exceeds the VAT registration limit. From 1 April 2012 the limit is £77,000 (previously £73,000).
- Once you’re registered for VAT you will be asked to complete a VAT return every 3 months. You have 30 days to file it online and pay the VAT.
- Make sure you get a tax return. If you owe tax you have until 5 October to ask for a return if you haven’t already been sent one.
- Complete and send in your tax return. You have until 30 October to send in your form if you want HMRC to calculate your tax. If you want to calculate it yourself, or file the form on-line you have until 31 January.
- Pay your tax. You will normally have to make payments on 31 January and 31 July each year.