You will need a National Insurance Number to register as Self-Employed. The official registration takes place through the gov.uk portal.
After you successfully register, you will receive a formal letter from HMRC containing your Unique Taxpayer Reference (UTR) number.
Good News: You do not necessarily need to open a dedicated business bank account. All payments and business expenses can go through your personal account. Your taxes and social security contributions are calculated and paid just once a year through the Self-Assessment system.
Exploring Your Options
Self-Employed registration is not the only way to run a business in the UK and properly record your employment history. Depending on your goals and income, you can also run a business as a Sole Trader, set up a Partnership, or incorporate a Limited Company (LTD).
Our consultants will help you decide which structure is most beneficial and tax-efficient for you and your specific business model.
The professional accountants at Great Way will also help you register as Self-Employed correctly, verify that your UTR number is securely linked to your Self-Employment status, and assist you with submitting your Self-Assessment by the end of the financial year.