Tax Registration With HMRC

If you’ve just started out as a Freelancer or Sole Trader, you will definitely need an accountant. There are a lot of options available. Unfortunately a large proportion of accountants may charge you every time you get in contact with them; for every phone call, email or meeting.

Our aim is to make our clients feel comfortable about speaking to us and not being on a stop clock. In the beginning you will have a lot of questions and will feel content knowing that you can contact your accountant as many times as you like without being on a timer and waiting for a large bill.

Sole Traders must register with HM Revenue & Customs (HMRC) and follow certain rules and criteria on running and naming their business.

Here Are Some Of The Services We Offer To Contractors, Self-Employed & Freelancers:

Self-employed status

If you are a sole trader, you are running your own business as an individual. This is known as being ‘self-employed’. You can keep all your business’ profits after you’ve paid tax on them.
You can take on staff – ‘sole trader’ means you’re responsible for the business, not that you have to work alone.

Register for self assessment

You must register for Self Assessment by 5 October after the end of the tax year in which you started your business. For example, if you started between 6 April 2026 and 5 April 2027, register by 5 October 2027. It’s sensible to register as soon as you start. We can do it for you.

Your Responsibilities

You’re responsible for:

Your business debts
Bills for anything you buy for your business, like stock or equipment
Keeping records of your business’ sales and expenses
Sending a self assessment tax return every year
Using Making Tax Digital for Income Tax if your qualifying income from self-employment and property is over the threshold (over £50,000 from 6 April 2026, over £30,000 from 6 April 2027 and over £20,000 from 6 April 2028)
Paying income tax on the profits your business makes and National Insurance

Naming your business

You can use your own name or trade under a business name. There are rules on using a business name. For example, you can’t:

Use the terms ‘Limited,’ ‘Ltd’, ‘public limited company,’ ‘plc,’ ‘limited liability partnership,’ ‘LLP’ or their Welsh equivalents
Use sensitive words or expressions unless you have permission
Suggest a connection with government or local authorities
Use a name that is too similar to a registered trademark or an existing business in the same area or sector
Be offensive

You must include your own name and business name (if you have one) on any official paperwork, like invoices and letters.

We can register you with HMRC for Self Assessment. If you register late and owe tax, HMRC can charge a penalty based on the tax that was paid late, as well as interest, so it’s worth registering on time.

For more information and advice on how to complete a registration with HMRC contact us at info@ibandco.co.uk or call us on 020 7164 0225.

Request a Call Back or Book a Discovery Call

We take the time to get to know you and your business during the Discovery Call, enabling us to customise a service specifically for you. To get started, simply click the button and complete the form on the booking page. We will then contact you to discuss how we can further assist you and your business.