5 Tips to Registering for a UTR Number

Without taxes, the government would not be able to handle the numerous projects that it needs to do for a productive nation. For instance, the police department depends mainly on taxpayer money to provide us with the security that we require.

When you bear this in mind, it is your responsibility as a British citizen to ensure that you give to Caesar what belongs to him. The government administers penalties and fines for any citizen who does not pay their dues.

Tax is not just for the employed. Freelancers and self-employed individuals (or people who are not under PAYE) should always remember to pay their dues on time. They will need a UTR (Unique Taxpayer Reference) Number to help the HMRC to identify you in their system as you file your returns. Therefore, we have collected several tips for people who want to register for a UTR number.

  1. Get your UTR as soon as you open a business

It is good to have the UTR as soon as you start making money with your company. It shows that you are abiding by the law. If you are starting a business partnership, then the proprietors need to have individual UTR numbers. If one of you lacks this number, then it is next to impossible to register for the firm’s UTR.

If the business is still in its early stages, be sure that the HMRC will not impose such huge penalties on you. However, more delays can lead to prosecution, if you are not careful.

  1. Register a few weeks before you file your returns

The process of getting a UTR is not complicated. However, it can delay the process of filing returns because HRMS will need that number to file the returns accurately.

Therefore, to give the number enough time to process, it is crucial to start doing it at least three weeks before the deadline. Remember that the officials will have to run security checks to get enough proof that you are the original owner of the number.

  1. Keep the number safe

Thieves can even steal this number and use it for identity theft. It is vital that you keep it in the right hands. Remember they are unique, and if in case you find that you lost yours, it is essential that you contact HMRC.

On the other hand, keep the documents safe, and do not give them to anyone other than your financial accountant, when he or she is doing a tax audit.

  1. Provide all your details when registering for one

When filling the form on the online portal, be sure to have all your documents ready. Some of the essential information you should include are your National Insurance Number, contacts, individual and company emails, business address, and telephone number.

All these data are critical because they help in identifying you as the UTR’S owner, and helps when you need a tax refund.

  1. Subcontractors should always have one when applying for any construction contract

Before any construction pays you, they will ask for your UTR number. The Construction Industry Scheme takes a certain amount from your salary before they deposit to your bank account.

Not registering as self-employed, in fact, can lead to losing a significant amount of money if you do not pay attention to it.


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