Amazingly a UTR is nothing to do with your urinary tract. However, it is a mandatory number for you to report your self-assessment tax return to the HMRC (so could be equally painful ;-)
UTR stands for ‘unique taxpayer reference’ and is a unique 10 digit number (often ending with a 'K') that HMRC gives to each self-assessment taxpayer to work out their taxes and complete your UK tax return.
Like a digital tattoo, once assigned your UTR number stays with you until the end of this life - in the same way as your NINO (National Insurance number). And here at TAXO'D we have no evidence that you are not implanted with it for your journey into the next life/lives.
If you are about to submit a self-assessment, then YES you need to get a UTR number. You also need one:
If in any doubt - See here for an all-encompassing list direct from the HMRC
Unlike your NINO (National Insurance number) your UTR does not just arrive on your doorstep just before your 16th birthday courtesy of the UTR fairy. You need to register for it with the HMRC in one of the following ways:
To register, you will need the following:
If you run your own business, you will also need:
DOH! Simply call the HMRC self-assessment helpline (0300 200 3310).
and have your NINO to hand. (you may have guessed, we at TAXO'D love the acronym .. NINO!)
No one is fine with a fine. Why is a fine even called a fine? As it's far from flipping fine! Am I right? If HMRC can not match your records to your UTR then you run the risk of missing deadlines. And a 'missed deadline' is a nice payola for HMRC. Every. Single. Time.
TAXO'D TOP TIP - Get yourself a UTR number in good time. In this life, it is definitively a much-needed companion to the joys of being self employed.
Fellow lovers of NINOS ..
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Disclaimer: This is simply a guide and should not be treated as tax advice. Contact HMRC directly if you need tax advice.