UTR Number Explained – What You Need To Know About It?Uncategorized May 10, 2018, Comments Off
The UTR number is an abbreviated form of Unique Taxpayer Reference number that relates to Her Majesty’s Revenue and Customs and is available in a series of 10 numerals. The numerals are excusive and differ from one individual to another. The UTR number is basically sent by the HMRC to people as well as establishments who are subjected to tax payments. HMRC is basically responsible for the tax collection and it all initiated back in year 2005. This is the key without which the establishment or even individuals subjected to tax payout cannot operate. If the establishment fails to notify the HMRC, it would then be subjected to heavy fines and even the worst case scenario would be that of facing criminal prosecution.
How Do You Register Yourself For UTR Number?
With UTR number explained, you must get yourself registered for it. It is a unique series of 10 numerals that HMRC provides. Once an individual starts off with an establishment or organization, they must intimate HMRC, and the number will be sent to them. While filing the self-assessment tax return, the UTR number should also be sent along. If UTR number is not shared, the concerned person has to pay a late penalty and obtain their UTR.
It has been a common practice all over the UK where people become aware of the UTR number only after they have filed their self-assessment tax returns. Every company and person has to notify HMRC and obtain their UTR number on time, if not then they will be fined with a late penalty.
URT and The Significance It Holds
UTR number is crucial without which an individual or even an establishment cannot operate. The number if provided by the HMRC to allow the company manages their tax obligations properly. Not getting your UTR number can lead to some serious issues like late penalties and it is mandatory for businesses to obtain their UTR number immediately. It is imperative to keep the following aspects in mind while registering for self- assessment tax return and obtaining a UTR number.
Ensure you provide authentic and accurate information while registering
It is recommended that you hire the services of a financial advisor or accounting services to guide you throughout this process. Details like your full name, date of birth, complete address, business address and others must be accurate. Ensure you cross-check all your details before sending them in. HMRC is quite particular about them and will provide you with an UTR number only it finds your information 100 percent authentic.