Are you planning to become self employed? Or are you starting your own business? This is necessary to ensure you are charged with right amount of income tax and National Insurance Contributions. However, in case you are registering for self assessment but are not self employed, you will fill SA1. CWF1 should only be used by sole traders and all individual partners in a partnership.
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What is a CWF1 form? Informing HMRC as soon as your situation changes is imperative to ensure the correct amount of income tax and National Insurance is paid. Complete the form with details of your business or self employment and return to HMRC to ensure you receive a Unique Taxpayer Reference number, which should be used in all correspondence with HMRC, and to file online. If you are starting self employment after 6th April , you must inform HMRC by 31st January that follows the end of the relevant tax year.
Form CWF1 should be completed even if you have previously completed a Self Assessment tax return, giving details of your new business. Completion and submission of the form in a timely manner will ensure the correct amount of tax and National Insurance is paid. Delay in notification may also affect your entitlement in future to state pension and certain benefits.
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What is Form CWF1 and why do you need to fill it