Self-Assessment registration deadline approaches
The deadline for registering for self-assessment for the tax year to 5 April 2023 is the 5th October. Individuals who need to submit a tax return for the first time will need to register to do so, or they may be charged with 'failure to notify' penalties.
Who needs to register for self-assessment?
Thos who may need to register for serf-assessment include:
- Those who are self-employed as a 'sole-trader' and earned more than £1,000 before tax reliefs
- Partners in a business partnership
- Those who have received other taxable income such as savings, investment or dividend income
- Those with taxable income above £100,000 pa. This threshold will increase to £150,000 pa from the 2023/2024 tax year
- Those with adjusted net income over £50K, where they, or their partner, received child benefit payments. You may be required to repay some, or all, of your child benefit under the High Income Child Benefit Charge
You may also need to send a tax return if you have any untaxed income, such as:
- Some COVID-19 grant or support payments
- Money from renting out a property
- Tips and commission
- Foreign income or dividends
Individuals who no longer need to file a tax return due to a change in their circumstances should contact HMRC to have their notice to file withdrawn. If HMRC has issued a notice to file a return for 2022/2023, the return must be filed unless HMRC agree to withdraw the notice.
How do I register?
You can visit HMRC's gov.uk website and use their online tool to register at HMRC online tool where you can also register as self-employed if you are starting up in business.
Once registered you will receive a Unique Taxpayer Reference (or 'UTR') number which you will need to file your tax returns. this UTR links your tax returns and payments to your personal tax file, so it is important you keep it safe.
How do I file my Tax Return?
You can file your tax return online using HMRC's tax portal. In some cases you can file a paper return but you must request your SA100 form from HMRC for this.
Laura Mainwaring, Senior Accountant at Visionary Accountants in St Albans, said:
“You can also use commercial software to file your return but the best method by far (in our opinion!) is using your accountant to complete and file your tax return on your behalf. The 5th October deadline for tax returns is fast approaching. Don't miss out on the opportunity to get individual advice from our experienced tax specialists. Call us today on 01727 730550 or pop into our office in the centre of St Albans.”
The deadline for filing paper tax returns is 31 October following the end of the tax year or 31 January for filing electronically.