On the 19 September HMRC encouraged those new to filing self assessment for the 2022-2023 year to register with them before the 5th of October which is only two weeks away.
People with extra income that they haven’t paid any UK tax on may need to register for self assessment.
By 5 October it’s necessary to inform HMRC if you have never submitted a tax return and need to complete one (otherwise it could result in a penalty).
Individuals have until 31 January 2024 to report and pay any taxes due for the 2022 to 2023 tax year via the internet.
HMRC’s Director General for Customer Services, Myrtle Lloyd, stated that:
If you are inexperienced when it comes to Self Assessment and don’t know how it operates – HMRC is available to support you. There are numerous resources and guidelines available on GOV.UK that can assist customers in registering, signing up for the online services and filling out their tax form. We wish to help customers correctly submit their taxes in one attempt – simply search ‘Self Assessment’ on GOV.UK for further details.
Why would I need to complete a tax return?
This could include those who are newly self employed or become landlords with rental income from property more than the property income allowance.
HMRC give other reasons including disposing of crypto assets and income from a side hustle which is more than the self employed trading allowance of £1000 per tax year.
Individuals can use HMRC’s online checker on GOV.UK to determine whether they will need to complete a tax return..
How do I register for self assessment?
GOV.UK provides the opportunity for customers to sign up for self Assessment online.
If I’m a self employed individual what is the process to register for self assessment through online means? This HMRC youtube video provides an explanation.
Not self-employed and wondering how to register for self assessment online? Check out this HMRC video for more information.
When you have registered HMRC will send you a ten digit UTR number which is needed when completing your tax return.
Individuals should be conscious of the danger of being taken advantage of by scammers and should never share their HMRC login credentials with any person, including their tax representative if they have one.
How do I file a self assessment tax return?
Nowadays filing online is the quickest and most straightforward way to complete a tax return with 96% choosing this digital method for filing their return last year.
Most people are eligible to use HMRC’s free software which lets you save your progress and finish the form at a later time. Other types of tax return software are available with different options depending on your SA needs and requirements.
If someone needs to request a paper tax return they can find out how to do so via GOV.UK. Unless there is a reason someone cannot file electronically, paper returns will no longer be automatically issued by HMRC.
The due dates for 2022 to 2023 tax year returns will be 31 October 2023 for paper forms and 31 January 2024 for online forms.
How to deregister from self assessment
Deregistering from self assessment is as important as registering. If you believe that you no longer need to send in a self assessment tax return for the 2022 to 2023 tax year must let HMRC know before the 31 January 2024 deadline to avoid any penalties or needing to submit a tax return.
HMRC has created two videos to illustrate how to go online and stop self assessment for those who are either self-employed or not self-employed.
This video will show you the steps to take to go online and cease your self assessment if you run your own business.
If you are not self employed this video provides step by step instructions on how to go online and remove yourself from self assessment.
