The deadline for registering for self assessment tax returns is fast approaching and taxpayers must take action as HMRC does not get in touch
It is important to note that the individual taxpayer is responsible for registering for self assessment, not HMRC, so do not expect to receive a notification or reminder that registration is required.
Key Points About Self Assessment Tax Returns:
1. Registration Deadline: October 5, 2024, for the 2023-2024 tax year.
2. Who Needs to Register:
- New self-employed individuals earning over £1,000
- Those earning under £1,000 who need to pay National Insurance
- New business partners
- Anyone with untaxed income over £2,500
- High earners receiving child benefits
3. Important Facts:
- It's your responsibility to register, not HMRC's
- You don't have to pay tax immediately when filing
- You may need to file even if you don't owe tax
- Inform HMRC if you no longer need to file
- Selling personal items online doesn't usually require tax filing
4. Key Dates:
- October 31, 2024: Paper return deadline
- January 31, 2025: Online return and payment deadline
5. Common Misconceptions:
- HMRC doesn't automatically notify you to file
- You can file now and pay later
- You might need to file for tax refunds or relief
- HMRC won't automatically remove you from self assessment
6. Paper Returns:
- Available by request from HMRC
- Not automatically issued unless necessary
Remember, if you're unsure about your tax obligations, book in to speak with on of the team today!
