The Self-Assessment registration deadline each year in the UK is the 5th October. For example, if you need to complete a tax return for the tax year 6th April 2022 to 5th April 2023, you must register by 5th October 2023.
Who needs to register for Self-Assessment?
You need to register for Self-Assessment if you:
- Earn more than £100,000 per year from employment
- Have any other taxable income that isn't taxed at source, such as income from self-employment, rental income or investment income
- Are a company director
- Receive Child Benefit and your household income is over £50,000
- Are a trustee of a registered pension scheme
How to register for Self-Assessment
You can register for Self-Assessment online on the GOV.UK website. You will need to provide some basic information, such as your name, address and date of birth. You will also need to create a Government Gateway account.
Once you have registered, you will be sent a Unique Taxpayer Reference (UTR). This is a 10-digit number that you will need to use when completing your tax return.
Dates to remember
When to submit your Self-Assessment tax return
The deadline for submitting your Self-Assessment tax return is 31st January after the end of the tax year. For example, if you need to submit a tax return for the tax year 6th April 2022 – 5th April 2023, the deadline is 31st January 2024.
You can submit your tax return online or by paper. If you are submitting a paper return, you must make sure it is sent well in time to be received by HMRC (31 of October). All of Assets Accounting clients do their return online.
Penalties for late registration or submission
If you register for Self-Assessment after the deadline, you could be fined £100. If you submit your tax return after the deadline, you could be fined £100 for every three months that you are late.
Getting help with Self-Assessment
If you need help with Self-Assessment, there are a number of resources available. You can find information on the GOV.UK website, or you can speak to us at Assets Accounting
Here are some additional tips for Self-Assessment:
Start gathering your paperwork early. This will make it easier to complete your tax return when the deadline approaches.
Use a tax return software package to help you complete your tax return. This can save you a lot of time and effort.
If you are unsure about anything, talk to us.
Self-Assessment can be a complex process, but it is important to register and submit your tax return on time to avoid penalties.
