Annual Tax Deadline Reminders: Self-Assessment

Monday 30th September 2024

For new business owners, freelancers, or individuals with untaxed income, the deadline to register for Self-Assessment is fast approaching. If you're self-employed or need to report additional income for the 2023/24 tax year, you must register with HMRC by 5th October.

Here’s what you need to know and do in the final days leading up to the deadline:

1. Check if You Need to Register

First, confirm whether you’re required to submit a Self-Assessment. You need to register if:

• You’re newly self-employed.

• You earned more than £1,000 from side gigs, freelancing, or selling goods/services online.

• You rent out property or have income from savings, dividends, or overseas.

• It would help if you claim certain tax reliefs (like for pension contributions or charitable donations).

  
  

Not sure? Use HMRC’s Self-Assessment eligibility checker to confirm.

2. Gather the Necessary Information

To register, you’ll need some basic information:

• National Insurance Number: This is required for tax registration.

• Business details: If you're self-employed, you’ll need your business start date and the nature of your business.

• Personal information: Full name, date of birth, address, and contact information.

  
  

Having this information ready will make the process much smoother.

3. Register Online

Registration is done through the HMRC website. The process is simple:

• Go to the Self-Assessment registration page.

• Follow the instructions for your specific situation, whether you’re self-employed, a landlord, or receiving untaxed income.

  
  

After registering, you’ll receive a Unique Taxpayer Reference (UTR) number, which you'll need for all future tax submissions.

4. Set Up a Personal Tax Account

Once registered, it’s a good idea to set up your Personal Tax Account on HMRC’s website. This account helps you manage your tax affairs online, including tracking your tax returns and making payments. You can also use it to update personal details and check your UTR and National Insurance number.

5. Understand Your Filing Responsibilities

After you’ve registered for Self-Assessment, you’ll be required to submit a tax return each year by the 31st January deadline. This tax return will detail your income and expenses for the previous tax year, allowing HMRC to calculate how much tax you owe.

You’ll need to keep accurate records of your income and business expenses, so consider investing in accounting software or working with an accountant to make the process easier.

6. Prepare for Payments on Account

As part of your first tax bill, HMRC may ask you to make payments on account—a way of paying your tax in advance for the following tax year. This typically applies to self-employed individuals who owe more than £1,000 in taxes. Make sure you're aware of these possible extra payments so they don’t come as a surprise.

7. Avoid Penalties

Failing to register by 5th October can lead to fines and penalties. If you miss the deadline, HMRC can impose late registration penalties, which start small but increase the longer you delay. To avoid this, it’s essential to take action now.

8. Seek Help If Needed

If you’re unsure about the process or find it overwhelming, don’t hesitate to seek help. At Pro Tax Plus, we are here to help you with your self-assessment and the prcoess! Do not hesitate to reach out to us and enquire for help!

With the 5th October Self-Assessment registration deadline around the corner, now is the time to take action. Ensuring you’re registered on time will prevent future complications and keep you on track with your tax responsibilities. By acting early, you’ll set yourself up for a smoother and stress-free tax season.