If you are newly self-employed, have a side hustle, trade crypto, or rent a property, you may need to register for Self Assessment by 5 October 2023.
Registering for Self Assessment is an essential requirement for people with an untaxed income.
New Self Assessment customers could be someone who has set up a side hustle to earn money in addition to their PAYE job or disposed of cryptoassets; they may be newly self-employed or a new landlord renting out property. Whatever the circumstances, if a customer has any income that they have not already paid UK tax on, they need to register for Self Assessment.
The deadline for customers to file their tax return online and pay any tax owed for the 2022 to 2023 tax year is 31 January 2024. And last year, 96% of customers filed their return online.
Filing online means customers don’t have to complete it all at once, they can save their progress and finish it later and have that added reassurance that HMRC has received their form when they press submit. ~source: gov.uk
Every year we help our clients file their self-assessments on time. You must send your tax return by the deadline, or you’ll get a penalty.
Paper tax returns deadline – Midnight 31 October 2023
If you need more information, please contact us.
Lucas Prestige Accountants
Phone: 0161 375 0660