The UK Self-assessment is a system employed by the HMRC to collect taxes from individuals. If you earn income from non-UK sources or work for yourself, you must submit a self-assessment tax return. Check the specific criteria on HMRC's website.
In cases where income is taxed at the source, such as through PAYE, filing a tax return is usually unnecessary as tax has already been paid to HMRC.
What are the deadlines for submitting a self-assessment tax return?
The filing deadline for the 2022-23 tax year is 31 January 2024. Ensure timely submission to avoid penalties.
How do I register for self-assessment?
To register, complete HMRC’s form SA1 and return it. Upon approval, you'll receive a self-assessment record and a Unique Taxpayer Reference (UTR) number, which must be included in your tax return. Self-employed individuals follow a different registration process.
Consequences of missing the tax return deadline
Failure to file by 31 January incurs an automatic £100 penalty. Additional penalties may accrue until submission, and HMRC charges interest on late-paid tax.
What to do if you no longer meet the criteria?
If you no longer meet self-assessment criteria, deregister to avoid penalties. Failure to do so may result in penalties for unsubmitted tax returns.