This applies to workers involved as a partner in a business partnership and self-employed workers who earned more than £2,500 in the last tax year (2023/24).
You only need to register if you have not sent a tax return before. You’ll also need to register if you are a landlord with untaxed income through the rent of your property or if you have income from savings, dividends and investments.
Another reason you’ll have to register is if you received Child Benefit payments and need to pay the High Income Child Benefit Charge (HICBC) as your partner earned over £50,000 in the tax year.
You’re legally required to complete a tax return and register for self-assessment before the deadline if you have earned any income from working abroad, too.
HMRC has a tool for you to check if you need to send a tax return for the 2023/24 tax year, which is between 6 April 2023 and 5 April 2024.
If you miss the deadline, you might incur fines that will increase due to interest if your return is not paid by midnight on 31 January 2025.
Ahead of the deadline, the Government looked to debunk myths associated with filing your tax return.
It included a reminder that it is your responsibility to file a tax return and you still need to complete a tax return even if you don’t owe any tax.
Those who need to complete a self-assessment return do not need to pay the tax at the same time either. It also reminded self-employed workers who no longer have that employment status to contact HMRC to avoid receiving letters asking to complete a return.
Further, the recent phenomenon of side hustles through selling clothes or other possessions only requires declaring if you earned over £1,000 throughout the tax year.
‘Flies under the radar’
Alastair Douglas, CEO of TotallyMoney said: “The 5 October marks the self-assessment registration deadline, meaning you’ll need to notify HMRC if you’ve received income over the past year and haven’t yet paid tax on it.
“While you might think it only applies to work you’ve been paid for, it also includes other income. This might include money earned from savings and investments, rental income, and if you’ve made more than £1,000 from selling or reselling items on places like eBay, Depop and Vinted. So check online to find out if you need a tax return.”
Douglas added: “If you don’t register by the deadline, there’s an automatic £100 fine — even if there’s no tax due. If you haven’t paid that after three months, HMRC will charge you £10 per day up to £900, and after six months 5% of the tax due or £300 — whichever is higher. This will repeat again after 12 months, so it’s important to stay on top of things from the start.
“This means getting everything ready for the 31 October deadline if you’re submitting a paper return, or by midnight on the 31 January if you’re submitting your return online. But if possible, you shouldn’t leave things to the last minute. That’s because with more than 12 million people filing for self-assessment, government helplines are likely to jam, making it difficult to get through to advisers, and potentially scuppering your chances of meeting the deadlines.”
