The deadline for registering for Self-Assessment is 05 October 2023 (for 2022/23 tax year with tax returns due by 31 January 2024). Individuals must complete and send a tax return if, in 2022/23:
- You had self-employed income above £1,000, or
- You are a partner in a business partnership, or
- You were liable to pay the High Income Child Benefit Charge, or
- You had taxable income over £100,000
There are also other situations where you may have to complete a tax return such as receiving foreign income or income from savings, investments and dividends. You are advised to use the ‘Check if you need to send a Self-Assessment tax return’ tool on Gov.UK.
HMRC have announced the income over £100,000 threshold will increase to £150,000 for the tax year 2023/24. This may mean less people need to file a tax return for 2023/24 (though you will for 2022/33). However, you should be aware that once registered for Self-Assessment you remain liable to complete a tax return. If you do not, HMRC will issue late filing penalties and could create an estimated tax liability which you are required to pay.
Registering (online) is far easier than deregistering (online form using a Government Gateway login, telephone or HMRC’s chat facility)!