Self-Assessment Deadline Nears: Register by October 5th

HMRC is urging self-employed individuals and others who earned over £2,500 in the last tax year to register for self-assessment before the October 5th deadline. This applies to sole traders, partners in business partnerships, landlords with untaxed rental income, and those with income from savings, dividends, investments, or foreign work.

Who Needs to Register:

• Self-employed individuals who earned more than £2,500 in the 2023/24 tax year (April 6, 2023, to April 5, 2024)

• Partners in business partnerships

• Landlords with untaxed rental income

• Individuals with income from savings, dividends, investments, or foreign work

How to Register:

• You can register online through the HMRC website.

• HMRC has a tool to help you check if you need to send a tax return.

Deadline and Penalties:

• The deadline to register is October 5th.

• Failure to register on time can result in penalties.

Reminder:

• Even if you've only recently started your self-employment journey or have other income sources mentioned above, it's crucial to check if you need to register.

• Don't wait until the last minute. Take action now to ensure compliance, avoid fines, and manage your tax affairs correctly from the start.

Key Takeaways:

• HMRC is proactively reminding individuals to register for self-assessment.

• Registering on time is essential to avoid penalties and ensure compliance.

• Various groups, including self-employed individuals, partners in partnerships, landlords, and those with other income sources, might need to register.

• The deadline is October 5th, so act now!

Disclaimer: This article is intended for informational purposes only and does not constitute financial or legal advice. Consult a qualified professional for specific advice related to your situation.