If you’re wondering whether you need to register for Self Assessment, you’ve come to the right place. 

In this article, we’ll guide you through who needs to register, why it’s important and key Self Assessment deadlines to keep in mind.

How do I know if I need to register?

A common myth is that HMRC will tell you if you need to register as ‘Self Employed’ - but that’s not the case. The responsibility of knowing whether you need to register or not is down to you.

Who needs to register for Self Assessment?

You must register as self-employed with HMRC if any of the following apply to you in the last tax year (from April 6th to April 5th of the following year):

• If you earned more than £1,000 as a sole trader or freelancer, then you need to register for Self Assessment. This figure is before accounting for any tax reliefs or deductions.
• If you were a partner in a business partnership, registering for Self Assessment is mandatory.
• Individuals with a total taxable income exceeding £150,000 are required to register.
• If you sold or disposed of assets that appreciated in value, leading to a Capital Gains Tax liability then you need to register.
• If you paid the High Income Child Benefit Charge, then registering for Self Assessment is required.

Other reasons that you might want to consider registering for Self Assessment:

You may want to register if you are:

• looking to claim income tax reliefs that you’re eligible for, 
• wanting to prove self-employment status to claim Tax-Free Childcare or Maternity Allowance,
• or simply wish to make voluntary National Insurance Contributions.

How to register as self-employed with HMRC:

There are a number of ways you can register with HMRC, including online registration and by phone. If you’re looking for more advice on how to register as self-employed, be sure to check out this article. 

Beat the tax clock with these key Self Assessment deadlines

If you need to register as self-employed, then you should also be aware of key Self Assessment deadlines. Missing these deadlines could lead to costly penalties.

Deadlines that you need to know:

October 5th - Registering for Self Assessment

You must inform HMRC that you need to complete a Self Assessment tax return by October 5th following the end of the tax year.

October 31st - Paper tax return submission

If you’re more old school and prefer to submit your tax return via post then it must be filed by 31st of October or you might be in for a fright!

January 31st - Online tax return submission

If you’re filing electronically, then you have until January 31st following the end of the tax year. It’s best to do this ahead of time just in case you run into issues or have accounting questions. There are also a number of other reasons why you should file your Self Assessment early, including getting tax refunds quicker!

January 31st - Pay any tax due

Any tax owed for the previous tax year must be paid by January 31st. Want more information on how to pay your Self Assessment tax bill? 

Make sure you check out our article covering other key dates in the UK tax year for 2024/25 to stay informed. 

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Need a hand with Self Assessment? We’re here to help!

If you find the process of registering for Self Assessment and managing your tax return overwhelming, you’re not alone! Our team of expert accountants is here to help you every step of the way.

Whether you have Self Assessment questions or need help navigating complicated tax situations, we provide personalised support to make sure everything is handled accurately and efficiently.

Don’t hesitate to reach out - we offer free consultations where an expert can help you pick the perfect accounting solution for you.

Let us take the stress out of tax season for you - book a call today. 

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