Professionals with untaxed income during the 2022/23 tax year must register for Self-Assessment before the deadline. Please keep reading for more information and for heaps of helpful advice to help you understand your self-assessment tax requirements.
The deadline to register for self-assessment for the 2022/23 tax year
Time is running out to register for self-assessment for the 2022/23 tax year because the deadline is the 5th of October, 2023. A recent press release on the government’s website reminds UK taxpayers that “registering for self-assessment is an essential requirement for people with an untaxed income”.
Who needs to register for self-assessment for the 2022/23 tax year?
If you received any untaxed income between the 6th of April 2022 and the 5th of April 2023, you may be required to register for self-assessment – the correct way to pay any taxes you may owe to the government. Untaxed income is not limited to, but may include:
- Money you have earned running a side hustle (perhaps a small business on the side).
- Income generated by selling cryptocurrency.
- Self-employed professionals who generated over £1,000 of income in the tax year.
- Company directors who have taken money from a business which is not accounted for by Pay As You Earn (PAYE).
- Landlords generating income via buy-to-let properties.
- Higher earners with a salary greater than £100,000.
- Anyone earning income from abroad (perhaps via international investments).
- People who have earned income through savings and investments.
- Anyone who has made a capital gain.
- Trustees (those who are a trustee of a trust).
- Individuals who have received over £50,000 child benefit in the tax year.
- Non-UK residents with income generated within the UK.
- And more.
In the government’s press release, Myrtle Lloyd, HMRC’s Director General for Customer Services, reminds readers about the helpful tools available to them:
“If you are new to self-assessment and unsure how the process works – HMRC is here to help. We have a wealth of resources and guidance available on GOV.UK to help customers register, sign up to the online services and complete their tax return. We want to help customers get their tax right first time, just search ‘Self Assessment’ on GOV.UK to find out more.”
For more information, please read our article: When do you need to complete a self-assessment tax return? As mentioned in the quote above, the government’s website also has plenty of helpful articles and guides to help you with your self-assessment tax return. Firstly, you can try the government’s online self-assessment checking tool to see if you are required to complete a self-assessment for the 2022/23 tax year. There is also a helpful step-by-step guide that will help you understand your requirements when submitting a self-assessment tax return for the first time.
When is the deadline to submit your self-assessment tax return for the 2022/23 tax year?
The deadline to complete and submit your self-assessment tax return for the 2022/23 tax is the 31st of January, 2024. Failure to submit your tax return on time will result in a penalty.
The Self-Assessment Hub has plenty of helpful articles to help you understand self-assessment tax returns
If you are required to submit a self-assessment tax return for the first time, it can seem like a daunting experience. However, don’t worry – the Self-Assessment Hub website is full of helpful articles and guides that will help you master your tax return requirements. Also, the government website has loads of valuable tools, including thorough walkthroughs and even videos. Here are some of the helpful articles on our website that we think you may benefit from reading:
- Mastering self-assessment tax returns: Your guide to accurate tax calculations and financial planning
- How to complete and file a self-assessment tax return: A comprehensive guide
- Advantages and disadvantages of hiring an accountant to assist with your self-assessment tax return
- A guide to calculating how much tax you owe via your self-assessment tax return
- The ultimate guide to reducing your tax liability: All you need to know about allowable expenses and tax reliefs for the self-employed