His Majesty’s Revenue and Customs (HMRC) is urging the public to meet a crucial deadline in less than a month. The tax office has stressed the importance of submitting Self Assessment returns by October 5, provided you meet the necessary criteria.
« Check if you need to register for #SelfAssessment for the first time by 5 October, » it said in an X post yesterday. « You might need to if you: Have earned more than £1,000 through a side-hustle, are self-employed, [or] rent out a property. Find out more. »
Typically, tax is deducted from company wages and pensions using an automatic system known as PAYE. However, if you receive money from other sources, you may need to file a tax return with HMRC annually.
A guide from Which? previously explained: « If you receive any other income – such as from self-employment, property, capital gains, or dividends – you need to report this to HMRC by sending a self-assessment tax return. »
Anyone can complete a Self Assessment form by visiting GOV.UK or by sending a paper version. For the latter, you’ll need to request ‘form SA100’ by phoning HMRC.
In addition to the three reasons outlined in HMRC’s post, its website also highlights various other situations where you might need to complete a tax return. These are detailed below:
- You had to pay Capital Gains Tax when you sold or ‘disposed of’ something that increased in value
- You had to pay the High Income Child Benefit Charge
- You receive money from renting out a property
- You receive tips and commissions
- You receive income from savings, investments and dividends
- You receive foreign income
- You were self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)
- You were a partner in a business partnership
- You had a total taxable income of more than £150,000
If you’re unsure if this affects you, it’s best to use HMRC’s straightforward online checker tool. This tool is available in both English and Welsh. It requires some financial details to work, but it won’t share your information with HMRC.
Fail to meet the deadline or don’t send a tax return within three months of October 5 and you’ll likely face a £100 penalty. After that, the fine will increase and interest will be added.
For assistance with Self Assessment, you can:
For more information, head to GOV.UK.
