Deadline reminder! Have you registered for Self-Assessment?

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If you need to register for Self Assessment, you must do so by 5th October 2021. You’ll need to do this to get your account set up in time to submit your tax return. This registration date for self-assessment is at the end of the tax year in which your income or gains first arose. Therefore, if you’re self-employed, this date will take place in your business’s second tax year.

What is self-assessment?

Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax and National Insurance. It applies if you’re self-employed as a sole trader earning more than £1000 or a partner in a business partnership. If you freelance on the side, you may have to submit a self-assessment.

Typically, employees automatically pay their Income Tax and NI each pay period through PAYE. However, an employee may need to report untaxed income such as earnings from renting a property, income from other savings, investment or dividends, as well as foreign income. You can use gov.uk’s online tool to check if you need to send a tax return.

How do I register for self-assessment?

How you register for Self Assessment depends on your circumstance. Depending on whether you’re employed, self-employed, or a partner, you can register by post or online. To check which way you should register, click here.

What now?

Once you’re registered with HMRC, you'll need to activate your account before filing your tax return. You can file your tax return(usually online) any time before midnight, 31stJanuary. This information will be used by HMRC to calculate how much Income Tax and National Insurance you must pay. The deadline for paying is also 31st January. Once you’ve registered, you will not need to register again the following year. However, if you do not need to submit a Self Assessment the following year, you must inform HMRC.

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Karen Bennett
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