HM Revenue and Customs (HMRC) is issuing a reminder to individuals who are new to Self Assessment for the tax year 2022-2023 that they have a mere two weeks remaining until October 5th to inform HMRC and register.
These newcomers to Self Assessment may include those who have established a supplementary income source, like a side hustle, alongside their PAYE job, or individuals who have disposed of cryptoassets. They could also be newly self-employed or landlords who have recently started renting out property. Regardless of their situation, if they possess any income on which UK tax has not yet been paid, they are required to register for Self Assessment.
HMRC provides an online checking tool on GOV.UK to swiftly determine if a tax return is necessary. Additionally, they offer a step-by-step guide to assist in filing the initial Self Assessment tax return.
Myrtle Lloyd, HMRC’s Director General for Customer Services, stated:
"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."
Customers can complete their Self Assessment registration on GOV.UK, and upon doing so, they will receive their Unique Taxpayer Reference, which is essential when filling out their return.
The deadline for customers to file their tax return online and settle any tax owed for the 2022-2023 tax year is January 31, 2024. Last year, 96% of customers submitted their returns online.
Filing online allows customers to work on their return at their own pace, save their progress, and resume later, providing the assurance that HMRC has received their form upon submission.
HMRC offers a variety of resources to aid customers in completing their tax return, including video tutorials on YouTube and support guidance on GOV.UK. Two videos have been created by HMRC to assist customers in the online registration process for Self Assessment, catering to both the self-employed and those who are not self-employed.
Individuals who believe they no longer need to complete a Self Assessment tax return for the 2022-2023 tax year should notify HMRC before the January 31, 2024 deadline to avoid penalties or the obligation to file a return. HMRC has produced two videos explaining how customers can stop Self Assessment online, tailored to both the self-employed and those who are not self-employed.
Customers are urged to be cautious of potential scams and should never share their HMRC login details with anyone, including tax agents, if they have one. HMRC's guidance on dealing with scams is available on GOV.UK.