The cut-off for registering for self-assessment for the 2024/25 tax year is October 5 – see the full list of everyone who needs to take action now
If you’re newly self-employed or earned more than £1,000 in one tax year through a side hustle, then you may need to register for self-assessment with HMRC – and the deadline is this weekend.
The cut-off for registering for self-assessment for the 2024/25 tax year is October 5. This is for people who are not already registered for self-assessment.
Most people have tax deducted automatically from their wages – but those who work for themselves, or have earned extra untaxed income, will need to fill out a self-assessment form.
Once you have registered for self-assessment, HMRC will issue you with a unique taxpayer reference (UTR) number. There are separate deadlines for declaring and paying any tax you owe.
October 31 is the deadline for filing a paper self-assessment tax return, and January 31 is the deadline for filing your online self-assessment.
If you send a paper tax return after October 31, you will be fined £100. However, if you’re worried you won’t be able to send your documents in time, you can choose to submit your tax return online instead for the later January 31 deadline.
You’ll also be fined £100 for missing the online January 31 deadline. If you still don’t file your self-assessment after three months, you’ll be charged additional fines of £10 a day, up to a maximum of £900.
After six months, you’ll get a further penalty of 5% of the tax owed or £300, whichever is greater, and you’ll pay the same again after 12 months if you still haven’t filed.
The deadline for paying any tax you owe is also January 31 – and you can also be fined for paying your tax bill late. You’ll be charged 5% of any tax unpaid after 30 days, six months and 12 months.
According to Money Helper, you may need to fill out a self-assessment form if:
- Your self-employment income was more than £1,000 (before taking off anything you can claim tax relief on)
- Your income from renting out property was more than £2,500 (you’ll need to contact HMRC if it was between £1,000 and £2,500)
- You earned more than £2,500 in untaxed income, for example from tips or commission
- Your income from savings or investments was £10,000 or more before tax
- You need to pay Capital Gains Tax on profits from selling things like shares or a second home
- You’re a director of a company (unless it was a non-profit organisation, such as a charity)
- You, or your partner’s, income was over £60,000 and you’re claiming Child Benefit
- You have income from abroad that you need to pay tax on, or you live abroad but have an income in the UK
- Your total taxable income was over £150,000
- You’re a trustee of a trust or registered pension scheme
- Your state pension was your only source of income and was more than your personal allowance
- You received a P800 from HMRC saying you didn’t pay enough tax last year