Registering for a Self-Assessment tax return

Have you started a new business recently? Or began letting a property to increase your income? Then you will probably need to register with HRMC to submit your self-assessment tax return.

Registering for self-assessment tells HMRC that you:

• are receiving taxable income
• plan to report it to them in a self-assessment tax return
• plan to pay any tax you owe

This is compulsory and can lead to penalties and issues if you do not register for self-assessment on time.

How do I know if I need to register for a self assessment tax return?

If any of the following apply to you, over the course of a tax year, then you need to register for self-assessment:

1. You have taxable income exceeding £1,000. This includes sources such as rental income and investments but not employed income
2. Expenses you pay out of your own pocket, and want to claim from work exceed £2,500
3. You have investment or savings income that exceeds £10,600 before tax
4. You sell any items that qualify for capital gains tax and exceed your capital gains allowance
5. If you are director of a company and receive more than £1,000 in dividends per month
6. You have income of more than £50,000 and you or your partner claims child benefit
7. You have income from abroad that you need to pay tax on
8. You have UK income while living abroad
9. Your income exceeds £100,000

If you are still unsure if you need to file a self-assessment tax return, you can also check by following the instructions on this page or contact the self-assessment helpline on 0300 200 3310.

What is the tax year?

The tax year runs from the 6th of April to the following 5th of April. If you meet the requirements to register you will need to complete a self-assessment tax return for the year up to the following 5th of April.

For example if you start a self-employed business on the 12th of July 2023 then your first tax return would be up to the 5th of April 2024.

If you need to register, you will need to do so before the 5th of October following the date of your first tax return in order to avoid a penalty. In the above example this would be the 5th of October 2024.

Registration can be done via a variety of methods found on the HMRC website.

Once registered you will receive a ten digit Unique Taxpayer Reference (UTR) as well as details to log onto the HM Revenue and Customs website to manage your self-assessment account.

If you have previously registered for self-assessment, you should still be able to use your UTR from before.

As part of our self-assessment tax return service we can register you with HMRC to save you the time and trouble. For more information regarding the above or to book a free consultation please contact us.