Do you need to register for Self-Assessment?

A number of different people have to register for Self-Assessment and thus complete a Self-Assessment Tax return, including:

• Self-employed sole traders earning more than £1,000

• Partners of both general and limited liability partnerships

• Individuals who receive rental income

• Individuals earning more than £100,000 in a tax year

The deadline for registering for self-assessment is the 5^th October after the end of the relevant tax year. So, if you met the registration criteria during the tax year 2021/22 (6^th April 2021 – 5^th April 2022) you had until the 5^th October 2022 to register with HMRC. If you still haven’t registered, you should do so as soon as possible to prevent penalties potentially being applied for late registration.

Your 2021/22 self-assessment tax return will then be due by the 31^st October 2022 if being submitted on paper or alternatively by the 31^st January 2023 if being submitted online. Any tax or national insurance due will be payable by the 31^st January 2023.

If you are unsure whether or not you need to register for self-assessment or need help completing your tax return then we can help.

Please contact us via email hello@drummondlaurie.co.uk   or call us on 01324 441250.