Running your own company can be exciting but…
Taxpayers who are new to Self-Assessment for the 2022 to 2023 tax year may include:
- those who are newly self-employed and earned more than £1,000;
- a new partner in a business partnership;
- those who had a total taxable income of more than £100,000;
- those who have received any untaxed income such as tips, commission, money from renting out a property or income from savings, investments, and dividends; and
- those claiming Child Benefit but they or their partner have an income above £50,000.
Self-employed taxpayers must also register for Class 2 National Insurance contributions.
You should register with HMRC by 5 October 2023 here: Register for Self Assessment – GOV.UK (www.gov.uk)
Paper tax return deadline
The tax return deadline for the 2022 to 2023 tax year is Tuesday 31 October 2023 for those completed on paper forms.
Online tax return deadline
The tax return deadline for the 2022 to 2023 tax year is Wednesday 31 January 2024 for online returns and to pay any tax owed.
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