When you’re self-employed, keeping track of essential dates and deadlines can be challenging.
One crucial date to remember is 5 October 2024, which is the deadline to register for Self-Assessment. If you started working as a self-employed individual on or after 6 April 2023, you must register with HM Revenue & Customs (HMRC) by this date.
This registration informs HMRC that you will be submitting a tax return for the upcoming year. It’s a one-off requirement, so if you’ve already registered in the past, you won’t need to do it again.
It is wise to register as soon as possible to avoid any last-minute rush. Remember, your first tax return will be due by 31 January 2025, so planning ahead will give you ample time to ensure you have the necessary funds to cover your tax bill.
What if you miss the registration deadline?
If you miss the notification deadline, you might face a penalty for failure to notify HMRC.
However, if you notify HMRC after 5 October but pay your Income Tax in full by the 31 January deadline, HMRC may reduce any late notification penalty to zero.
Additional considerations
You should keep thorough records of all your income and expenses. This will not only help with accurate tax return submissions but also provide necessary documentation if HMRC requests it.
You can complete your registration online through the HMRC website, which is generally quicker and more convenient than paper forms.
Tax rules and deadlines can change, so ensure you regularly check HMRC’s website or subscribe to updates to stay informed about any changes that might affect you.
If you are unsure about any aspect of the registration process or your tax obligations, get in touch with our team and we can support you.
