New Self Assessment customers could be someone who has set up a side hustle to earn money in addition to their PAYE job or disposed of cryptoassets; they may be newly self-employed or a new landlord renting out property. Whatever the circumstances, if a customer has any income they've not already paid UK tax on, then they must register for Self Assessment.
Customers can use HMRC’s online checking tool on GOV.UK to quickly assess whether they would need to complete a tax return. And they can then employ the step-by-step guide to check what they need to do to file their first Self Assessment tax return.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “If you're new to Self Assessment and unsure how the process works, please do remember, HMRC is here to help you.
"We have a wealth of resources and guidance available on GOV.UK to help customers register, sign up to the online services and complete their tax returns. We want to help our customers get their tax right first time. So just search ‘Self Assessment’ on GOV.UK to learn more.”
Customers can register for Self Assessment on GOV.UK. They'll then receive their Unique Taxpayer Reference, which they'll require when they complete their return.
The deadline for customers to file their tax return online and pay any tax owed for the 2022 to 2023 tax year is 31 January 2024. And last year, 96% of customers were able to file their return online.
Filing online means customers don’t have to complete it all at once, they can save their progress and finish it later and have the added reassurance HMRC's received their form when they press submit.
HMRC has a wide range of resources to help customers file a tax return including a series of video tutorials on YouTube and help and support guidance on GOV.UK.
HMRC has produced two videos to help customers registering online for Self Assessment. These videos are for those who are self-employed and those who aren't self-employed.
If customers think they no longer need to complete a Self Assessment tax return for the 2022 to 2023 tax year, they should tell HMRC before the deadline on 31 January 2024 to avoid any potential penalties or needing to complete a tax return.
HMRC has produced two videos explaining how customers can go online and stop Self Assessment if they are self-employed and those who aren't self-employed.
Customers must also be aware of the risk of falling victim to scams and should never share their HMRC login details with anyone, including a tax agent, should they have one. HMRC scams advice is available on GOV.UK.
You might be considering employing your accountant or an advisor to help you with your self-assessment tax returns. If so, please do be careful.
These resources will be of potential assistance to you:-
https://taxaid.org.uk/guides/taxpayers/choosing-an-accountant-or-tax-adviser
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