One of the most important deadlines for the self-employed is 5 October 2024 – the deadline for Self Assessment registration.
If you began working for yourself on or after 6 April 2023, you need to register for Self Assessment with HM Revenue & Customs (HMRC) by this date.
This registration notifies HMRC that you’ll be submitting a tax return for the year. It’s a one-time requirement, so if you’ve registered before, you don’t need to do it again.
Registering early helps you avoid the stress of a last-minute rush.
Your first tax return will be due by 31 January 2025, so giving yourself plenty of time to prepare will ensure you have the funds ready to cover your tax bill.
What happens if you miss the deadline?
Missing the 5 October registration deadline could result in a penalty for failing to notify HMRC on time.
However, if you register late but pay your Income Tax in full by the 31 January deadline, HMRC may waive any penalties for late notification.
Other important points to consider
If you’ve sold or disposed of property and reported it within the required 60-day window, you might still need to register for Self Assessment separately, even if you’ve already informed HMRC about the sale.
Keep detailed records of all your income and expenses. This not only helps you accurately complete your tax return but also ensures you have the necessary documentation if HMRC requests it.
You can register online through the HMRC website which is faster and more convenient than using paper forms.
Tax rules and deadlines can change, so it is a good idea to regularly check HMRC’s website or subscribe to updates to stay informed about any new developments that might affect you.
