Do you need to register for Self-Assessment?

Taxpayers that need to complete a Self-Assessment return for the first time are required to notify HMRC. This is a final reminder that the latest date that HMRC should be notified, by new Self-Assessment taxpayers, for the 2022-23 tax year, is 5 October 2023. The deadline for filing the 2022-23 Self-Assessment tax return online and paying any tax due is 31 January 2024.

There are a number of reasons why you might need to complete a Self-Assessment return for the first time. This includes if you are self-employed, have an annual income over £100,000 and / or have income from savings, investment or property.

The £100,000 income threshold for Self-Assessment changed for taxpayers who are only taxed through PAYE. It increased from £100,000 to £150,000 with effect from 6 April 2023. However, the Self-Assessment threshold for 2022-23 returns remains at £100,000.  

HMRC has an online tool that can help you check if you are required to submit a Self-Assessment return.

The following list summarises some of the reasons when taxpayers are usually required to submit a Self-Assessment return:

  • The newly self-employed (earning more than £1,000);
  • Multiple sources of income;
  • Taxpayers that have received any untaxed income, for example earning money for creating online content;
  • Income over £100,000;
  • earn income from property that they own and rent out;
  • are a new partner in a business partnership;
  • Taxpayers whose income (or that of their partner’s) was over £50,000 and one of you claimed Child Benefit;
  • Receiving interest on savings or investment income of £10,000 or more before tax;
  • Taxpayers who made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax; and
  • Taxpayers who are self-employed and earn less than £1,000 but wish to pay Class 2 NICs voluntarily to protect their entitlement to State Pension and certain benefits.
Source:HM Revenue & Customs| 25-09-2023

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