HM Revenue and Customs is reminding those that are due to submit their tax return for the 2021 to 2022 tax year register by 5th October 2022.
HMRC stated:
‘Before customers can complete their first tax return, they need to register with HMRC to receive their Unique Taxpayer Reference (UTR). Customers need their UTR to file a return. The tax return deadline for the 2021 to 2022 tax year is 31 October 2022 for those completed on paper forms, and 31 January 2023 for online returns.’
HMRC is urging those who are due to submit their tax return for the first time to plan ahead in order to give themselves enough time to complete their Self Assessment. Those who file early benefit from knowing what they owe and this allows them to budget accordingly and pay a time that suits them. Also refunds could be issued quicker too if they are due one. Tax owed is due by 31st January.
You can check if you need to register by using the free online tool on gov.uk. Those who are new to Self Assessment for the 2021 to 2022 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 have received any untaxed income
• those claiming Child Benefit but they or their partner have an income above £50,000
Self employed must also register for class 2 National Insurance Contributions.
If you have any questions on registering as self employed or submitting your tax return contact us.