If you are self-employed and haven’t submitted a tax return before, you must register for self-assessment by 5 October 2023.
The deadline for completing self-assessment tax returns for 2022-23 is 31 January 2024.
You must tell HMRC by 5th October if you need to complete a tax return and you have not sent one before, otherwise you could be fined.
The registration process can take around 2-3 weeks, so we recommend getting started as soon as possible to save you any last-minute stress and avoid missing the deadline!
How to register for self-assessment
If you are filing a self-assessment tax return for the first time, you will need to register with HMRC online.
Depending on whether you are self-employed, registering a partnership, or not self-employed, the registration process will vary, so you need to select the option that applies to you.
As soon as you register for self-assessment or set up a limited company, you will automatically be issued a 10-digit Unique Taxpayer Reference Number (UTR). This will sent to you by HMRC via post.
You will then need to set up your Government Gateway account. To do this you need to go here and follow the instructions.
Once you’ve set up the account, an activation code will be emailed to you.
Before you go online to start filling in your self-assessment, you will need to make sure you have all the following information to hand:
The above information should only refer to the previous tax year (the 6th of April of the previous year to the 5th of April of the current year).
When filing your tax return, you will only need to fill out the sections that are relevant to you. Leave anything else blank.
It is important to take your time checking all details are correct as you go when you are filling in your tax return. When you do this online, there is an option to save it and come back to it later, so there is no need to rush.
You should check back through all the information you have entered carefully before you press “Submit”.
Once you have submitted your return, you should see confirmation along with a code number. It is advisable to keep a record of this number as a reference for the future.
The amount you owe will be calculated immediately after you submit your tax return. It is vital that you pay it before the deadline to avoid a penalty.
Deadlines for paying your tax bill are usually:
- 31 January – for any tax you owe for the previous tax year (known as a balancing payment) and your first payment on account
- 31 July for your second payment on account.
How can Blue Spire help?
If you have never filled in a self-assessment tax return before, the process can seem very daunting, but if you follow the above steps, it should be relatively straightforward.
However, when you are trying to focus on running your business, it may be easy to overlook something that would save you paying more tax than you need to.
Blue Spire can save you time and hassle by submitting your return on your behalf, keeping you updated and informed along the way.
|If you would like to talk to us about submitting your Self-Assessment Tax Return on your behalf, then please do not hesitate to contact us today.