A change in a taxpayer’s circumstances could mean they need to complete their first ever self-assessment tax return.
Tax is usually deducted automatically from wages and pensions; however, people and businesses with other income must report it in a tax return.
HMRC must be informed by October 5 by those who need to complete a tax return and have not sent one before.
Who needs to check?
A free online checking tool is available on GOV.UK to help those unsure if they need to complete an assessment. It can also be used by people who may no longer need to do self-assessment, including if they:
If taxpayers no longer think they need to complete a self-assessment tax return for the 2022 to 2023 tax year, they should tell HMRC before the deadline on January 31, 2024.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “It is important that taxpayers check if they need to complete a self-assessment tax return so they can pay the right amount of tax owed and avoid penalties for not filing a return.
“It is quick and easy to check by using the interactive tool on GOV.UK – there is no need to ring us.”
Who needs to compete a tax return?
Taxpayers may need to complete a tax return if they:
Taxpayers can register for self-assessment on GOV.UK. Once registered, they will receive their Unique Taxpayer Reference, which they will need when completing their tax return.
Need advice or support with self-assessment tax returns? We can help.