Register for Self-Assessment Before the Deadline!
If you’ve never had to prepare a self-assessment tax return before, but find yourself needing to submit one for the 2023/24 tax year, it’s important to act quickly. The deadline for registering for self-assessment with HMRC is 5th October 2024. Missing this deadline can result in fines and delays, so it’s essential to ensure you’re registered and ready to file on time.
Who Needs to Register for Self-Assessment?
You may need to register for self-assessment if you fall into any of the following categories:
Self-Employed: If you started working for yourself during the 2023/24 tax year, you’ll need to report your income via self-assessment.
Landlords: If you receive rental income from property, this must be declared through a self-assessment tax return.
Company Directors: If you’re a director of a limited company and receive income that isn’t taxed at source, you’ll need to complete a self-assessment.
Investors: If you’ve earned dividends, interest, or capital gains from investments, these must be reported through self-assessment.
High Earners: If your income exceeds £100,000, or if you or your partner receive child benefit and your income is over £50,000, you’ll need to file a return.
How to Register for Self-Assessment
Registering for self-assessment can seem daunting if you’ve never done it before. Here’s a basic overview of the steps involved:
Determine Your Eligibility: First, confirm that you need to register for self-assessment. If you’re unsure, it’s best to consult with a tax professional.
Register Online: You can register for self-assessment online through the HMRC website. You’ll need to provide personal information, such as your National Insurance number and details about your income.
Receive Your Unique Taxpayer Reference (UTR): Once registered, HMRC will send you a Unique Taxpayer Reference (UTR) by post. This is a crucial part of your self-assessment and will be required when submitting your tax return.
Set Up an Online Account: If you don’t already have one, set up a Government Gateway account. This allows you to manage your tax affairs online, including submitting your self-assessment return.
Submit Your Tax Return: Once registered, you’ll need to complete your self-assessment tax return by the 31st January 2025 deadline. This includes reporting your income, claiming any eligible expenses, and calculating the tax you owe.
Need Help? Speak to Our Experts!
If this all sounds overwhelming, don’t worry—Lloyds Accountancy is here to help. Our team of tax experts can assist you in every step of the process, from registering for self-assessment to preparing and submitting your tax return. We’ll ensure that everything is completed accurately and on time, so you can avoid penalties and focus on what matters most—running your business or managing your finances.
Why Choose Lloyds Accountancy?
Experience: We’ve helped countless individuals and businesses navigate the self-assessment process, ensuring compliance and maximising tax efficiency.
Personalised Service: We understand that every situation is unique. Our services are tailored to meet your specific needs, whether you’re self-employed, a landlord, or managing investments.
Peace of Mind: With Lloyds Accountancy handling your self-assessment, you can rest easy knowing that your tax affairs are in expert hands.
Don’t let the 5th October deadline pass you by. Contact Lloyds Accountancy today and let us take the stress out of registering for self-assessment and filing your tax return.
