Myths about self assessment debunked
There are many myths about who needs to file a Self Assessment return. In the article linked below, HMRC has debunked some of the most common ones.
One such myth is that if HMRC hasn’t been in contact, then you don’t need to file a tax return. In reality, it is the individual’s responsibility to determine if they need to do this. Reasons you may need to file a return include: if you are newly self-employed and have earned gross income above £1,000 or have received any untaxed income over £2,500.
HMRC urges customers to file their return early to avoid potential errors caused by rushing and to give peace of mind. They have also warned to be aware of potential scams and to never share your HMRC log in details with anyone, even a tax agent. To ensure you complete your tax return correctly, you must keep records of your business income and outgoings and ensure you are registered as self-employed with HMRC.
The deadlines for tax returns for the 2023 to 2024 tax year are 31st October 2024 for paper returns and 31st January 2025 for online returns. You can file your tax return online, or if you wish to file by paper, you can request a paper return from GOV.UK. If you need to complete a Self Assessment tax return for the first time to cover the 2023/24 tax year, you should inform HM Revenue and Customs (HMRC) by 5 October 2024.
A wide range of resources and support is available on GOV.UK website to assist you if you need help.
For more information and to read the full article, please follow the link below:
Need to register for Self Assessment? Top 5 myths – debunked
