{"id":1764,"date":"2024-02-02T00:00:00","date_gmt":"2024-02-02T00:00:00","guid":{"rendered":"https:\/\/slacc.co.uk\/index.php\/do-you-need-to-register-for-self-assessment\/"},"modified":"2024-02-02T00:00:00","modified_gmt":"2024-02-02T00:00:00","slug":"do-you-need-to-register-for-self-assessment","status":"publish","type":"post","link":"https:\/\/slacc.co.uk\/index.php\/do-you-need-to-register-for-self-assessment\/","title":{"rendered":"Do you need to register for self-assessment?"},"content":{"rendered":"<p>There are a number of reasons why you might need to complete a self-assessment return. This includes if you are self-employed, a company director, have an annual income over &pound;150,000 and \/ or have income from savings, investment or property. The &pound;100,000 threshold for self-assessment threshold change for taxpayers taxed through PAYE only, increased from &pound;100,000 to &pound;150,000 with effect from 6 April 2023.<\/p>\n<p>Taxpayers that need to complete a self-assessment return for the first time should inform HMRC as soon as possible. The latest date that HMRC should be notified is by 5 October following the end of the tax year for which a self-assessment return needs to be filed.<\/p>\n<p>HMRC has an online tool www.gov.uk\/check-if-you-need-tax-return\/ that can help you check if you are required to submit a self-assessment return.<\/p>\n<p>You are required to submit a self-assessment return if any of the following apply:<\/p>\n<ul>\n<li>you were self-employed as a &lsquo;sole trader&rsquo; and earned more than &pound;1,000 (before taking off anything you can claim tax relief on)<\/li>\n<li>you were a partner in a business partnership<\/li>\n<li>you had a total taxable income of more than &pound;150,000 in 2023-24 (&pound;100,000 in 2022-23)<\/li>\n<li>you had to pay Capital Gains Tax when you sold or &lsquo;disposed of&rsquo; something that increased in value<\/li>\n<li>you had to pay the High Income Child Benefit Charge<\/li>\n<\/ul>\n<p>You may also need to send a tax return if you have any untaxed income, such as:<\/p>\n<ul>\n<li>money from renting out a property<\/li>\n<li>tips and commission<\/li>\n<li>income from savings, investments and dividends<\/li>\n<li>foreign income.<\/li>\n<\/ul>\n<!-- -->","protected":false},"excerpt":{"rendered":"<p>There are a number of reasons why you might need to complete a self-assessment return. This includes if you are self-employed, a company director, have an annual income over &pound;150,000 and \/ or have income from savings, investment or property. The &pound;100,000 threshold for self-assessment threshold change for taxpayers taxed through PAYE only, increased from [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"class_list":["post-1764","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=1764"}],"version-history":[{"count":0,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1764\/revisions"}],"wp:attachment":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=1764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=1764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=1764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}