TALKING
TAX...TALKING TAX.. TRANSPORT INDUSTRY PROFESSIONALS - CHECK
YOUR SELF-ASSESSMENT REGISTRATION SITUATION!
The year is flying by and time is gradually running out for you to check if you need to submit a Self- Assessment tax return for the 2022 to 2023 tax year. If you need to register for the first time, you only have until 5 October 2023 to tell HMRC.
IS THERE A WAY I CAN CHECK WHETHER I NEED TO SUBMIT A SELF-ASSESSMENT TAX RETURN OR NOT?
There are various reasons which can affect whether or not you need to complete Self-Assessment, so it’s understandable that you may not be completely sure.
Fortunately, HMRC has lots of help available. You can use the free online tool on
GOV.UK, which is quick and easy to use, to check if you need to complete a tax return for the 6 April 2022 to 5 April 2023 tax year:
https://www.gov.uk/check-if-you-need-tax-return (1)
I’VE NEVER SUBMITTED A SELF-ASSESSMENT BEFORE. WHY WOULD I NEED TO NOW?
There are many reasons why you might find that you need to complete a tax return for the first time. Some may be obvious:
• Starting work for yourself, so being newly self- employed, and earning over £1,000
• Having multiple sources of income • Receiving untaxed income, for example, in this digital age, creating online content and earning money from it
• Receiving income from a property that you own or rent out
Others may seem a little less obvious:
• Becoming a new partner in a business partnership • Claiming Child Benefit when you, or your partner, earn more than £50,000 a year
• If you earn more than £100,000 a year • If you receive interest from banks and building societies (more than £10,000)
• If you receive dividends in excess of £10,000 • If you need to pay Capital Gains Tax • Or, if you are self-employed and earning less than
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£1,000 but you still want to pay Class 2 National Insurance Contributions (NICs) voluntarily to protect your entitlement to a State Pension and certain benefits.
Your circumstances may have changed in a variety of ways since the last tax year, and it’s important to take a moment to consider if any of these might mean you have to complete Self-Assessment. You can use the free online tool on
GOV.UK to check if you need to do one - see link (1).
Remember, even if you are paying taxes through PAYE in an employed role, you may still need to submit a tax return.
I’VE SUBMITTED A SELF-ASSESSMENT FOR YEARS. WHY WOULD I NOT NEED TO THIS YEAR?
Your circumstances may have changed so you may no longer need to complete a Self-Assessment tax return. This could be because:
• You’ve given up work or retired • You’re no longer self-employed • You earn below the minimum income thresholds (dependent on the relevant tax)
If you have previously completed a tax return but no longer think you need to, it is important to let HMRC know before the 31 January Self-Assessment deadline, as otherwise they will be expecting you to send your figures in and you could face a penalty:
https://www.gov.uk/stop-being-self-employed (2) SEPTEMBER 2023 PHTM
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