Are you new to self-assessment for the 2022 / 23 tax year?
Then you need to register with HMRC by 5 October or face penalties.
Anyone who is self-employed is required to file a self-assessment return, whether they are a sole trader or in partnership. This includes people who work in the gig economy or have a second income from trading on eBay and similar websites, earn money as influencers and from advertising on social media channels.
New self-assessment taxpayers could be someone who has set up a side hustle to earn money in addition to their PAYE job; disposed of crypto assets; become newly self-employed or a landlord renting out property for the first time. Likewise, anyone receiving income from renting out property through sites like Airbnb needs to file a tax return if their earnings exceed £1,000.
Whatever your circumstances, if you are a taxpayer with any income that you have not already paid UK tax on, you need to register for self-assessment.
If you would like more help with self-assessment or if you have any worries or concerns about an HMRC tax enquiry, please get in touch.
