Missing deadlines can lead to financial penalties, so if you need to do Self Assessment you need to have things in order this week
A financial expert has warned Brits of the upcoming Self Assessment deadline on October 5, 2023, including who it affects, how to register, and the penalties for missing crucial deadlines. By October 5 workers who have not done so before must register with HMRC to submit their tax return for the 2022/23 year, or face penalties.
What is Self Assessment? Dan said: “Self Assessment is used by HMRC to identify how much tax you owe according to the income that you have received. If you are employed, tax is usually deducted from your wages or, if you are retired, from your pension. However, if you have a different form of income, such as self-employment, you need to report this to HMRC by sending a Self Assessment tax return.
How do I register? Dan said: “You can file for your Self Assessment online if you are self-employed. There is an option for sending a paper return as well; you can obtain a paper copy by calling HMRC and requesting form SA100. You can find the contact details here . However, the deadline for sending a return via a paper copy is October 31, 2023.
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