The deadline to register for self-assessment is 5th October. But who needs to register?
You may need to submit a self-assessment tax return if in the last tax year you:
· were a sole trader earning over £1000, or
· were in a partnership, or
· had income from sources other than your pension, benefits, or wages
The last tax year ran from April 6 2020 — April 5 2021.
The government has a useful tool for figuring out whether you need to submit a self-assessment tax return:
Check if you need to send a Self Assessment tax return
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You can submit your tax return digitally by 31st January 2022, or using the paper form by 31st October 2021. Below are examples of the types of income you may need to pay income tax on and submit a tax return to declare.
Be aware: the information below isn’t a full guide and some income will be taxable that isn’t mentioned. It is recommended that you check the tool above to be sure, or contact our HMRC team for further support — our number is at the bottom of this page.
Online selling (e.g. Etsy, eBay)
When selling online, the key questions are:
· Were you only selling personal items?
· How much income did you receive or profit did you make?
If you sold personal items worth over £6,000, you’ll only need to submit a tax return if you made a profit from them. Personal items include jewelry, clothes or any other item which belongs to you and wasn’t bought for the purpose of making a profit. If personal items are sold for less than £6,000 you won’t need to submit a tax return.
If the items you sold were not personal items, you’ll need to submit a tax return if you received more than £1,000 in income, or they were sold through a partnership.
Second incomes and “side-hustles” (e.g. tutoring, photography)
It is becoming increasingly common for people to have second jobs and side projects to top up their main salary. Whether you need to submit a tax return depends on whether you meet the general requirements for self-assessment. In other words, if your income from any of these sources is over £1,000, you’ll need to register and submit a tax return.
Renting or Short-Term Lets (e.g. Airbnb, Spareroom)
Do you have a second property or spare room you rent out or let as a holiday home? If so, you will need to register for self-assessment if your income from the property exceeds £2,500 after deducting expenses, or £10,000 before deducting expenses.
Shares, dividends, and savings
If you made an income of more than £10,000 from savings and investments you will need to submit a tax return. This includes income from interest and dividends but does not include the profit you made from selling those assets. Profit on the sale of assets is covered by Capital Gains Tax. Follow the link below for more information on this:
I need to submit a tax return, what should I do next?
Contact our HMRC team on 07883 572 175 or email@example.com and we can help you set up a digital tax account, register for self-assessment, and submit your tax return. We’ll also check whether there are any benefits you can claim to supplement your income.
Follow the links below to access the relevant gov.uk services.
Register for self-assessment:
File your self-assessment online:
Pay your bill:
Disclaimer: This information was correct at the time of publishing on 14 September 2021 and is provided as a guide only. It is not a recommendation to take a specific action and we suggest you speak to an adviser if you have any doubt about how the law applies to you.