HMRC warning as missing 'imminent' deadline could land you £100 fine

There are only days away until this year's self-assessment tax register deadline, so if you need to submit a self-assessment tax return this year you only have until Saturday to tell HMRC

A huge HMRC deadline is coming this week - and Brits could risk fines of over £100 if they miss it.

There are only days away until this year's self-assessment tax register deadline, so if you need to submit a self-assessment tax return this year, you only have until October 5 to tell HMRC. This week's deadline is for people who have never paid self-assessment taxes before.

Once you have registered, you have until January 31 to submit your turn and pay the taxes you owe. If you are filing a paper return you only have until October 31 to submit it, you then have until January 31 to pay. If you fail to do this, you risk being fined £100 from HMRC.

Seb Maley, CEO of Qdos, said: "HMRC issued an advisory a few months ago to alert people about the upcoming deadline. Not everyone will have been aware of it, though, and the deadline has continued creeping on up – now it’s imminent.

"It’s crucial that those who fit the bill as a self-employed worker – in whatever capacity – register for self-assessment by the 5th October deadline. Doing so means you’ll be well-placed to get a head start on the actual payment of your tax bill, well ahead of 31st January."

You could be charged even more if you fail to submit it within three months of the deadline and then charged more on top of this if it is later - plus interest - or if you pay your tax bill late. With more people taking up side hustles over the last few years, the number of people needed to register for self-assessment is expected to rise.

So if you earn money on the side of your PAYE day-to-day job, you may need to register. According to the charity Turn2Us, you will need to register for self assessment tax if in the last tax year:

• Your income from self-employment was more than £1,000
• You got more than £2,500 from renting out property
• You got more than £2,500 in other untaxed income
• You had a P800 from HMRC saying you did not pay enough tax last year
• You need to prove you’re self-employed, for example, to claim Tax-Free Childcare
• You want to make voluntary Class 2 National Insurance payments to help you qualify for benefits

The tax year you will be registering will be for the 2023-2024 tax year. This ran from April 6 2023 until April 5 2024. HMRC has advised that it "urges customers to file their return early to provide peace of mind and to also allow time to consider opportunities to spread the cost of their tax bill, claim refunds earlier and avoid costly errors caused by rushing."

How to register for self-assessment for the first time

If you are registering because you have become self-employed, you can register online. The Low Incomes Tax Reform Group (LITRG) says if you are a sole trader, you will need to set up an organisation account for HMRC’s online services. This is called a business tax account. You will need government gateway login details to do this.

The group noted that will be different to your own personal tax account. Once your business tax account is set up, you can then register for self-assessment by selecting "Add a tax to your account to get online access to a tax, duty or scheme."

The LITRG noted that if you are struggling with the digital service, then you can complete a paper form to register. You can download this document from GOV.UK, print it out and post it to HMRC. This will take longer, so you will need to post it as soon as you can to get it there before the deadline.

Once you have registered, HMRC should notify you of your Unique Taxpayer Reference (UTR) number within 10 to 15 working days. This is a 10 digit number which you need in all communications with HMRC. The tax office will also issue you a formal notice to file a tax return for the 2023/24 tax year. You can choose via your online tax account whether you want to receive this digitally or by post. From then, all you need to do is file/pay your tax returns by the relevant deadline.