If you are completing a Self-Assessment tax return for the first time for the 2021/22 tax year, you must register with HM Revenue & Customs (HMRC) first by 5 October to be given a Unique Taxpayer Reference (UTR).
Self-Assessment registration will let HMRC know that they will be completing a tax return.
Your UTR allows you to file your return and so registering for Self Assessment in advance will ensure you can prepare everything necessary and get in touch with HMRC or a tax adviser for help.
By planning ahead and filing earlier than the final online tax return deadline of 31 January 2023, you should have a clearer idea of what you owe and will be able to budget better and find it easier to pay any tax that is due.
Any refunds owed to you may be received quicker by filing returns earlier as well.
If you are completing your tax return on paper forms, it is important to know that this deadline is 31 October 2022.
Do I need to complete a tax return?
If you are unsure if you need to complete a tax return, it is relatively easy to check.
You can check here with the free online tool on GOV.UK, but typically this includes:
– New partners of a business partnership
– Anyone who has received untaxed income
– If you claim child benefit but you or your partner have an income of over £50,000
– Newly self-employed people who have earned more than £1000
It is easier to complete your tax return online and you have more time to complete them via the online system.
It is also important to be aware of scams around this time as criminals often send fake emails, calls and texts claiming to be from HMRC.
Customers should never share their HMRC login details and should check for advice on scams here on GOV.UK.
For more advice on this, contact us today.
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