{"id":25431,"date":"2023-11-14T13:32:07","date_gmt":"2023-11-14T13:32:07","guid":{"rendered":"https:\/\/smh.group\/?p=25431"},"modified":"2023-11-14T13:32:07","modified_gmt":"2023-11-14T13:32:07","slug":"handy-hints-ahead-of-self-assessment","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/handy-hints-ahead-of-self-assessment\/","title":{"rendered":"Handy hints ahead of self-assessment"},"content":{"rendered":"<p><strong>The 31 January 2024 deadline for submitting a 2022\/23 self-assessment tax return is not far off, especially for those not yet registered.<\/strong><\/p>\n<p>Anyone who has not previously registered for self-assessment \u2013 but needs to submit a tax return for 2022-23 \u2013 should do so as soon as possible.<\/p>\n<ul>\n<li>A self-assessment activation code can take a week to arrive (three weeks if overseas); and<\/li>\n<li>It can take two weeks (again, three weeks if overseas) to obtain a unique taxpayer reference, although using a personal tax account or the HMRC app can speed things up.<\/li>\n<\/ul>\n<p>For anyone who has not previously submitted a tax return, the deadline for informing HMRC of the need to do so for 2022\/23 has already passed. Individuals who have missed the deadline might face a fine.<\/p>\n<h2><strong>First-time registration<\/strong><\/h2>\n<p>There are a number of reasons why a taxpayer might fall into the self-assessment system for the first time. For example, anyone who has:<\/p>\n<ul>\n<li>Started part-time self-employment, including work in the gig economy, trading on eBay and similar websites, or earning money as an influencer (although the first \u00a31,000 of self-employed income is exempt);<\/li>\n<li>Disposed of cryptoassets (any profits are subject to capital gains tax); or<\/li>\n<li>Rented out property for the first time, possibly through sites such as Airbnb (again, the first \u00a31,000 of rental income is exempt).<\/li>\n<li>Become liable to the High Income Child Benefit Charge as a result of their income exceeding \u00a350,000.<\/li>\n<\/ul>\n<h2><strong>Sooner rather than later<\/strong><\/h2>\n<p>Leaving registration to the last moment will mean there is no time to deal with any unforeseen problems. You might need to consult HMRC\u2019s self-assessment helpline, which is now available again after its summer closure.<\/p>\n<p>There will also be little time before the related tax bill is due for payment, and this could be an issue if the amount payable is higher than expected.<\/p>\n<p>More information about whether you need to submit a self-assessment tax return can be found <span style=\"text-decoration: underline;\"><strong><a href=\"https:\/\/www.gov.uk\/check-if-you-need-tax-return\" target=\"_blank\" rel=\"noopener\">here<\/a><\/strong><\/span>.<\/p>\n<p>Our\u00a0<a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/\"><strong>Yorkshire and Derbyshire based Accounting &#038; Business Advisory<\/strong><\/a>\u00a0can assist on\u00a0<strong>0114 266 4432<\/strong>\u00a0or\u00a0<a href=\"mailto:info@smh.group\"><strong>info@smh.group<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 31 January 2024 deadline for submitting a 2022\/23 self-assessment tax return is not far off, especially for those not yet registered.<\/p>\n","protected":false},"author":4,"featured_media":25439,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3],"tags":[55,69,83,77,14],"class_list":["post-25431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","tag-accountants","tag-capital-gains-tax","tag-chartered-accountants","tag-financial-planning","tag-tax-planning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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