Questions and Answers
What happens if I do not register for self-assessment in time?
If you do not register for self-assessment by 5th October, you are late in notifying HMRC of your liability to pay tax.
By Catherine Heinen, FCCAWhere HM Revenue & Customs (HMRC) is not notified before the deadline, failure to notify penalties may be applied.
Failure to notify penalties are calculated based on the amount of tax you did not pay, as a result of not registering and completing a tax return.
Failure to notify penalties are based on:
- the potential tax due and unpaid at the due date
- whether not notifying HMRC was deliberate or concealed
- whether you notified HMRC before you had reason to believe HMRC was about to find out ‘unprompted disclosure’.
- how much assistance you give to HMRC when disclosing your liability to pay tax
HMRC will not charge you a penalty for a failure to notify if all the following apply:
- you have a reasonable excuse for the failure
- the failure was not deliberate
- you told HMRC without unreasonable delay after your reasonable excuse ended
If there are exceptional circumstances, you can appeal against the penalty.
The minimum penalty for an ‘unprompted disclosure’ is lower than the minimum penalty for a prompted one.
You can find out who has to file a self-assessment tax return here.
What should you do if you missed the self-assessment deadline?
Register for self-assessment as soon as you can. If you notify HMRC, submit your tax return before the filing deadline (31st January) and pay your tax on time, the potential tax due and unpaid will be zero, therefore no penalty will arise.
If you register for self-assessment after 5th October, HMRC may confirm that the deadline to submit your tax return is later than 31st January. In this case, you must be aware that the tax is still due by 31st January.
For more information, read our guide on how to register for self-assessment. Your accountant can register for you and help you file your self-assessment tax return ahead of the deadline. Make sure you have everything you and your accountant need to file your tax return without delay.
How can we help?
TaxAssist Accountants can help you to get your taxes in order. Speak to our team today by calling 01224 637100 or using our online contact form.
Frequently Asked Questions
If you miss the deadline for your self-assessment tax return, it's important to speak to your accountant or HMRC as soon as possible. The sooner you rectify the issue and get the tax return filed and tax paid the better.
If you are late, you'll receive an automatic late filing penalty. You'll also be charged interest on late tax payments.
The deadline for completing a self-assessment tax return is 31st January, when completing this online. If you want to submit a paper tax return, the deadline is 31st October.
There are lots of benefits to getting ahead with your tax return, to find out more look at our content hub.
Self-employed individuals, partners in business partnerships, landlords and individuals earnings over £150,000 may be required to file a tax return. Those in receipt of child benefit and earning over £60,000, or higher rate taxpayers earning interest income over £500 may need to complete a tax return too. For a comprehensive list check HMRC’s content on who must send a tax return.
Generally, if you earn at least £1,000 of trading income you should consider if you need to file a tax return. This will depend on what other income you are receiving and speaking to an accountant, or using HMRC’s online checker will help you determine if you need to file a tax return.
Date published 12 Nov 2024
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
Catherine Heinen, FCCA
Catherine is a Technical Content Writer at TaxAssist Accountants, and a qualified accountant. With experience working at two accountancy practices in the UK top 50 accountancy firms according to Accountancy Age, Catherine has significant experience in accounts, tax returns and advising clients. Catherine ensures businesses, business owners and individuals are kept up to date and informed by providing concise and informative technical material.
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