Think you may have been trading online & not declaring it all ? When & how do you need to submit a self-assessment tax return?

Self-assessment is the system HMRC uses to collect tax from people who don’t pay it all automatically from their wages under PAYE. This includes those who may rent out property, have larger incomes or taxable Benefits in Kind, are self-employed, freelance, or do extra work alongside another job. The latter are being targeted now under a new crackdown on online selling.

As from January 1, popular websites such as eBay, Vinted, Airbnb, Uber, Deliveroo and Etsy will have to record how much money people are making through them and report it to HMRC.

Don’t wait to be caught – there’s a chance now to make a declaration voluntarily and pay what you owe now.

You will need to register for self-assessment tax if in the last tax year your top-line turnover/ income from any self-employment work was more than £1,000.

If you started working in a self-employed capacity during the current tax year which ends on the 5th of April 2024 you must notify HMRC of your self-employment by the 5th of October 2024. If you have not yet done so for any earlier years prior to that then this will be deemed late and subject to penalties.

If you have income for an earlier that you have not yet declared contact Lindsay on 07879 464 577 as there is an opportunity to make an online voluntary disclosure of tax for earlier years which carries lower penalty charges, a lot less stress and Lindsay can do this for you for a fixed fee.