HM Revenue and Customs (HMRC) has issued a warning for all customers who are new to Self Assessment. The government department said there are only two weeks left for claimants to tell HMRC and register for Self Assessment, or risk getting into trouble.
It highlighted that new Self Assessment customers could include someone who has set up a 'side hustle' to earn money in addition to their PAYE job, someone who is self-employed, or a new landlord renting out property.
It's important that any income from this that has not already had UK tax paid on be disclosed through Self Assessment. Customers can do this through HMRC's online checking tool which will inform customers if they need to fill in a tax return. Read more: HMRC urges hundreds of thousands of young adults to check if they're owed £2,000 Read more: Savers could earn extra with record average rates not seen in nearly 15 years Myrtle Lloyd, HMRC’s Director General for Customer Services, said: "If you are new to Self Assessment and unsure how the process works – HMRC is here to help.
We have a wealth of resources and guidance available on GOV.UK to help customers register, sign up to the online services and complete their tax return. "We want to help customers get their tax right first time, just search ‘Self Assessment’ on GOV.UK to find out more." Customers have until January 31, 2024 to file their tax return and pay any tax owed for 2022/23.Read more on manchestereveningnews.co.uk
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