Do you need to register for self-assessment?

There are a number of reasons why you might need to complete a self-assessment tax return. This includes if you are self-employed, a company director, have an annual income over £150,000 and / or have income from savings, investment or property.

The £100,000 self-assessment threshold changed for taxpayers taxed through PAYE only. The limit increased from £100,000 to £150,000 with effect from 6 April 2023.

Taxpayers that need to complete a self-assessment return for the first time should inform HMRC as soon as possible. The latest date that HMRC should be notified is by 5 October following the end of the tax year for which a self-assessment return needs to be filed.

HMRC has an online tool www.gov.uk/check-if-you-need-tax-return/ that can help you check if you are required to submit a self-assessment return.

You are required to submit a self-assessment return if any of the following apply:

  • you were self-employed as a ‘sole trader’ and earned more than £1,000 (before deducting items available for tax relief);
  • you were a partner in a business partnership;
  • you received a total taxable income of more than £150,000 in 2023-24 (£100,000 in 2022-23);
  • you were obliged to pay Capital Gains Tax when you sold or ‘disposed of’ an asset that increased in value; or
  • you had to pay the High Income Child Benefit Charge.

You may also need to file a tax return if you have any untaxed income, such as:

  • money from renting out a property
  • tips and commission
  • income from savings, investments and dividends
  • foreign income
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