Do you need to register for taxes by Thursday?
Millions of taxpayers have just a few days to register for a self-assessment tax return or risk a penalty.
The declaration is an online or paper form that must be submitted to Revenue and Customs each year by those who receive additional cash outside of their main income.
More than 12 million people file a tax return each year, but experts say thousands more may need to do so for the first time this year as a result of inflation, a freeze or cut in tax thresholds and rising tax rates. saving.
Registration can be done online at gov.uk/register-for-self-assessment or by calling 0300 200 3310. It must be done before 5 October.
Here are five reasons why you may need to sign up:
Self-Assessment: The declaration is an online or paper form that must be submitted to HM Revenue and Customs each year by those who receive additional cash outside of their main income.
1. You earn over £1,000 a year from a hobby. You can only earn up to £1,000 through side hustles, such as selling second-hand or homemade items online without paying tax or completing a tax return.
2. You earn more than £10,000 in savings interest or dividends a year. If you earn between £1,000 and £10,000, you can usually pay by asking the Inland Revenue to adjust your tax code so that it is deducted from your salary or pension.
3. He earns more than £7,500 a year by renting out a room in his house to a tenant, as a holiday let or on Airbnb. If you earn less than this, you won’t have to pay any tax and you won’t need to register for self-assessment.
4. You earn more than £6,000 in capital gains. A capital gain is the profit you make from selling something that has increased in value. You can earn up to £6,000 tax-free, but after this point you will need to pay any taxes due. From April 2024, this figure will be halved again, to £3,000.
5. You are a father and earn over £50,000 a year. Workers with incomes over £50,000 must pay tax on high-income child benefit. For every £100 earned above the threshold, you must repay 1 per cent of the full benefit. Once your income exceeds £60,000, you will need to repay your child benefit in full.
