HMRC is alerting content creators to ensure they register for Self Assessment before the deadline
London: HMRC has sent out a heads-up for anyone making online content. If you earn money from it, you might need to register for Self Assessment. The deadline is coming up fast!
For the 2023 to 2024 tax year, you must file your online tax return by January 31, 2025. If you’re late, you’ll face penalties. So, it’s best to get it done on time.
Here’s the deal: if you made over £1,000 from a side gig, you need to file. This also applies if you’re self-employed, rent out property, or create online content.
HMRC recently shared a reminder on X (formerly Twitter). They pointed out that just because they haven’t contacted you, doesn’t mean you’re off the hook for filing.
If you miss the January 31 deadline, you’ll get a £100 fine if you’re up to three months late. And it only gets worse from there. Late payments will also rack up interest.
You can appeal if you have a good reason for being late, but you still need to file your return as soon as you can. Don’t think you can blame a bounced cheque or lack of reminders from HMRC.
If you can’t pay your tax bill in full, don’t worry. You can use HMRC’s ‘Time to Pay’ system to spread the cost. Just remember, you need to file your Self Assessment first.
