If you have recently become a freelancer or self employed but have not yet let HMRC know about you new employment status, then you may only have until 5th October 2017 to notify them and register for Self Assessment.
As a freelancer, sole trader or self employed individual it is your responsibility to notify HMRC of your earnings and work out how much tax and national insurance you have pay. You do this under self assessment by sending a personal tax return by 31 January each year, which summarises your earnings during the previous tax year (a tax year runs from 6 April to 5 April).
Does the 5th October 2017 registration deadline affect you?
You need to register for self employment with HMRC by 5th October in your business’s second tax year.
So if you earned income through freelancing, being self employed or even as a landlord in the last tax year which runs from 6 April 2016 to 5 April 2017 then you must register for self assessment by 5th October 2017. There are penalties for missing this deadline, which can be up to 30% of your tax liability so don’t delay.
You can register for HMRC Self Assessment online here. The process takes 10 days to complete and you will be issued with a 10 digit UTR (Unique Tax Payers Reference) number, which you should keep safe and ready for tax return time.
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