Most people don’t need to register for Self Assessment unless they’re self-employed, but there are exceptions.
Who needs to submit a Self Assessment if they’re not self-employed?
HMRC need to know about any income you might earn, to ensure you pay the right amount of tax due. Not all earnings come from employed or self-employed work, so you might need to register for Self Assessment to tell HMRC about income from another source. This might be the case if:
you are starting to receive income from land or property in the UK
receiving foreign income over £300 which is taxable
you sell shares or other assets which are liable to Capital Gains Tax
you become a director of a company (even if you do not pay yourself dividends)
your income increases to more than £100,000 in a year
you receive any taxable income which hasn’t been taxed, and it can’t be collected through your tax code
How do I register for Self Assessment if I’m not self-employed?
You need to register for Self Assessment before 5th October, if you did not send a tax return last year. Your first tax return will be due 31st January the following calendar year if you submit online. The deadline is 31st October the same year, if you submit a paper return.
What happens after I register for Self Assessment?
Once you register for Self Assessment, HMRC will send you a Unique Taxpayer Reference (UTR). You will also receive reminders when your tax return is due. If your situation changes, and you no longer need to submit, you should let HMRC know as soon as possible.
You can sign up for HMRC’s online services, and use this to complete your SA tax return. You’ll receive an activation code, which can take a few weeks to arrive. Just be sure to register in plenty of time to submit your return.
You can also submit a postal form, just remember that the deadline for paper returns is 31st October.