Saturday 5 October 2024 is the deadline to notify HMRC of a new source of income or gain for 2023/24. HMRC recently issued a Press Release highlighting this deadline which also aimed to debunk the top five myths about registering for self-assessment.
Those required to register for self-assessment includes anyone who:
- is self-employed or a sole trader in a business which commenced in 2023/24,
- is not self-employed but who had a new source of income or a gain in 2023/24, or
- became a partner in a partnership or any new partnership which commenced in business in 2023/24.
Failure to register by the deadline can result in HMRC charging a failure to notify penalty.