One-day warning to anyone who is self-employed as tax deadline looms

A warning has been issued to anyone who is self-employed as the deadline to submit your self-assessment tax return is looming. Workers in the UK who have not yet done so have just one day to register for the 2022/23 year, or risk facing penalties.

A finance expert has warned that you must tell HM Revenue and Customs (HMRC) by October 5, 2023 if you need to complete a tax return and you have not sent one before. You could be fined if you do not do this by the deadline date.

Self assessment is a system that the HMRC uses to collect income tax. Tax is usually deducted automatically from wages and pensions, but those who are self-employed and businesses with other income, including Covid-19 grants and support payments, must always report it in a tax return.

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It does not matter whether you make a profit or loss from your self-employment, you still need to register your details. Dan Whittaker, personal finance expert at CashLady.com, has outlined the upcoming deadline as well as giving information on how to register and pay for your Self Assessment tax return.

“The deadline to register for your Self Assessment is October 5, 2023. This is an important date for individuals who have never submitted a Self Assessment tax return before, or did not file one in the previous year. To prepare for this, go to the Gov.uk website to check if you need to register.”

Dan explained: "Self Assessment is used by HMRC to identify how much tax you owe according to the income that you have received. If you are employed, tax is usually deducted from your wages or, if you are