The deadline for registering for Self Assessment is 5 October after the end of the tax year; anyone who needs to register for 2021-22 now has less than a week left or they will face penalties.

There is an obligation to notify HMRC of chargeability to Income Tax and capital gains tax within six months of the end of the tax year.

You have an obligation to Notify HMRC of chargeability to tax if you have, during the tax year:

  • Made a capital gain not covered by exemptions or reliefs, the proceeds exceed £49,200 and you either:
    • Do not use the real-time online service to report the gain.
    • Or If the disposal is of UK residential property, do not use the Report and Pay CGT on UK property service (online or on paper), to report the gain.
  • Employment income that is not taxed under PAYE. 
  • Dividend income and further tax to pay on that income.
  • Any other untaxed income or are liable to tax at higher rates, including where you are subject to the High-Income Child Benefit Charge

If you fail to notify HMRC of your chargeability to tax and have unpaid tax on 1 February 2023, penalties will be due unless you have Reasonable excuse for the failure. You can register with HMRC for Self Assessment here.

Useful guides on this topic

Penalties: failure to notify
A tax penalty applies when a person fails to notify HMRC that they are chargeable to tax.

Do I have to file a tax return?
When do I have to file a self-assessment return? A guide setting out when you should file a self-assessment return if you are not a director.

Do I need to file a tax return
Do you need to file a Self Assessment tax return? What if you are a director? Can HMRC make directors file tax returns? 

CGT: Reporting when & how?
How do you report your capital gains? What return do you use?

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