Do I Need to File For Self-Assessment If I am Not Self-Employed?

Self-assessment may look daunting sometimes. However, it can be pretty simple if you are organised and prepared. However, there are some scenarios related to filing for self-assessment. Most people don’t need to file for self-assessment unless self-employed, but exceptions exist.

Use the links in the table of contents below to easily navigate your desired section.

• Non-Self-Employed Individuals: Who Needs to File Self-Assessment?
• I am not a self-employed person. How can I file my self-assessment?
• What is the Perfect Time To Register for Self-Assessment?
• What to Expect After Registering for Self-Assessment?

Let’s get to the details on when to file for self-assessment if you are not self-employed.

Non-Self-Employed Individuals: Who Needs to File Self-Assessment?

Whether you are self-employed or not, HMRC needs to know about your money. Also, some of the earnings don’t come from employment, so you should register and be aware of HMRC about the income from other sources. This is especially mandatory in this case.

You receive income by selling your personal belongings like property or land.

Received any foreign income worth £300 or over.

Sell shares, assets, or property subject to Capital Gains Tax.

You have an income of more than £150000 any year.

You get any income that hasn’t been taxed or can’t be collected through your tax code.

You have to pay High Income Charge Child Benefit to receive it, or your partner has individual income which is quite more than £60,000

I am not a self-employed person. How can I file my self-assessment?

The registration process for Self-Assessment depends on whether you are self-employed. You can complete your SA1 form or register online if you are not self-employed.

What is the Perfect Time To Register for Self-Assessment?

Last year, if you had not filed for a tax return, you should have filed your self-assessment on 5th October following the end of the tax year. Your first tax return will be due on 31st January the following calendar year by submitting it online. If you file via paper return, your deadline would be 31st October of the same year.

Example

If a person must submit a tax return for the 2023/2024 tax year (Suppose the dates are 6th April 2023- 5th April 2024), you must sign up for the self-assessment before the due date (5th October 2024).

What to Expect After Registering for Self-Assessment?

Are you curious about the next step after registering for Self-Assessment? Here are the points that will help you know what to expect after registration.

• HMRC will send you a Unique Taxpayer Reference (UTR).
• If you are a company director, your UTR number will differ from the one you receive as a Limited Company person.
• You will get reminders whenever your tax return is due.
• If your circumstances change and you no longer need to submit your tax return, you must inform HMRC promptly.
• You will get an activation code when you first sign up for the HMRC online service.
• This can take a few days or weeks, so be sure to register on time to submit your return.