Need to register for Self-Assessment? Top 5 myths - debunked: HMRC clarifies some common myths about Self-Assessment tax returns.
Anyone who needs to complete a Self Assessment tax return for the first time to cover the 2023 to 2024 tax year, should tell HM Revenue and Customs (HMRC) by 5 October 2024.
There are plenty of myths about who needs to file a Self Assessment return before the 31 January 2025 deadline and HMRC today debunks some of the most common ones.
Myth 1: “HMRC hasn’t been in touch, so I don’t need to file a tax return.”
Myth 2: “I have to pay the tax at the same time as filing my return.”
Myth 3: “I don’t owe any tax, so I don’t need to file a return.”
Myth 4: “HMRC will take me out of Self-Assessment if I no longer need to file a return.”
Myth 5: “HMRC has launched a crackdown on people selling their possessions online and now I will have to file a Self-Assessment return and pay tax on the items I sold after clearing out the attic.”
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