"are newly self-employed and have earned gross income over £1,000 earned below £1,000 and wish to pay Class 2 National Insurance Contributions voluntarily to protect their entitlement to State Pension and certain benefits are a new partner in a business partnership have received any untaxed income over £2,500 receive Child Benefit payments and need to pay the High Income Child Benefit Charge because they or their partner earned more than £50,000"
"This is an easy tax obligation to overlook, especially given that for many people who recently started making money via self-employment, it's a deadline that can fall well over a year after they struck out on their own. What's more, the deadline's looming. If you kicked the can down the road and haven't yet told HMRC that you now work for yourself - whether that's full-time freelancing or through a side hustle - time is of the essence."
Self-employed individuals who started between 6 April 2024 and 5 April 2025 must register for HMRC self-assessment by 5 October to report earnings for the 2024/25 tax year. Registration is required for those with gross self-employment income over £1,000, for those earning below £1,000 who wish to pay Class 2 National Insurance voluntarily to preserve pension and benefits entitlement, for new partners in business partnerships, for anyone receiving untaxed income over £2,500, and for Child Benefit recipients liable for the High Income Child Benefit Charge if earnings exceed £50,000. Missing the deadline risks penalties, fines and increased HMRC scrutiny; timely notification avoids failure-to-notify penalties.
Read at London Business News | Londonlovesbusiness.com
Unable to calculate read time
Collection
[
|
...
]