Brand new business - when do i start paying tax??

Veganhealthiswealth

Started a new business and Registered it with the council in November 2021.
Have been reading up on the tax returns (yes i know i'm a little delayed, please bear with me, running a second business AND working full time with kids is pretty hefty) and it says on the HMRC that i dont need to register (for self employed) until 5 Oct in the business' second tax year - which would be Oct 2022 i guess??

Does this mean we dont have to submit anything this year?

Penguin_

Assuming you are self employed (& not a limited company) then your tax return for the period November 2021 to 5th April 2022 (end of current tax year) needs to be filed with HMRC by the 31st October 2022 (paper copy) or 31st January 2023 (online).

Veganhealthiswealth

Yes, self employed!

Dazed_and_C0nfused

Two separate things.

Your new business won't require completion of a tax return until after April.  There is no benefit in delaying registering with HMRC and they will send you a notice to file a return, the deadline for which should be 31 January 2023.

As far as 2020:21 return is concerned if HMRC haven't sent you a notice to file a return and you don't meet any of the criteria to need to file one then you have nothing to do.  If you have had a notice to file then don't ignore it.

Veganhealthiswealth

Dazed_and_C0nfused said:

Two separate things.

Your new business won't require completion of a tax return until after April.  There is no benefit in delaying registering with HMRC and they will send you a notice to file a return, the deadline for which should be 31 January 2023.

As far as 2020:21 return is concerned if HMRC haven't sent you a notice to file a return and you don't meet any of the criteria to need to file one then you have nothing to do.  If you have had a notice to file then don't ignore it.

We havent received anything at all...

Veganhealthiswealth

Veganhealthiswealth said:

Dazed_and_C0nfused said:

Two separate things.

Your new business won't require completion of a tax return until after April.  There is no benefit in delaying registering with HMRC and they will send you a notice to file a return, the deadline for which should be 31 January 2023.

As far as 2020:21 return is concerned if HMRC haven't sent you a notice to file a return and you don't meet any of the criteria to need to file one then you have nothing to do.  If you have had a notice to file then don't ignore it.

We havent received anything at all...

But would that be because we havent registered yet?

Veganhealthiswealth

Dazed_and_C0nfused said:

Two separate things.

Your new business won't require completion of a tax return until after April.  There is no benefit in delaying registering with HMRC and they will send you a notice to file a return, the deadline for which should be 31 January 2023.

As far as 2020:21 return is concerned if HMRC haven't sent you a notice to file a return and you don't meet any of the criteria to need to file one then you have nothing to do.  If you have had a notice to file then don't ignore it.

Whats the criteria?

[Deleted User]

To answer the question in the header:

First tax is payable on 31st January 2023. This will be based on income from all sources in 2021/22 tax year with full credit given for tax paid under PAYE.

The criteria for self assessment is here:
https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return

Jeremy535897

Veganhealthiswealth said:

Dazed_and_C0nfused said:

Two separate things.

Your new business won't require completion of a tax return until after April.  There is no benefit in delaying registering with HMRC and they will send you a notice to file a return, the deadline for which should be 31 January 2023.

As far as 2020:21 return is concerned if HMRC haven't sent you a notice to file a return and you don't meet any of the criteria to need to file one then you have nothing to do.  If you have had a notice to file then don't ignore it.

Whats the criteria?

Most employees don't need to file a tax return because PAYE does the job of collecting about the right amount of tax. Add self employment into the mix, and you will have to complete one, the first being for the tax year 2021/22, unless your turnover is no more than £1,000.

I would suggest that you register as self employed now, and complete a form CWF 1 to deal with the national insurance side of things. See https://www.litrg.org.uk/tax-guides/self-employment/how-do-i-register-tax-and-national-insurance