Registered for self assessment today - what do I do about the deadline?

paulsrose

I've only just realised that I need to pay a small amount of high income child benefit charge for the 23/24 tax year, so I have registered for self assessment this evening. However all the info appears to say that it will take three weeks for my registration to be processed.

What does that mean for the submission deadline tomorrow? I've seen other posts saying that you always get 3 months to submit, but you will still get charges for paying after the 31 January. Is there any way I can avoid charges, or do I just have to wait to have my registration confirmed and then submit immediately?

This is my first time earning over £50k and I had thought the threshold had increased to £60k so I wouldn't be affected, but only realised this evening that that's only for 24/25. Any advice much appreciated!

Dazed_and_C0nfused

How much are you expecting to have to pay?

[Deleted User]

paulsrose said:

I've only just realised that I need to pay a small amount of high income child benefit charge for the 23/24 tax year, so I have registered for self assessment this evening. However all the info appears to say that it will take three weeks for my registration to be processed.

What does that mean for the submission deadline tomorrow? I've seen other posts saying that you always get 3 months to submit, but you will still get charges for paying after the 31 January. Is there any way I can avoid charges, or do I just have to wait to have my registration confirmed and then submit immediately?

This is my first time earning over £50k and I had thought the threshold had increased to £60k so I wouldn't be affected, but only realised this evening that that's only for 24/25. Any advice much appreciated!

There will be a little bit of interest to pay IF you manage to obtain your UTR within three weeks but no penalties until 2nd March. Without the UTR you can’t pay anything. 

The main issue would be around late registration and return filing. As Dazed says - what does your 2023/24 P60 show and did you have any other income?

paulsrose

Thanks for the replies and the clarification of timelines. Glad I won't get fined! I did the calculator and it's saying I'd owe around £200. I guess interest won't be much for just a few weeks? 

Dazed_and_C0nfused

paulsrose said:

Thanks for the replies and the clarification of timelines. Glad I won't get fined! I did the calculator and it's saying I'd owe around £200. I guess interest won't be much for just a few weeks? 

If you didn't pay for a year then interest would be £14.50 (at the current late payment rate).

So less than 30p/week.

But once you have your UTR you can £200 so that interest on the first £200 of any liability stops at that point.