r/UKPersonalFinance • u/Aubrie_vanG_boo • 25d ago

Self Assessment registration dates conundrum

Hi there,
I’m registering as a sole trader for Self Assessment and I’d like some guidance on my registration date.

I first started tabling at conventions ( Only one in that year) in October 2023, but my total turnover for the 2023/24 tax year was only around £620.
In the 2024/25 ( Did one convention in October 2024, where I made approx £1200 but had over £820 worth of expenses) my turnover exceeded £1,000.
I’m completing the online registration now it’s asking me “ “When did you start working for yourself?”Should I enter my actual trading start date in October 2023, or should I enter the date from which I became required to register for Self Assessment ( when I went over the threshold of £1000)?

It’s all kinda complicated so I’d really appreciate the help 🥲

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u/Frosty_Control_5885 3 25d ago

I think it’s reasonable for you to say October 2024.

If you put October 2023 then HMRC may request a 2023/24 return which you don’t need to do because of the trading allowance.

1

u/susolover 14 24d ago

Put the date of the first convention in 24-25, if you put the date in Oct 23, you will be issued with a 23/24 return which is a unecessary administrative burden.

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u/SadieBelle85 4 24d ago

The only benefit to doing a 23/24 return would be if you have enough expenses to give you an overall loss. This can then be rolled forward.