I received a one-off payment of £4000 for a project I undertook in the last financial year (20/21) in addition to my regular taxed income from a full-time job. I did not realise this needed to be declared, and I have now missed the cut-off to register for self assessment (5th October 21) in order to file a tax return by 31st October 21.
I would like to know:
- is it too late to register for self assessment to declare my additional 20/21 income now?
- if I register now that I have missed the cut-off, will I be fined for registering late?
- if so, how large is the fine likely to be?
- what will be the consequences if I delay declaring the income further?
Thank you in advance for your advice.
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