Those who run their own business or receive Child Benefit and are required to submit a tax return for the first time are being reminded to register for self-assessment before 5 October 2018.
In recent days, HM Revenue & Customs (HMRC) has warned that time is running out to register so they can complete their return by 31 January 2019.
Who needs to register?
You will need to complete a tax return for the 2017/18 financial year if:
- You earned more than £2,500 from renting out property.
- Your partner received Child Benefit and either of you had an annual income of more than £50,000 or received more than £2,500 in other untaxed income.
- You are a self-employed sole trader.
- You are a director of a limited company
- You are a shareholder of a company
- You are an employee claiming expenses in excess of £2,500 or have an annual income in excess of £100,000.
What is the deadline?
The deadline for 2017/18 self-assessment returns is 31 January 2019. However, you must register before this date on 5 October 2018.
Where can I get help?
Customers should visit the Government’s self-assessment web page if they aren’t sure if they should register. There are also a number of self-help materials on the Government’s website and smartphone app, including online webchats, webinars, YouTube videos and social media support. If you’re still unsure, please get in touch for advice.
What did HMRC say?
In a recent reminder notice, Angela MacDonald, Director General of Customer Services, said: “January may seem a long time away, but if you’ve not done self-assessment before and you’re now required to, you need to register.
“We know that some customers don’t always realise they need to do self-assessment, like those who earn more than £50,000 and receive Child Benefit, so please check if this applies to you. It’s really easy to do and doesn’t take long. If you’re not sure if you need to do self-assessment or not, go to GOV.UK and all the information you need is there.”
For advice, please get in touch.