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One week left to register for Self Assessment Tax Return
Customers who are preparing to submit a Self Assessment tax return for the first time need to register by 5 October.
HM Revenue and Customs (HMRC) is reminding customers that time is running out to register for Self Assessment tax return.
Anyone submitting a Self Assessment tax return for the first time – including High Income Child Benefit Charge customers – will need to register for Self Assessment by 5 October so that they can complete their return by 31 January 2019.
HMRC also provides online webchats, live webinars, YouTube videos and social media support for customers which can be accessed at any time, and on any device, to help them fill in and file their returns.
People need to complete a tax return for 2017 to 2018 if they:
earned more than £2,500 from renting out property
or their partner received Child Benefit and either of them had an annual income of more than £50,000
received more than £2,500 in other untaxed income, for example from tips or commission
are self employed sole traders
are limited company directors
are employees claiming expenses in excess of £2,500
have an annual income over £100,000
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.
The deadline for 2017 to 2018 Self Assessment returns is 31 January 2019.
The penalties for late tax returns include: an initial £100 fixed penalty which applies even if there is no tax to pay or if the tax due is paid on time; after three months, additional daily penalties of £10 per day, up to a maximum of £900; after six months, a further penalty of 5% of the tax due or £300, whichever is greater; after 12 months, another 5% or £300 charge, whichever is greater.
There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, six months and 12 months