Have you registered for the HMRC online Self-Assessment Tax reporting service? If you’ve never done so before, then the deadline to register is fast approaching.
Clear Vision Financial Management, based in Romsey, Hampshire, explains what you need to do, and more importantly, by when.
Registration for Self-Assessment Deadline: Saturday 5th October
If you need to submit a tax return for the financial year ending 5th April 2019, then you’ll need to complete a Self-Assessment form. It’s not the HMRC’s responsibility to tell you that you’ll need to do this so if you’re unsure, it’s best to seek financial advice from a professional, such as the team at Clear Vision.
If this is the first time that you’ll be completing a Self-Assessment form then you must ensure that before you do anything, you’ve registered your details with HMRC.
Do I need to complete a Self-Assessment?
You need to fill in a self-assessment tax return if:
• you’re self-employed, a business partner, or director of a limited company
• you’re an employee or pensioner with an annual income of £100,000 or more
• you have a pre-tax investment income of £10,000 or more
• you’re a ‘name’ at the Lloyd’s of London insurance market
• you’re a minister of religion
• you’re a trustee or representative of someone who has died
Missing the deadline – fees and penalties
The deadline to submit a paper tax return is 31st October. Most businesses find it easier to complete an online tax return, especially since Making Tax Digital (MTD) came into effect earlier this year. However, if you do miss the deadline by up to three months, you’ll receive a penalty of £100, on top of being charged interest on late payments.
Don’t bury your head in the sand! Ensure you aren’t liable to fees and penalties by working with a chartered accountant or seeking advice when needed.
Confused about Self-Assessments and tax returns?
Here at Clear Vision, we don’t restrict ourselves to working within just business-to-business services, we work with a number of personal clients too. If you’re unsure about what payments you should be making and what deadlines you should be working towards, contact a friendly member of our expert team, who will be on hand to help with your queries.