Business News

Time Running Out To Register For Self-Assessment

With just over a week to go until the registration deadline for self-assessment returns for the 2017/18 tax year, HMRC is reminding taxpayers that time is running out.

Anyone submitting a self-assessment tax return for the first time will need to register for self-assessment by 5 October 2018, so they can complete their return by midnight on 31 January 2019.

People who need to complete a tax return for 2017/18 include self-employed sole traders, and those who earned more than £2,500 from renting out property or other untaxed income.

Limited company directors and shareholders will also need to complete a tax return, as will those who had an annual income of more than £100,000.

HMRC extended the reminder to people who may not realise they need to complete self-assessment, such as those earning more than £50,000 and receiving child benefit.

A detailed list of those who need to send a tax return can be found on the government’s website.

Angela MacDonald, director-general of customer services at HMRC, 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.

“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 any help or advice with financial planning talk to RPD

 

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