The deadline to register for self-assessment, to enable you to complete a 2018/19 tax return, is 5 October 2019.
You may be required to complete a tax return for a number of reasons, some examples are outlined below:
- You have a sole trade and earn more than £1,000
- You are a partner in a business
- You are receiving child benefit however one person in your couple earns above £50,000
- You are renting out a property
- You earned interest on non-ISA accounts above the 0% personal savings allowance
- You received dividend income in excess of £2,000 – even if this was then reinvested
*The 0% personal savings allowance generally applies for interest earned up to £1,000 for individuals with other income below £50,000 or £500 where income is between £50,000 and £150,000. No allowance is available for taxpayers earning above £150,000.
Where your circumstances have changed and you believe you may be required to complete a tax return, please do not delay! Ensure you register for self-assessment before the 5 October deadline to avoid penalties from HMRC.
If you think the above may apply to you or would like help registering for self-assessment, please get in contact with a member of our team via the ‘contact us’ page.
For more information on registering for self-assessment, HMRC have useful guidance on their website at the following link: https://www.gov.uk/self-assessment-tax-returns