Posted October 2, 2018

Do I need to register for Self-Assessment

As the 5 October deadline to register for self-assessment for the 2017/18 tax year rapidly approaching I thought this was the ideal time to give a quick overview of situations where you need to register for self-assessment tax.

Some of the common reasons for needing to register for self-assessment are:

• You have income from self-employment in excess of £1,000.
• You receive more than £2,500 in untaxed income e.g. tips, commission, etc.
• Your received more than £2,500 from renting out a property (if you received between £1,000 and £2,500 you need to contact HMRC).
• You received dividends from shares in excess of the £2,000 dividend allowance.
• You were a company director during the year.
• Your (or your partner’s income) was over £50,000 and you claimed child benefit.

You can register for self-assessment online using the following link https://www.gov.uk/log-in-register-hmrc-online-services/register, alternatively your accountant or tax advisor can register you on your behalf.

Failure to register for self-assessment tax could result in a penalty.  The minimum penalty for failing to register on time is £100.

If you need any further help or advice on whether you need to register for self-assessment, please contact us.

The information contained above is provided for information purposes only and is not intended to amount to advice on which reliance should be placed. We therefore disclaim all liability and responsibility arising from any reliance placed on such information. Professional advice should be obtained before taking or refraining from taking any action as a result of the above contents.