Don’t forget to register for self-assessment by 5 October!

4th September 2019

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



 
Other items in Private Client Tax
 
Ian Piper
14th April 2020 Home Working: What expenses can employees reclaim?

As a consequence of the Covid-19 lock down, most employees who are able to work from home, and who have not been furloughed, are now working from their private study, spare bedroom, dining room table, etc. So what home expenses can these employees reclaim, tax free, from their employer:   Supply of a mobile phone…

Read More »

Amanda Newman
3rd April 2020 Marriage allowance can you cash in?

The marriage allowance allows you to transfer £1,250 of your unused personal allowance to your husband, wife or civil partner in a given tax year.   In order to qualify the one receiving the transfer must not be a higher rate tax payer and the lower earner must have income below their personal tax free…

Read More »

Edward Hopkins
25th March 2020 Marriage Allowance: Are you eligible?

As the Covid-19 outbreak begins to tangibly affect personal finances, there may be some good news, as a short HMRC form could potentially result in you receiving a £1,150 cheque.   The Marriage Allowance was introduced in 2015, but recent figures reveal that only a small percentage of eligible couples have claimed. With only weeks…

Read More »

Jaimie King
12th March 2020 Can’t file because of Coronavirus?

All companies must file their accounts with Companies House every year, and there is an automatic penalty applied if they are filed late.   Companies House have today released guidance regarding coronavirus. If you are unable to file your company accounts due to the virus, you must make an application to extend the filing deadline…

Read More »

Matilda Mawson
24th February 2020 An update for NHS staff on the annual allowance charge for 2019/20

Current Issues The introduction of the tapered pension annual allowance from 6 April 2016 has been a contentious issue for many, in particular senior NHS staff members. The legislation change means that, for high income individuals, the annual pension allowance may be reduced from £40,000 to a minimum of £10,000. Pension inputs in excess of…

Read More »

Jodie Tarbin
24th February 2020 How taking a pension lump sum could save you money

  If you reached state pension age after 6 April 2016 and deferred taking your pension, you will receive a higher weekly amount when you start receiving it. However, if you reached state pension age before 6 April 2016 there is a second option, which is to receive a state pension lump sum rather than…

Read More »