Registering for Self-Assessment?
This blog aims to clarify the main criteria surrounding Self-Assessment registration.
Who Needs to Complete an SA return?
You need to complete an SA return if you are:
- Self employed
- A partner in a partnership business
- A company director (except for directors of not-for-profit organisations)
- A minister of religion
- A trustee or the executor of an estate
You might also need to complete a tax return if you:
- Have untaxed income eg untaxed interest or rental income
- Receive regular annual income from a trust or settlement, or you receive income from the estate of a deceased person and further tax is due
- Have taxable foreign income whether or not you are resident in the UK
- Have an annual income from savings and investments of £10,000 or more before tax
- Have an annual income of £100,000 or more before tax
- Or your partner receive child benefit and your income is over £50,000
- Have tax due at the end of the year that cannot be collected via your PAYE coding notice in a later year
- Have untaxed income of £2,500 or more
- Have expense claims of £2,500 or more
- Have capital gains which exceed the annual exemption of £11,100 (2015/16)
- Are claiming higher age-related allowance as you were born before 6 April 1938 and your allowance is reduced because of the level of your income
When do I need to notify HMRC?
If you have not received a tax return but you had income or capital gains as outlined above, you need to notify HMRC by 5 October following the end of the tax year in which you had the income or you may face a penalty. (However, if you still pay the tax due by 31 January deadline, this late notification penalty may be reduced to zero.)
If you start up in business as a sole trader or partnership, you must register within the first 3 months of the start date irrespective of whether you are bringing in money or not.
What are the submission deadlines?
- 31 October for paper filing
- 31 January following for online filing