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