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Gloucestershire Business News

Self assessment warning from HMRC

HM Revenue and Customs (HMRC) is reminding people that time is running out to register for Self Assessment.

Anyone submitting a Self Assessment (SA) return for the first time - including High Income Child Benefit Charge customers - will need to register for SA by 5th October so that they can complete their return by 31st January.

If customers aren't sure if they need to do Self Assessment, they should go to www.gov.uk/selfassessment 

HMRC also has online webchats, live webinars, YouTube videos and social media support for customers which can be accessed at any time to help them fill in and file their returns.

People need to complete a tax return for 2017-18 if they:

• Earned more than £2,500 from renting out property

• Or their partner received Child Benefit and either of them had an annual income of more than £50,000

• Received more than £2,500 in other untaxed income, for example from tips or commission

• Are self-employed sole traders

• Are limited company directors

• Are shareholders

• Are employees claiming expenses in excess of £2,500

• Had an annual income over £100,000.

Angela MacDonald, director general of customer services, said: "January may seem a long time away, but if you've not done Self Assessment before and you're now required to, you need to register.

"We know that some customers don't always realise they need to do Self Assessment, like those who earn more than £50,000 and receive Child Benefit, so please check if this applies to you. It's really easy to do and doesn't take long.

"If you're not sure if you need to do Self Assessment or not, go to GOV.UK and all the information you need is there."

The deadline for 2017-18 Self Assessment returns is 31st January 2019.

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