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Self Assessment Register deadline fast approaching – HMRC warns against fines

HM Revenue and Customs (HMRC) is reminding customers that time is running out to register for Self Assessment (SA). Anyone submitting a SA return for the first time – including High Income Child Benefit Charge (HICBC) customers - will need to register for SA by 5 October so that they can complete their return by 31 January.

People need to do a tax return if they:

•             earns more than £2,500 from renting out property;

•             have a partner who receives Child Benefit and either has an annual income of more than £50,000;

•             got 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/tax year, or

•             or have an annual income over £100,000.

The penalties for late tax returns include:

  • an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time;
  • after three months, additional daily penalties of £10 per day, up to a maximum of £900;
  • after six months, a further penalty of 5% of the tax due or £300, whichever is greater, or
  • after 12 months, another 5% or £300 charge, whichever is greater.

 There are also additional penalties for paying late of 5% of the tax unpaid at 30 days, six months and 12 months.

HMRC advices if customers aren’t sure if they need to do Self Assessment they should go to  

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 eligible 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”.  

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