Register for 2017-18 self assessment by 5 October

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The deadline for registering for self assessment is 5 October 2018 for the 2017-18 tax year.  If you have registered in the past then no action is needed, the deadline is for new self assessment cases.

Anyone submitting a self assessment return for the first time – including higher income child benefit charge (HICBC) taxpayers – need to register by 5 October so that they can complete their return by 31 January and avoid an automatic £100 penalty for failure to file.

Individuals need to do a tax return if they:
• earn 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, the so-called higher income child benefit charge;
• earned more than £2,500 in other untaxed income, for example from tips or commission;
• are self-employed sole traders;
• are shareholders;
• employees claiming expenses in excess of £2,500/tax year; or
• have an annual income over £100,000.

The deadline for self assessment returns 2017-2018 is 31 January 2019.

As with all of our tax tips and web pages this information is necessarily summarised and of a general nature.  If you would like detailed specific advice please contact us.