Do You Need To Register For Self Assessment?

The Self Assessment registration deadline for the 2018/19 tax year is coming up fast. So we look at who needs to register by 5th October and what help is available to them when completing their tax return.

Who Needs To Send A Self Assessment Tax Return? 

Those who need to send Self Assessment Tax Returns include:

• Self employed / sole traders who earned more than £1,000 between 6 April 2018 and 5 April 2019
• Partners in a business partnership at any time between 6 April 2018 and 5 April 2019
• Company directors in a limited company at any time between 6 April 2018 and 5 April 2019 (note that company directors with income taxed at source and no further tax to pay do not need to complete a tax return)

You may also need to send a Self Assessment Tax Return if you have other untaxed income, including: money from renting out a property, tips and commission, income from savings, investments and dividends, and foreign income.

You won’t need to register for Self Assessment if your only income between 6 April 2018 and 5 April 2019 came from your wages or your pension, unless your income was over £100,000. If you had an individual income over £50,000, you may have to register if you or your partner gets child benefit. If your partner’s income was also over £50,000, it will be the person with the higher income that will need to register – that person will also be responsible for paying the tax charge.

Still not sure? The government’s online checking tool may help. If it doesn’t, get in touch with Warr & Co.

Who Needs To Register By 5th October? 

If you did not send a tax return last year, and you meet the criteria above for Self Assessment, you’ll need to register online by the 5th October 2019 deadline, or you’ll face a penalty. You can do that here.

If you did send a tax return last year, you won’t need to register again.

Once you’ve registered, you’ll receive your 10-digit Unique Taxpayer Reference (UTR) which you’ll need in order to complete your Self Assessment Tax Return by  31st January 2020.

Need Help Completing Your Tax Return? 

Tax returns are notoriously complex, so if you’re intimidated at the thought of it, you’re not alone!

We strongly recommend getting professional help. At Warr & Co, we complete and send tax returns for a huge number of sole traders, business partners and company directors each year – it makes good business sense to leave the tax return to the experts.

We prepare all the necessary computations, complete your return, deal with HMRC directly, and even offer advice on how you can minimise your tax liability.

This is a really popular service at Warr & Co and availability books up fast. So if you want help with your Self Assessment Tax Return, get in touch as soon as possible using the form below. You don’t have to be an existing Warr & Co client to take advantage of this service.