When do you have to register to submit a tax return?
There are a number of reasons why you may need to register with HMRC to submit a tax return. This includes if you:
- are self-employed and earning more than £1,000,
- are a company director,
- have an annual income over £100,000 and / or if you have certain income from savings, investment or property.
If you need to complete a tax return for the first time, you should inform HMRC as soon as possible. The latest date that HMRC should be notified is by 5 October following the end of the tax year for which a return needs to be filed.
So, if you had income that necessitated you registering for Self Assessment in the 2018-19 tax year, you will need to notify HMRC by 5 October 2019.
HMRC publishes a list of taxpayers who would usually be required to submit a Self Assessment return. The list includes:
- The self-employed;
- Taxpayers who had £2,500 or more in untaxed income;
- Those with savings or investment income of £10,000 or more before tax;
- Taxpayers who made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax;
- Company directors – unless it was for a non-profit organisation (such as a charity) and you didn’t get any pay or benefits, like a company car;
- Taxpayers whose income (or that of their partner’s) was over £50,000 and one of you claimed Child Benefit;
- Taxpayers who had income from abroad that they needed to pay tax on;
- Taxpayers who lived abroad and had a UK income;
- Those whose income was over £100,000.
In certain limited circumstances HMRC can also ask you to complete tax returns for other reasons.
Need help registering for Self-Assessment?
If you are unsure if you need to register, or would like assistance with the formal registration process, please call.