HMRC TAX DEADLINE LOOMS FOR NEWLY SELF-EMPLOYED

blog header image

Posted : 25 Sep 2018 at 13:26:45
Category: Important Announcement

Share this article

Anyone submitting a self-assessment tax return for the first time will need to register by 5 October and complete their return by 31 January 2019.

HM Revenue and Customs is reminding customers that time is running out to register for self-assessment. Anyone that is unsure whether they need to file a tax return is being urged to check the Government website.

All sole traders and directors of limited companies must submit a self-assessment tax return. In addition, the following people must complete a tax return:

  • Shareholders;
  • Employees claiming expenses in excess of £2,500 per tax year;
  • Anyone with an annual income over £100,000;
  • Those who earn more than £2,500 from renting out property;
  • Anyone with a partner who receives Child Benefit and they or their partner has an annual income of more than £50,000;
  • Anyone with more than £2,500 in other untaxed income, for example from tips or commission.

Angela MacDonald, HMRC's 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 … so please check if this applies to you. It's really easy to do and doesn't take long. If you're not sure, go to gov.uk and all the information you need is there."

HMRC also offers online webchats, live webinars, YouTube videos and social media support for customers which can be accessed at any time, and on any device, to help them fill in and file their returns. The self-assessment helpline number is: 0300 200 3310.

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;
  • After 12 months, another 5% or £300 charge, whichever is greater.


Original source startupdonut.co.uk

https://www.startupdonut.co.uk/news/hmrc-deadline-looms-for-newly-self-employed-0

LATEST SIMILAR NEWS

CONTRACTOR DEFEATS TAXMAN IN £240K IR35 CASE
Posted on: 08 Nov 2019 at 12:27:52
HMRC suffers blow as contractor successfully appeals IR35 rulingAn IT contractor has beaten HMRC in an IR35 Tribunal carrying £243,324 in liability, to inflict yet another defeat on the tax office. After an investigation lasting five years, it was decided on 29th October that IT consultant...
NHS DIGITAL HIT WITH £4.3M TAX BILL AFTER RELIANCE ON FAULTY CEST
Posted on: 30 Oct 2019 at 16:53:52
NHS Digital is facing a £4.3m tax bill after HMRC challenged a significant number of IR35 status assessments conducted by its very own Check Employment Status for Tax (CEST) tool.The tax bill, which includes interest and penalties, covers the period from 1 April 2017 to 31 December 2018, and wa...
GOVERNMENT RESPONDED TO “STOP IR35 ROLL-OUT IN 2020 IN PRIVATE SECTOR - DUE TO UNCERTAINTY AROUND BREXIT”
Posted on: 30 Oct 2019 at 13:43:50
The Government has responded to the recent petition signed by over 14,000 people – “Stop IR35 roll-out in 2020 in private sector - due to uncertainty around Brexit”.The Government said;The Government remains committed to reforming the off-payroll working rules from April 2020. Businesses have had 18...
NEW BUILD STARTS DROP 10.5 PER CENT – ONS
Posted on: 29 Oct 2019 at 14:27:44
The second quarter of the year saw 38,020 new build properties started in England, a 10.5 per cent drop on the 42,480 started in the same period last year.This figure was also down by 1.7 per cent from the previous quarter which saw 38,670 new builds started, the Office for National&n...
GOVERNMENT RESPONDS TO PETITION ON STAMPING OUT TOOL THEFT
Posted on: 29 Oct 2019 at 11:50:58
The UK Government and Parliament has responded to the petition – “Stamp Out Tool Theft with the introduction of tighter regulation & greater fines”.Government responded:The Government has no plans to amend existing legislation. However, we will continue to work with the police to explore what mo...
PETITION TO STOP IR35 ROLL-OUT IN 2020 IN PRIVATE SECTOR - DUE TO UNCERTAINTY AROUND BREXIT
Posted on: 18 Oct 2019 at 09:33:43
Shahram Shaida, Founder & CEO of Global Brick Exchange posted this petition which needs 10,000 signatures for Government to respond and at 100,000 signatures, this petition will be considered for debate in Parliament.https://www.linkedin.com/feed/update/urn:li:activity:6590573130920546307/...