One week left to register for 2017-18 self-assessment

1 Oct 2018

business man walking in front of glass building with palmtree reflection with suitcase while in phone

Time is running out for taxpayers to register for self-assessment tax returns for 2017-18. Anyone submitting a self-assessment return for the first time needs to register by 5 October so that they can complete their return by 31 January 2019.

People need to complete a tax return for 2017-18 if they:

  • Earned more than £2,500 from renting out property
  • Their partner received Child Benefit and either of them had an annual income of more than £50,000
  • Received 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
  • Have an annual income over £100,000

Lucy Brennan, a partner at Saffery Champness, comments on who might need to register to complete a tax return and the penalties that HM Revenue & Customs (HMRC) has at its disposal:

“With the deadline to register for self-assessment fast approaching we may see a wave of people rushing to get their affairs in order – particularly if their circumstances have recently changed and they now need to complete tax returns for the first time. It can come as a shock to some to realise they are liable for self-assessment, particularly among the self-employed or certain recipients of Child Benefit.

“Whilst there is not a fine for failing to register, people may be in for a nasty surprise if they mistakenly mislead HMRC, which could result in a fine or a hefty tax bill come the end of the year.

“With almost 750,000 people missing the self-assessment tax return deadline last year, it is clear that a significant number of people need more guidance to help them understand the intricacies of the self-assessment process. Registering on time is only the beginning and individuals unsure of how to proceed should seek advice and get information up-to-date as far in advance as possible, submitting their returns on time to give full peace of mind.”

Contact Us

Lucy Brennan

Partner, London

Key experience
Lucy advises individuals, partnerships, trusts and companies on their personal and business financial and taxation affairs.
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