The deadline to register for Self Assessment Tax Returns is looming....

With the clampdown being tighter than ever and the deadline for registration on the 5th October is looming....here at Moore (South) LLP we have compiled an article packed with information, for those that are registering for their first Self Assessment Tax return, or for those that are just not too familiar with the process.

If you have recently become self-employed, or you received any additional income during the previous tax year, you’ll be expected to file a self-assessment tax return. How do you do this? You’ll need to register for self assessment with HMRC and the majority of taxpayers begin this process online, whilst some take to the paper form. 

What is a self-assessment? 
In its simplest form self-assessment is the system used by HM Revenue and Customs (HMRC) to collect tax from self-employed people and businesses, or for those who have also received an income besides their regular salary. 

Who needs to register for self-assessment and when is the deadline? 
You’ll need to register if you haven’t previously filed a self-assessment tax return. You can do this online or via post. The deadline to register for self-assessment is 5th October. 

What should my actions be once I’ve registered? 
Keep an eye out in your post for a Unique Taxpayers Reference (UTR) from HMRC, which you will need in order to file your tax return. As per the table above you can print off your tax return to file it by post, and this will need to reach HMRC by 31st October. 

Once received by HMRC they will then calculate the tax that you owe based on the information that was provided. This amount will then need to be paid in full by 31st January 2017.