Article | Fabulous Women

DEADLINE of 5th October 2012, if you became self-employed or a director in the year to 5th April 201

Posted on 16/08/2012

Written by Alida Ballard of Surrey Accountancy Services Ltd

If you started self-employment or became a director in the year to 5th April 2012, you must be registered for Self Assessment by 5th October 2012.

This article is intended to give you a current overview of who needs to complete a Self Assessment tax return, how and when to register for Self Assessment and how to let HMRC know that your circumstances have changed and you no longer need to file a SA return.

WHO needs to complete a tax return?

Here are some of the more common categories of individuals/income where a tax return needs to be completed:-

  • Anyone who is self-employed (including being in a partnership)
  • Anyone who is a company director (unless you are a director of a non-profit organisation and don't recieve any payments or benefits)
  • If you have income above a certain level from savings, investment or property
    • Here are some of the types of income that you will need to complete a tax return for:-
      • 10,000 or more income from savings and investment
      • 2,500 or more income from untaxed savings and investments
      • 10,000 or more income from property (before deducting allowable expenses)
      • 2,500 or more income from property (after deducting allowable expenses
  • Anyone who has Capital Gains Tax to pay. If you have sold, given away or otherwise disposed of an asset, for example shares in your company or a holiday home.

 

HOW do you let HMRC know you need to complete a Self Assessment tax return and WHEN do you need to do it by?

HOW?

It's easy to register online. You will need the following information to hand before you register for your tax return:-

  • Your National Insurance Number 
  • Your contact details
  • Your business contact details (if you have started self-employment)
  • Your 10 digit Unique Taxpayer Reference number - if you have previously completed a paper tax return, this will be shown on letters or forms sent by HMRC about your return.
  • The date your circumstances changed (i.e. the date you started self-employment or became a director)

Once you have registered for Self Assessment online, HMRC will send you your Unique Taxpayer Reference (if you haven't already got one)

You will then receive a letter every year, usually in April, reminding you to complete your tax return.

WHEN?

The answer is, as soon as your circumstances change.

The latest you should register is the 5th of October after the end of the tax year for which you need a return.

If you know you will need to complete a return for the tax year that ended on 5th April 2012, you will need to let HMRC know by 5th October 2012.

Avoid paying a penalty and register as soon as you know you need to.

 

WHAT do you need to do if you think you no longer need to be registered for Self Assessment or need more help and advice?

You have three options open to you:-

  • Ask your accountant
  • Call the Self Assessment Helpline. The number you need (contact details as at August 2012) is 0845 900 0444. You will need your Unique Taxpayer Reference (UTR) number when you phone (if you have one)
  • Make an appointment to speak to an HMRC advisor at your nearest Tax Enquiry Centre. Here's the link to find the tax enquiry centre that is closest to you http://www.hmrc.gov.uk/enq/

 

I hope you found this article useful. If you did, please let me know if there are other topics you'd specifically like me to cover.

 

Till next time,

Take care,

Alida

E: alida.ballard@sas-accounts.com

W: www.sas-accounts.com

T: 01932 353146

M: 07595 924644

Back Author : Alida Ballard

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