If your only income is wages from employment and a small amount of interest, then your tax affairs should be dealt with automatically. If you have other income, then you may need to register to file a self-assessment tax return. If any of the following applied to you in the year ended 5th April 2019, you will need to register for self-assessment by 5th October 2019.
- You had income from self-employment over £1,000.
- Your total income was over £100,000
- Your total income was over £50,000 and you or your partner received Child Benefit
- You had income from property over £2,500
- You received more than £10,000 from savings and investments. (Interest or dividends)
- You sold an asset worth £6,000 or more (excluding your car and any property that has only ever been your home)
- You held one of the following positions
- oReligious Minister
- oLloyd’s Underwriter
- oExaminer, exam moderator or invigilator
- oShare Fisherman
If you do need to register to file a return, you can do so via the HMRC website.
If you are already our client, then we will have already dealt with this for you, and we are aiming to file returns as early as possible. If not, we can assist you in registering for self-assessment and advise you on how you can legally minimise your tax bills. Leaving us to deal with your tax and accounting issues allows you to concentrate on what you want to do instead.