The deadline for first time registrants for HMRC's self assessment is Friday October 5th, now less than a week away.
There are many reasons for which people need to submit a self assessment tax return and self employment is only one.
Other reasons include:
- More than £2,500 received from property rental.
- An individual or their partner receives Child Benefit and one or the other earns more than £50,000.
- More than £2,500 received from income which has not been directly taxed (i.e. from PAYE) - examples include tips, commission etc.
- Directors for limited companies.
- Individuals claiming expenses of more than £2,500.
- Individuals with combined annual income of over £100,000.
For people caught under the above definitions, who have not already registered for self assessment, the deadline in next Friday. They then have until January 31st 2019 to submit the tax return for income related to the period April 6th 2017 to April 5th 2018.
Register online at https://www.gov.uk/selfassessment
Using the following tools you can estimate your tax liability:
- Quick estimate of multiple income tax here
- Full breakdown of multiple income tax and save your calculations for later here