Self-Assessment tax return – Do I need to register?

• Yes, if you receive more than £1000 from sole trader earnings or as a partner in a business.
• Yes, if you receive untaxed income from
• • Renting property
  • Tips and gratuities
  • Commission
  • Income from savings, investments, dividends
  • Foreign income

If the answer is Yes take the following steps:

1. Register with HMRC by 5 October in the second tax year for your business.
2. Submit a tax return and pay any tax due by the 31 January after you’ve registered.

Keeping good records is essential in order that you don’t pay more tax than you need to so keep all invoices and receipts.

Don’t forget its good practice to put money aside for tax and, if you are self-employed, also put money aside for class 2 and 4 national insurance contributions.

If you owe HMRC £1000 or more in tax you will have payments on account to pay, these are advance payments of tax due by 31 January and 31 July

If you need further assistance or advice contact Croft Accountancy on 07368624457 or email office@croftaccountancy.co.uk or through the ‘Contact us’ area on our website.