Self Assessment: Remember, remember the Fifth of October

Registration deadline: 5 October 2020

Whilst it may not have quite the same ring, if you think you owe tax for the year ended 5 April 2020 and are not already registered for Self Assessment, you should do so by the end of next Monday.

Do I need to complete a tax return?

There are several reasons why HMRC might want a tax return from you and some of the more common include:

• Being self employed or a company director.

• Renting property.

• Having a household income above £50,000 and claiming Child Benefit.

• Earning untaxed income.

• Having taxable savings and investment income, or selling certain investments at a profit.

• Being a high earner with income over £100,000.

What if I miss the deadline?

It is important to make sure you register, file and pay on time as HMRC can charge penalties if any of the deadline dates are missed.

A failure to notify penalty can apply if you do not tell HMRC about a tax liability when you should have. The amount of penalty is based on the tax due and the taxpayer’s behaviour in helping HMRC deal with the liability.

How can we help?

At Fairfields Tax we can deal with your registration for Self Assessment, expertly prepare your tax return, calculate what tax you might owe and advise on the appropriate tax payments to make.

Please do contact us for a free, no obligation quote for help with your tax return.