Do you need to Register for Self-Assessment by 5th October?

If your only sources of income are from wages or pensions you will not usually have to complete a Self-Assessment Tax Return (SATR). But you may need to complete one if you have become self-employed in the year to 5th April 2019 or have other sources of income.

Reasons to register for Self-Assessment :

1. If you started a business as a sole-trader and earned more than £1,000 in the year to April 5th 2019 then you will need to register for Self-Assessment and National Insurance contributions. You can do this for yourself online by completing Form CWF1 which can be found at https://online.hmrc.gov.uk/shortforms/form/CWF1ST?dept-name=CWF1&sub-dep.

2. If you became the director of a company in the year you are required to complete a SATR.

3. And you must also register for Self-Assessment if you have a new source of income or meet the following criteria :

·Are receiving money from renting out a property

·Receive tips and commission

·Have income from savings, investments and dividends

·Receive taxable foreign income of more than £300

·Have income from a trust or settlement

·Made Capital gains on the sale of assets in excess of £11,700

·Have other untaxed income which cannot be collected through your PAYE tax code

·Have income over £50,000 and you or your partner are still receiving Child Benefit payments

·Or you’re lucky enough to have income in excess of £100,000

4. If you are paying business expenses in excess of £2,500 and your employer is not reimbursing you in full, you can obtain a refund of tax by completing a SATR.

To register for any of there reasons use From SA1 which you will find at

https://online.hmrc.gov.uk/shortforms/form/SA1

If you are unsure and would like to talk to me about whether or not you need to register please contact me at mary@mtmarsh.co.uk or call me on 0794 167 4936.