Deadline reminder for 5th October self-assessment registration

29th September 2017 | News

It is less than a week until HM Revenue & Customs’ (HMRC) 5th October deadline for new contractors and self-employed individuals to register for self-assessment.

This deadline is arguably one of the least publicised in the financial calendar for professionals, although failure to notify HMRC of a change in your employment circumstances – or the creation of a new limited company – could result in potential financial penalties.

If the way you earn a living changed during the 2016/17 tax year – ending 5th April 2017 – you must liaise with HMRC by next Thursday. HMRC recognises changes of income in the following ways:

If income is omitted from your next self-assessment tax return and you don’t end up paying tax on those earnings, HMRC will consider this as a ‘failure to notify’, resulting in financial penalties which can be up to 100% of the tax due on undeclared earnings.

How to register for self-assessment

Fortunately, signing-up for HMRC’s self-assessment is a relatively straightforward process, taking just a matter of minutes. Simply fill in the form provided here. Bear in mind you will require your National Insurance number, residential status and address to complete this.

Once you’re registered, you will receive a Unique Taxpayer Reference (UTR) in the post within ten working days. All future correspondence relating to your self-assessment will be attributed to your UTR.

Note: Self-assessment tax returns for the 206/17 tax year must be filed either in paper form by 31st October 2017 or online by 31st January 2018.