You may never have worried about filling in a tax return before now. Unfortunately you could be in for a shock and a penalty if you fail to register a new source of income for the tax year ending April 2013. You have until October 5th to register any change in circumstances with HMRC. This is particularly likely to affect those employees with earnings over £50,000 still claiming child benefit.
So who needs to complete a tax return?
You need to complete a self assessment tax return if any of the following apply:
- You are self-employed
- You are a company director, unless it is a non-profit organisation and you don’t receive payments or benefits
- You are a Minister of Religion of any faith
- You are a Lloyds Name/Member
- You have annual income over £100,000
- You are an employee/pensioner but have other taxable income
- You are over £10,000 taxed income from savings/investments.
- You have over £2,500 of untaxed savings/investments.
- You have over £10,000 of property income before expenses or £2,500 property income after expenses
- You earn over £50,000 and are still claiming child benefit.
A phone call to the HMRC self assessment helpline on 0300 200 3310 will enable you to beat the deadline and register for a tax return for your income source. But allow yourself plenty of time for the call. My phone call this morning to register for a tax return took 25 minutes to be connected to an HM Revenue & Customs Officer.
Helen Alexander ACMA