An important deadline is rapidly approaching if you have new taxable sources of income or capital gains in the 2014-15 tax year.
If you do not already complete a tax return, you will need to register for self assessment by 5 October. There are different registration forms to be completed and returned to HM Revenue & Customs (HMRC), depending on your circumstances. You should:
- use form CWF1 to register as a self-employed sole trader
- use form SA1 if you need to register for self assessment for a reason other than self employment
- use form SA401 to register for self assessment if you have joined a partnership.
All the forms can be found here.
HMRC says it can take 20 working days for it to register someone for self assessment. Anyone who needs to register should allow time so that they can submit their tax return by the deadline of 31 October for paper returns or 31 January 2016 for online returns.
If you have not been registered for self assessment before, you may find it helpful to have access to expert advice. Moore Thompson’s tax specialists can assist with all aspects of tax, including completing tax returns on your behalf and advising on maximising tax efficiency. For more information, please contact us.