Self Assessments – who needs to submit?

Self Assessments – who needs to submit?

Individual Self Assessment (SA100)

A Self Assessment is your submission of relevant taxable income and deductible expenses, with HMRC. To fail to submit yours before the deadline will result in an instant penalty of £100, plus £10 for each day thereafter to a maximum of £900 – and that is just the beginning. You might say to yourself “HMRC will never know”….but they do have ways of finding out.

Deadline for 2020

The deadline to submit a self assessment for the tax year ended 5 April 2020 is 31 January 2021. Contact info@sadleradvisory.com for more information, or call 020 3746 1594.

To fail to submit yours before the deadline will result in an instant penalty of £100, plus £10 for each day thereafter to a maximum of £900 – and that is just the beginning. You might say to yourself “HMRC will never know”….but they do have ways of finding out.

Who needs to submit?

Ensure you are one step ahead of HMRC. Here are the circumstances in which you are required to submit a Self Assessment. You need only fulfil one of the following conditions:

  1. You worked for yourself as a sole trader, a business partner or a director of a limited company; or
  2. Total income was over £100k. This includes salary before tax, taxable benefits (eg private health insurance), income from investments, income from pensions; or
  3. You (or your partner) receive a child benefit and your income is over £50k; or
  4. You receive income from UK property or land; or
  5. You receive more than £10k from dividends or savings and investments; or
  6. You make a capital gain on the sale of an asset; or
  7. You receive income from a trust; or
  8. You receive income from outside the UK (ie ‘foreign income); or
  9. You receive £2,500 or more in interest, tips, commissions, cash in hand; or
  10. You work in one of these professions: religious minister, Lloyd’s underwriter, examiner/exam moderator/invigilator, share fisherman; or
  11. You contribute to a personal pension and are eligible for higher rate relief

The deadline to register for self assessment, for the first time, is 31 October 2020. Contact info@sadleradvisory.com for more information, or call 020 3746 1594.

https://www.facebook.com/sadleradvisory