At this time of the year I know that most tax agents are focussing on meeting the Self-Assessment deadlines. But there is one deadline that is sometimes overlooked.
If your clients have income to declare for 2014/2015 they must be registered for self-assessment by 5 October 2015.
A tax return will need to be sent in, if in the last tax year your clients:
- Were self-employed
- They got £2,500 or more in untaxed income, e.g. from renting out a property or savings and investments
- They had savings or investment income of £10,000 or more before tax
- They made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax
- They were company directors - unless it was for a non-profit organisation (e.g. a charity) and they didn’t get any pay or benefits, like a company car
- Their income (or their partner’s) was over £50,000 and one of them claimed Child Benefit
- They had income from abroad that they need to pay tax on
- They lived abroad and had a UK income
- They got dividends from shares and they’re a higher or additional rate taxpayer
- Their income was over £100,000
- They were a trustee of a trust or registered pension scheme
Most agents will be familiar with these conditions but with the deadline only a few days away why take a moment to check your clients are registered for self-assessment.
