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Don't miss the deadline

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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.


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