New contractors have until tomorrow to register with HMRC

Contractors who are preparing to submit a self-assessment tax return for the very first time have only until the end of tomorrow to register.

Issuing a reminder about the October 5th deadline, HMRC said there were as many as eight different factors that make a tax return for 2017-2018 necessary, including being a new limited company director or shareholder.

The other six factors, each of which also require people to register no later than Friday so that they can complete a tax return by January 31st 2019, are:

  1. You are a self-employed sole trader
  2. You earned more than £2,500 from renting out property
  3. You or your partner received Child Benefit and either of you have an annual income of more than £50,000.
  4. You received more than £2,500 in other untaxed income, for example from tips or commission
  5. You are an employee claiming expenses in excess of £2,500
  6. You have an annual income over £100,000

“January may seem a long time away, but if you’ve not done self-assessment before and you’re now required to, you need to register,” said HMRC's director-general of customer services Angela MacDonald.

“Some customers don’t always realise they need to do self-assessment, like those who earn more than £50,000 and receive Child Benefit, so please check if this applies to you.”

 

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Written by Simon Moore

Simon writes impartial news and engaging features for the contractor industry, covering, IR35, the loan charge and general tax and legislation.
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