Newly self-employed? Don’t miss the October 5 deadline!

If you became self-employed in the 2016-7 tax year (ie between 6 April 2016 and 5 April 2017), and you haven’t yet registered as such with HMRC, then you need to do so by this coming Thursday – October 5^th  or face the risk of penalties. By law you are required to register so HMRC know they have to issue you with notice to complete a self-assessment tax return and send you tax statements when required.

You may also need to register separately for VAT if your VAT taxable turnover is more than £85,000. See the GOV.UK page Vat Registration for details.

How to register

 Fortunately, registering is a relatively straightforward and quick process. You can do it:

• online at the GOV.UK page Register for and file your Self Assessment tax return
• by phone – see the GOV.UK page Self-employed: National Insurance for telephone numbers and opening times

Filing your tax return

• If you plan to file your self-assessment tax return for the 2016-7 tax year in paper form, the deadline is October 31^st 2017.
• Online returns need to be filed by 31^st January 2018.

For more information see the GOV.UK page Self assessment tax returns.