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September 28, 2015

Anything to Declare? – The October 5th Deadline

Unless already registered for Self-Assessment, taxpayers who have chargeable income or gains for the 2014/15 tax year must notify HMRC by 5th October 2015.

Failure to do so could result in HMRC applying penalties if tax remains outstanding after 31 January 2016.

Submitting a tax return for 2014/15 may be necessary for taxpayers who:

  • Were self-employed
  • Received rental income from letting property
  • Made capital gains (e.g. from selling shares, property, or other chargeable assets)
  • Received foreign income
  • Moved to/from the UK
  • Were non UK resident and received income from the UK
  • Were a company director
  • Had an income over £50,000, or their partner did, and one of them claimed Child Benefit
  • Received dividends and were a higher or additional rate taxpayer
  • Had total income over £100,000

This list is not exhaustive and some exceptions do apply.

Contact us today to discuss your tax requirements.
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