With the Self-Assessment Tax Return deadline fast approaching, now is the time to ensure your filing is complete and compliant.

Recent changes in tax legislation have resulted in more individuals being required to file a Self-Assessment tax return to meet their tax obligations. If you're unsure whether you need to register or file, our team is here to guide you through the process.

Typically, you will need to file a tax return where the following circumstances apply (based on 2023/2024 tax year thresholds in force):

• You have earned more than £100,000 gross income
• You have received dividends of more than £1,000
• You have received interest from investments or savings of more than £500 (higher rate taxpayers) or £1000 (basic rate taxpayers)
• You have sold assets where the capital gain is more than £6,000
• You receive income from a rental property
• You receive foreign income
• You have received self-employment income of more than £1,000
• You receive untaxed income that is not covered by an allowance
• You have received income from a partnership
• You have claimed child benefit but either yourself or a partner/spouse that you share a household with has earned more than £ 50,000 gross income
• This list is not exhaustive by any means, but it is your responsibility to ensure your tax affairs are up to date, and failing to register for self-assessment can result in significant penalties being levied.

Why Filing on Time Matters

While the deadline to register for Self-Assessment was 5 October, there's still time to act. As long as your tax return is submitted by the 31 January deadline, HMRC is unlikely to penalise you for late registration.

Failing to file your tax return by 31 January can result in penalties from HMRC, including a £100 fine if you're even one day late. Additional penalties apply the longer you delay filing, which can quickly add up and where more than 12 months late, can be as much as £ 1,600.

How Jerroms Can Support You: 

• Minimise potential penalties for late registration
• Ensure your tax filings are accurate and compliant 
• Assist with managing or appealing any late fees

Avoid unnecessary stress and financial penalties by getting started today. 

Please get in touch with This email address is being protected from spambots. You need JavaScript enabled to view it. for assistance and ensure your tax affairs are in order before the deadline.