Register now for Self Assessment
A new press release informs taxpayers, that are filing online for the first time, to ensure that they register to use HMRC’s Self Assessment Online service as soon as possible. Once registered it can take up to seven working days for an activation code to be sent by mail. All filings must now be made online as the deadline for submitting paper returns has expired.
Taxpayers that wish to have an underpayment of less than £3,000 collected via next year’s tax code need to submit their online return by midnight on 30 December 2013. The final filing date for the 2012-13 Self Assessment returns remains at 31 January 2014.
In addition, the introduction of the High Income Child Benefit charge on 7 January 2013 applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of Child Benefit. Taxpayers affected by the change had the choice to continue receiving Child Benefit and pay the tax charge through Self Assessment, or elect to stop receiving Child Benefit and not pay the new charge. HMRC is reminding taxpayers who continue to receive Child Benefit (and earn over the relevant limits) to ensure that they are registered for Self Assessment in order to avoid receiving penalties.
HMRC have estimated that 10.9 million people are expected to fill out a Self Assessment return for the 2012/13 tax year. If you are affected it would be advisable to take action now to avoid a last minute rush to register.