Have you registered for self-assessment? You only have 1 week left!

HMRC have warned businesses and the self-employed that failure to complete the self-assessment process could result in fines

UK small business owners and the self-employed have been reminded that they only have until Wednesday 5 October to register for self-assessment for this tax year.

Registering for self-assessment enables HMRC to assign tax payers a unique tax reference (UTR) and this number is then used to track their return and eventual tax payment – which has a deadline of 31 January.

Business owners who fail to pay in time can be fined upwards of 30% of their due tax, while there is a deadline of 31 October for those who still use paper forms.

Over 10 million people filed a self-assessment tax return for 2014/2015 with one in seven people now self-employed.

Tina Riches, national tax partner at Smith & Williamson, said:

“While missing the notification deadline would not automatically cause a penalty to arise if you still pay the appropriate tax by the due dates, there is a very real possibility of HMRC being unable to assign your payment appropriately without the UTR.

“The consequences could be late fines or payments, which may prove challenging to cancel. It is vital to contact HMRC if you think you may need to file a tax return.”

You can register online for self-assessment here.

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