Tax Return Due Date 31st January 2018
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Tax Administration- Notifying HMRC on start up

Harish Verma

Q: When do we need to notify HMRC of the need to complete our first Self Assesment Return?

A:By 5th October following the end of the Tax Year in which you acquired a new source of income.(Example a new house or flat acquired to let out )

Example:

You commence a business on 1 January 2016

This means there is a new source of income in the Tax Year 6 April 2015 to 5 April 2016 (2015/2016)

You need to inform HMRC by 5 October 2016 for your need to complete a Self Assessment Return for the Tax Year 2015/16

 



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