It’s important to advise HMRC as early as possible, if you believe that you do not need to submit a self assessment (SA) tax return.  It could be that you are no longer self employed or you no longer rent out property.  Whatever your circumstances, by notifying HMRC straightaway, you can avoid penalties and make sure that your records are up to date before the 31 January filing deadline.

You may no longer need to submit a SA tax return if, for example:

•   You’ve stopped being self-employed
•   You no longer rent out property
•   Or you no longer pay the High Income Child Benefit Charge. 

If you are not sure whether you need to file a return, HMRC has an online tool to help you and guide you through the process of opting out of SA, if appropriate.  For this you will need to complete an online form.  After submitting your request, you can track its status online and HMRC will confirm in writing whether you still need to file a tax return.

For more information about self assessment or any other tax or accounting issues, please get in touch – we can help.

Internet link:HMRC guidance