If HMRC issues a ‘notice to complete’ a tax return, it is a statutory obligation that must be fulfilled. Taxpayers who receive this notice are required to submit a tax return to HMRC, even if they believe they do not need to file one. If they do not comply and fail to either submit the return or request that the notice be withdrawn (if they believe they do not meet the criteria), they may incur a £100 penalty after the 31 January deadline.
Additionally, taxpayers must inform HMRC if they meet the Self-Assessment (SA) criteria, with the notification deadline being 5 October following the end of the relevant tax year.
We offer services to review whether clients meet the SA criteria and can assist in either registering them for SA or deregistering them, if necessary.
With the deadline for notifying HMRC approaching, now is an opportune time for clients to ensure their tax affairs are in order. However, many clients receiving this newsletter are likely already within the SA system and actively managing their tax returns.
To check the criteria for SA compliance please click on the following link:
If you have any queries or would like some help with your Self Assessment, please contact a member of the CB Reid team.