The UK’s newly self-employed, including contractors and freelancers, were today warned not to miss the October deadline for registering with HMRC for Self Assessment. David Redfern, tax preparation specialist and director of DSR Tax Refunds, urged those who became self-employed during tax year 2017/18 to register with HMRC prior to the deadline of 5th October 2018 or risk receiving a penalty.
Redfern, who regularly campaigns on behalf of the near 3 million working within the UK’s gig economy, warned those who have recently joined the ranks of the self-employed that they risked penalty fines of up to £100 if they failed to provide a Self Assessment tax return when required to by HMRC. He stated that “there is a lack of awareness surrounding an individual’s Self Assessment responsibilities when becoming self-employed – some people wrongly believe that they don’t need to register for Self Assessment until they are actually earning enough to pay tax – but unfortunately, HMRC rarely accepts ignorance of the rules as an excuse for not following them”. He added that this deadline did not just apply to those who are solely self-employed, but was also applicable to taxpayers who paid tax via the PAYE system but had additional undeclared income, whether from gig employment or providing services such as rental accommodation.
Redfern stated his belief that a HMRC campaign of tax awareness is long overdue, noting that “for many, taxes remain a mystery, and yet as more and more people earn income from sources not subject to PAYE, they risk falling foul of HMRC’s rules and regulations. Although HMRC’s online presence has a wealth of information, they need to increase the public’s awareness of this information”. He added that DSR Tax Refunds regularly run awareness campaigns of their own in order to bridge the knowledge gap.
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About DSR Tax Refunds Ltd
DSR Tax Refunds Ltd are a firm of tax rebate specialists serving clients nationwide. DSR Tax Refunds are tax preparation experts who specialise in identifying potential allowable expenses for tax rebates for clients. Their specialist team can help employed and self-employed subcontractors with all relevant paperwork to ensure their claim is handled in an accurate and efficient manner.
For more about DSR Tax Refunds, visit https://tax-refunds.co.uk/
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DSR Tax Refunds Ltd
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