Do I need to complete a Self-Assessment Tax Return?

You can file your tax return online or in paper form (although if you haven't filed your 2013/14 Tax Return yet, online is your only option),  but either way you must be registered for Self-Assessment in order to do so. If you haven't registered before you’ll get a Unique Taxpayer Reference (UTR) number. If you’re re-registering you'll need to use the same UTR as last time.

You should have registered by 5 October following the end of the tax year you need to send a tax return for (so if you haven't yet, you're already late). This is so that you should have enough time to complete registration before the tax return and any tax is due. Full details of how to register can be found here https://www.gov.uk/register-for-self-assessment.

As to whether you need to file a Tax Return, you must always send one if you’re either a self-employed sole trader, a partner in a business partnership, or a company director (unless it’s for a non-profit organisation, eg a charity, and you don’t get any pay or benefits, like travel expenses or a company car).

That said, it’s always wise to check whether you need to file a Self-Assessment Tax Return or not, helpfully HMRC provide a handy little walk through that you can find here https://www.gov.uk/check-if-you-need-a-tax-return.

So, you've discovered that you do need to file a Tax Return, but there’s only ten working days until the filing deadline! If you are filing for the first time and have not registered your details with HMRC, you need to do so by 21 January. This is because it takes seven to ten days for the online account to be set up. An activation code needs to be posted and can take ten days to arrive.

Fortunately, if you’re using a qualified tax professional, or even just a normal accountant, they should have their own software package that means you do not have to wait for the HMRC activation code. However, even they will have to wait for HMRC to issue you with a UTR before they can submit your Tax Return, which could still take several days for HMRC to send to you.

Missing the tax return deadline results in an immediate penalty of £100. As the deadline for paper Tax Returns (31 October 14) has already passed, you'll need to file a tax return online by midnight, Friday, January 31, 2015. This can be further compounded by penalties for late payment of tax that result from late filing.

If in doubt, speak to a specialist, as if your tax affairs are complex it will be well worth your money to hire a tax professional to complete your self-assessment tax return rather than risking it yourself.