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If you receive dividend income of more than £5,000 are liable to income tax on the excess. You must include that information on your self-assessment tax return.

If you have not submitted a tax return in previous years, you must now register with HMRC and submit a return. The registration process involves a couple of steps, and is likely to take 20 working days to complete. HMRC will provide you with a Unique Taxpayer Reference and an activation code, both of which are required to allow you to submit your self-assessment tax return.

You need to register for Self-Assessment by 5 October. Allowing for those 20 workings days to set up your tax account means you really should get started very soon. Ideally start now. Why risk missing the HMRC deadline by delaying another few days.

If you plan to appoint a tax adviser, such as ad+ Chartered Accountants, to handle all your communication with HMRC you must still act now. In addition to your registration process, ad+ must also register with HMRC as your official agent.

Get in touch if you require further information.