You must send your Self-Assessment tax return and pay any tax you owe to HM Revenue & Customs (HMRC) on time. There are a number of deadlines for Self-Assessment that you must keep in mind.
If you are self-employed, rent out a property or earn income from savings, investments and dividends, you need to fill in a tax return. The deadline for the 2019/2020 return is 31 January 2021. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 National Insurance Contributions (NIC), capital gains tax and High Income Child Benefit Charge liabilities.
You’ll need to file your return online by the end of the month to avoid a penalty. If it is your first time filing online, you’ll need to register at gov.uk. It takes up to ten working days for HMRC to send you the reference and activation code you’ll need to log in, so register soon.
Gather all your receipts before you start. If you need receipts to make an expense claim, you may still be able to use other evidence such as bank or credit-card statements if it turns out that you’ve lost the physical receipts.
Miss the deadline by up to three months and you’ll face a £100 penalty. If you still haven’t filed by 30 April, you’ll face an extra £10 a day penalty up to a maximum £900. Once you’ve filed don’t forget to pay the resulting bill. This is due on 31 January 2021 too.
Covid-19 and Self-Assessment
Accountants are calling on HM Revenue & Customs to ease the deadline for individuals to file their tax returns for self-assessment, claiming that the pandemic would leave people in a vulnerable position and fail to submit and pay on time. HMRC has indicated that the pandemic would be recognised as a valid argument for failing to report on time, ensuring that taxpayers explicitly clarify how their claims of appeal were impacted and send the return as soon as they can.
When the deadline is different?
Submit your online return by 30 December if you want HMRC to automatically collect tax you owe from your wages and pension. You must be eligible https://www.gov.uk/pay-self-assessment-tax-bill/through-your-tax-code
HMRC must receive a paper tax return by 31 January if you’re a trustee of a registered pension scheme or a non-resident company. You can’t send a return online.
How can Asmat & Co help?
There are a number of ways in which we may be able to help. It’s vital to ensure your accountant is helping you in this unprecedented time. If you need help, please call us on 01753 424 968 or use our contact form. We can offer a free consultations, support and advice if you wish to avoid contact.