There is now less than 100 days to file their 2019-20, Self-Assessment tax return. Last year over 11 million taxpayers were required to complete a tax return, but over 958,000 taxpayers missed the deadline. If you are filing online for the first time you should ensure you register to use HMRC’s Self-Assessment online service as soon as possible.
The deadline for submitting your 2019-20 Self-Assessment tax returns online is 31 January 2021. You should also be aware that payment of any tax due should also be made by this date. This includes the payment of any balance of Self-Assessment liability for 2019-20 plus the first payment on account due for the current 2020-21 tax year.
Deferring Your Payments
The second payment on account for 2019-20 was due on 31 July 2020 but there was an option to defer this as part of the government support measures during the coronavirus outbreak. There are also other options to defer payments due on 31 January 2021 for up to 12 months. This includes a self-serve Time to Pay facility online for debts up to £30,000 or by making an arrangement with HMRC. Taxpayers will be required to pay interest on the tax owed on any outstanding balance from 1 February 2021.
HMRC is encouraging taxpayers to complete their tax return as early as possible as the filing date looms. In fact, last year over 3,000 taxpayers submitted their tax returns on Christmas Day with a further 9,254 taxpayers completing their tax returns on Boxing Day.
‘The vast majority of Self-Assessment customers complete their tax return by the 31 January deadline, but you don’t need to wait until January; you can send it back now and get it out of the way.
HMRC is determined to help customers during this difficult time. We know many customers will have been adversely affected by the coronavirus pandemic or will need help to spread the cost of their tax bill. That’s why we’ve made it quick and simple to set up a payment plan to spread the costs and help people get back on their feet. It’s easy to do online and there’s no need to call us to set it up.’
HMRC’s Interim Director General of Customer Services, Karl Khan.
If you have a tax return to file, MJB Avanti can help you to meet your deadline, contact us for a supportive, jargon free tax solution – (08000) 388 799.
Source: Informanagement