As the deadline for submitting completed tax return online approaches on Sunday, January 31st, HMRC is urging the public to act quickly to avoid delays with submissions – are you prepared?

 

HMRC guidance states that you must send a tax return if in the last tax year (April 6th, 2019 to April 5th, 2020) you were:

  • Self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)
  • A partner in a business partnership

 

You may also need to file a return if you have any other untaxed income, such as:

  • Money from renting out property
  • Tips and commission
  • Income from savings, investments and dividends
  • Foreign income

 

If you’re unsure what you need to claim – or if you need to claim at all – guidance is available at https://www.gov.uk/check-additional-income-tax.

 

You have until the end of January to file your return online, with webinars and advice available from HMRC for those who have trouble using the online portal.

 

Once your tax return is completed and you know how much tax is owed, you are able to set up a bespoke payment plan through the Time to Pay facility to help spread the costs (up to the value of £30,000). Interest will be applied to any outstanding balance from February 1st, 2021.

 

Please be aware that penalties are in place for those who are required to send a tax return but miss the deadline for submitting or paying a bill. If your tax return is up to 3 months late, you will be fined £100, with fines increasing for further delays. You’ll also be charged interest on any late payments.

 

If you need advice and support on submitting your self-assessment tax return, contact our team on 01642 244090 or info@chuhanandsingh.co.uk.