0208 432 3310 / 0208 240 4498
info@biznavca.co.uk


If you would like to receive a regular summary of our news updates please sign up here!

Tax return reminder

HMRC have recently published a press release entitled “Just 100 days left for Self -Assessment”.

Before readers make the obvious connection, that this heralds the end of tax returns in the UK, it is purely a reminder that 2019-20 Self-Assessment returns need to be filed by 31 January 2021.

Gathering together the information to complete your return may have been a long way down your to-do list during the unprecedented period of COVID disruption. However, there is no sign that the 31 January 2021 filing deadline is being moved and so, readers who have not yet filed should start to consider what needs to be done.

 

In their press release HMRC confirm that:

Taxpayers must complete a Self-Assessment return if they:

have earned more than £2,500 from renting out property
have received, or their partner has received, Child Benefit and either of them had an annual income of more than £50,000
have received more than £2,500 in other untaxed income, for example from tips or commission
are a self-employed sole trader whose annual turnover is over £1,000
are an employee claiming expenses in excess of £2,500
have an annual income of over £100,000
have earned income from abroad that they need to pay tax on

 

Additionally, HMRC said:

The vast majority of Self-Assessment taxpayers 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.

Once Self-Assessment customers have completed their 2019-20 tax return, and know how much tax is owed, they can set up their own payment plan to help spread the cost of their tax liabilities, up to the value of £30,000.

They can use the self-serve Time to Pay facility to set up monthly direct debits and this can all be done online so there is no need to phone HMRC.

This entry was posted in Business. Bookmark the permalink.