HM Revenue and Customs (HMRC), is reminding self assessment customers to check that they have the correct information in order to complete their tax return.
The tax return deadline for 2020/21 is 31 January 2022 for online returns.
Although the January deadline is soon approaching, remember that once in possession of all the necessary information for the 2020/21 tax return, this can be completed at any time from 6 April 2021 onwards, right up to the deadline, there is no need to wait. Let us face it, January tends to be a relatively miserable month at the best of times without adding a tax return to the mix.
HMRC has said that more than 63,500 customers filed their tax return on 6 April 2021, the first day of the tax year. Customers can file before the January deadline but still have until 31 January to pay any tax due.
Any customer who is new to self assessment, must register for self assessment to receive their Unique Taxpayer Reference (UTR). Self-employed individuals must also register for Class 2 National Insurance.
This year, customers will also have to declare if they received any grants or payments from COVID-19 support schemes in 2020/21 as these are taxable, including:
- Self-Employment Income Support Scheme
- Coronavirus Job Retention Scheme
- Other COVID-19 grants and support payments such as self-isolation payments, local authority grants and those for the Eat Out to Help Out scheme.
HMRC recognises that some customers may be worrying about paying their tax bill. Customers can access support to help pay any tax owed, and may be able to set up their own affordable monthly payment plan online by using HMRC’s self-serve Time to Pay facility. Customers should contact HMRC to help if they have concerns about paying their bill.