It’s that time of the year again and the countdown has begun for the online filing of 2020-21 Self Assessment Tax Returns. To ensure that your tax return for the 2020-21 (6 April 2020 to 5 April 2021) is filed to HMRC on time to avoid any fine the tax return must be filed with HMRC online by 31 January 2022. To avoid penalties for late filing get in touch and contact us without delay if you need your self assessment tax return to be completed and submitted to HMRC.
Deadlines for your 2020-21 Self Assessment Tax Return as follows:
1. Paper Returns to be filed by 31 October 2021
2. Electronic / online Returns to be filed by 31 Jan 2022
The paper return date has now expired and all self assessment tax returns must now be filed online and submitted to HMRC by 31 January 2022.
We at Amin & Co Accountants submit all Self Assessment Tax Returns online for our clients using professional accounting & taxation software. Therefore we are ready and prepared to file your Self Assessment Tax Return on time and prior to the deadline, if you need to file tax return contact immediately at 0161-224 3510.
Penalty & fine for late submission
If your self assessment tax return is filed with HMRC one minute after midnight on 31 January 2022 you will face a fine which starts £100 initially and increased gradually the longer the delay the longer the penalty.
However you can appeal if you have circumstances beyond your controls.
Who need to file a Self Assessment Tax Return
The following clients typically need to file a self assessment tax return each year:
1. Sole Traders & self employed
2. Landlords who receive income from property
3. Limited company director receiving untaxed income from the limited company, for example dividends which is more than personal allowances.
4. High earners
5. Anyone who is registered for Self Assessment and has been requested by HMRC to file a tax return
There is still time to contact us and arrange for your Self Assessment Tax Return to be completed and filed with HMRC prior to the 31 January 2022 deadline. Time is running short so we ask that you do act now and contact us without the delay. The closer it gets to the deadline the more difficult it will be to give any guarantee in filing your tax return on time.
Disclaimers: This articles is only for reference purpose, for more details visit HMRC website