Self-employed workers and landlords have less than 100 days remaining to complete their online Self Assessment tax return, HM Revenue & Customs (HMRC) has warned.
Here’s everything you need to know about this year’s Self Assessment.
When is the deadline?
The online deadline for the tax year 2020/21 is 31 January 2022, but anyone struggling to pay tax can set up an affordable payment plan.
The last day to submit a paper return, meanwhile, is 31 October 2021.
Do I need to submit a tax return?
According to the tax office, some 10.7 million taxpayers are set to complete a tax return this year. You may need to complete one if you have generated any untaxed income, such as:
- money from renting out a property
- tips and commission
- income from savings, investments and dividends
- foreign income
You can use this tool if you are unsure whether you need to submit a tax return.
Should coronavirus grants be included?
If you received a Self Employment Income Support Scheme (SEISS) grant throughout the 2020/21 tax year, it must be included as income in the relevant box on your tax return.
I can’t afford to pay tax. What are my options?
You may be able to set up an affordable monthly payment plan online by using HMRC’s self-serve Time to Pay facility.
You cannot use this tool if you owe more than £30,000 or more than 60 days have elapsed since the payment deadline.
Get advice today
For help and advice with related matters, please get in touch with our team today.
