Self Assessment: less than 100 days until online deadline

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.

Posted in Blog.