Self-assessment taxpayers have been reminded by HMRC that the deadlines for filing 2020/21 tax returns are now approaching.
The deadline for 2020/21 tax returns is 31 October 2021 for those completed on paper forms and 31 January 2022 for online returns.
HMRC has already seen thousands of people filing their returns – more than 63,500 customers filed their tax return on 6 April, the first day of the tax year.
Individuals who are new to self-assessment must register via GOV.UK to receive their Unique Taxpayer Reference (UTR). Self-employed individuals must also register for Class 2 national insurance.
Customers are encouraged to register early so that they can access HMRC guidance or seek out the services of an accountant and be aware of what they need to do. This includes record-keeping, knowing when the filing and payment deadlines are, and the potential for a first tax payment to include a payment on account.
This year, customers will also have to declare if they received any grants or payments from coronavirus (COVID-19) support schemes up to 5 April 2021, as these are taxable.
Myrtle Lloyd, Director General for Customer Services at HMRC, said: ‘We want to help people get their tax returns right by making sure they are prepared and have everything they need before they start their self-assessment. If anyone is worried about paying their tax bill, support is available – search ‘time to pay’ on GOV.UK.’
If you would like us to file your self-assessment tax return on your behalf, or if you have any questions on this, or any other accounting matter, do not hesitate to contact us.