Self-assessment deadline is right around the corner – don’t miss it
The self-assessment tax return deadline is fast approaching on the 31st January 2022. So if you’ve been putting yours off, you don’t have long left. This return covers the period from 6th April 2020 – 5th April 2021.
Why is it important not to miss the deadline?
If HMRC do not receive your self-assessment tax return by the deadline you will receive a fine of £100.00 and this figure will increase the longer you leave it. However, this year HMRC have wavered the late filling penalty charge for one month. This means that:
- anyone who cannot file their return by the 31 January deadline will not receive a late filing penalty if they file online by 28 February
- anyone who cannot pay their Self Assessment tax by the 31 January deadline will not receive a late payment penalty if they pay their tax in full, or set up a Time to Pay arrangement, by 1 April
Do I need to submit a self assessment tax return?
You will need to submit a tax return if you fall into any of the below categories:
- self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)
- a partner in a business partnership
Essentially you need to file a self-assessment tax return if you have any untaxed income. This is income you have received outside of any employed wages.
How can M&L help you?
We know that submitting your self-assessment can feel daunting, so we aim to make the process as stress free as possible. Get in touch today to discuss how we can move forward and help you take this off your plate.
Get in touch with us today to find out how we can help you.
We believe that a personal approach to client management is important and we ensure that we always go the extra mile to make sure that your accounts are up to date and comply with all regulations. With our expert knowledge we are happy to advise you on all finance related matters.