When is my Self-Assessment due?
Your Self-Assessment Tax Return Deadline is January 31st 2021 for all online self-assessment submissions.
Do not miss this date.
HMRC have allowed an extension to pay your tax bill for that period up until January 31st 2022, however you still need to submit your self-assessment by the 31st January 2021.
You can incur a fine of £100 if you miss the self-assessment deadline up to three months, this is whether you owe any tax or not. After three months, you will start to incur interest based upon what you owe.
Overview on Self-Assessment UK
Self-Assessment is a system that HM Revenue and Customs (HMRC) uses to collect Income Tax.
Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a Tax Return.
If you need to send one, you fill it in after the end of the tax year (5 April) that it applies to.
Who needs to complete a Tax-Return?
You must send a tax return if, in the last tax year (6 April to 5 April), you were:
- self-employed as a ‘sole trader’ and earned more than £1,000
- a partner in a business partnership
You also may need to send a tax return if you have any other income, such as:
- money from renting out a property/ies
- tips and commission
- income from savings, investments and dividends
- foreign income
How do I complete a Tax Return?
You need to register if you did not send a tax return last year. There are different ways to register if you’re:
- self-employed or a sole trader
- not self-employed
- registering a partner or partnership
If you’re new to Self Assessment, you’ll need to keep records (for example bank statements or receipts) so you can fill in your tax return correctly.
You can register here at Gov.uk
Sending your Tax Return
Once you’ve registered, you can send your tax return online, or use commercial software or paper forms. You then have to pay your bill by the deadline.
Tax Return Deadlines
HM Revenue and Customs (HMRC) must receive your tax return and any money you owe by the deadline.
The last tax year started on 6 April 2019 and ended on 5 April 2020.
Penalties for missing Self-Assessment Deadline
You’ll get a penalty of £100 if your tax return is up to 3 months late. You’ll have to pay more if it’s later, or if you pay your tax bill late. You’ll also be charged interest on late payments.
All partners can be charged a penalty if a partnership tax return is late.
Help with Self-Assessment Tax Return
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