Time to get ready for Self Assessment

HM Revenue and Customs (HMRC) is reminding Self Assessment customers to check that they have the correct information in order to complete their tax return.

The tax return deadline for the 2020 to 2021 tax year is 31 October 2021 for those completed on paper forms and 31 January 2022 for online returns.

Customers can file before the January deadline but still have until 31 January to pay.

Any customer who is 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.

This year, customers will also have to declare if they received any grants or payments from COVID-19 support schemes up to 5 April 2021 as these are taxable, including:

  • Self-Employment Income Support Scheme
  • Coronavirus Job Retention Scheme
  • other COVID-19 grants and support payments such as self-isolation payments, local authority grants and those for the Eat Out to Help Out scheme

HMRC recognises that some customers may be worrying about paying their tax bill.

Customers can access support to help pay any tax owed, and may be able to set up their own affordable monthly payment plan online by using HMRC’s self-serve Time to Pay facility. Customers should contact HMRC for help if they have concerns about paying their bill.

For further information please visit GOV.UK.

Source: Business Wales Business HQ | Business Wales (gov.wales)
Posted on: Thursday 28th October 2021