6 weeks to self-assessment deadline!

2020/21 tax return

Taxpayers who have yet to complete their self-assessment tax return for the 2020/21 tax year have just 6 weeks to file it online before the deadline of midnight on 31 January 2022. 

 

People who are self-employed or have more than one source of income are usually required to complete a self-assessment tax return. To complete your self-assessment return you’ll need your login information and up-to-date financial records from 2020/21 to hand.

 

Taxpayers who are worried about paying their self-assessment bill may be eligible for the Treasury’s time-to-pay scheme. The online service allows people who owe up to £30,000 in tax to manage their liabilities online and create a bespoke monthly payment plan, without the need to talk to HMRC.

 

Taxpayers can use ‘time-to-pay’ to arrange a payment plan if they:

  • Have filed their tax return for 2020/21
  • Owe less than £30,000 in income tax
  • Are within 60 days of the payment deadline
  • Plan to pay their debt within the next 12 months.

 

More than 20,000 people have used HMRC’s monthly payment plan to spread the cost of their self-assessment tax bill since April 2021, recent statistics show. Last year, around 123,000 taxpayers used the service to pay their 2019/20 tax bill, totalling £46m.

 

To find out if you are eligible to set up a payment plan go to https://www.gov.uk/pay-self-assessment-tax-bill

 

For more information regarding self-assessment, please contact your local Lentells office;

Chard - 01460 64441, chard@lentells.co.uk 

Seaton - 01297 20584, seaton@lentells.co.uk 

Taunton - 01823 286274, taunton@lentells.co.uk