The deadline for Self Assessment is the 31st January. HMRC estimate that 45% of returns are still due, if you're in this group, ensure you act fast to file your return in time.
Approximately 45% or 5.4 million Self Assessment returns are still due. HMRC expects the majority of these returns to be submitted online. From the 55% already filed, 93% were uploaded online. It’s important that you do this correctly, for guidance, please read how to return a Self Assessment.
As of 4pm on New Year’s day, almost 18,000 customers had filed their return, HMRC urges those who haven’t yet, to begin the process as soon as possible – it can often take longer than you may think.
Karl Khan from HMRC stated:
“In what was a very difficult year for many, we are grateful to the 55% of our customers who have already submitted their returns.
HMRC is ready to offer support to those who are yet to file their returns or are worried about paying their tax bill, but they must act now so we can help before the deadline.”
You may be worried about payments; the important thing is to complete your return, so you know how much tax is owed. Once you know this, you can set up a payment plan and ensure the cost is spread out in a manageable load (up to £30,000). To set up monthly direct debits, use the self-serve Time to Pay service online. Note that interest will be applied on an outstanding balance from 1st Feb 2021 – click here for eligibility information.
If your amount owed is more than £30,000, or you think you need longer than 12 months to pay the full amount – it’s not too late to call the HMRC Self Assessment Payment Helpline on 0300 200 3822 to set up a Time to Pay arrangement.
For those that receive any ‘casual’ income, ensure you declare this as you may need to be taxed. There is a new feature on Gov.uk for this which assists individuals who receive non-PAYE income. This type of income could be from:
Selling items at car boot sales, auctions, or online
Loaning equipment or tools
Casual jobs usually paid in cash such as gardening or baby sitting
Renting out part of a property or home
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