It’s that time again; not only is it a whole New Year, but it’s also time for the many millions of Britons required to complete a self-assessment tax return to do so by midnight on 31st January.
Of course, we realise here at TS Partners that some of you will have done the deed already. Sure enough, HM Revenue & Customs confirmed on 5th January that more than half (55%) of self-assessment customers had already filed their return, with the vast majority of these (93%) electing to submit online, instead of on paper (7%).
What do you need to be especially wary of this year?
The last 12 months having been a 12 months like no other, the tax self-assessment process will inevitably be different for many people this year.
2020 saw a raft of government support measures introduced, for example, as the effects of the pandemic took hold. These included the furlough scheme, mortgage holidays and the Self-Employment Income Support Scheme for the self-employed.
If you took advantage of one or more of these measures over the past year, this may have implications for your tax bill. This gives you all the more reason to get started as early as possible with the completion of your return in 2021, so that you can take the time to fully understand the impacts of these measures on the amount of tax you are likely to need to pay.
Introducing “Time to Pay”
But on the flipside, where some burdens may have been added for those completing their self-assessment return, other government actions amid the ongoing coronavirus crisis have helped to take key concerns away.
Some self-employed workers, for instance, may be able to make the most of the government’s “Time to Pay” scheme, which allows people to pay their tax bill in monthly instalments over the 2021 calendar year. These would include self-assessment payments originally due in July 2020, but for which the deadline was subsequently pushed back to January 2021.
However, there are certain terms that self-assessment customers must meet in order to be eligible for this scheme, including all of their tax returns being up to date, and not having any other tax debts or HMRC payment plans set up.
Allow us to make your life easier when completing your return
Another reason to move quickly with your self-assessment tax return is the penalties that can be imposed for late submissions – including a £100 fine simply for being a day late, and a further £10 for every day late after that.
So, if there’s any time to seek out help with self-assessment in Plymouth, Wellington or Devon, that time is now. Reach out to the TS Partners team today, and we’d be delighted to provide you with the complete self-assessment service, so that you don’t need to worry about either the timeliness or accuracy of your return.
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