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8:06 AM 25th October 2021
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Less Than One Week To Go Until The Self Assessment Deadline

 


Image by Steve Buissinne
Image by Steve Buissinne
If you’re planning on submitting a paper tax return then you must start the process now, as the deadline to file your 2020 to 2021 figures and pay anything owed to HMRC is October 31.

With less than a week to go, and COVID-19 causing delays to HR processes for several organisations, it’s essential you gather all the documents you need as quickly as you can. Anyone who misses the deadline could face a £100 fine.

Salman Haqqi, personal finance expert at money.co.uk, said:
“We all know that one of the main drawbacks of being self-employed, apart from fluctuating income month to month and year to year, is being forced to report your income and pay tax to HMRC.

“Anyone submitting their tax return online has until the new year, however, if you want to submit a paper tax return then the self-assessment deadline is October 31, meaning you must start the process now to make sure you don’t face any delays.

“One of the most common mistakes made with tax returns is an incorrect tax code. If HMRC have the wrong details then you could be paying too much, or too little, so check you have the right code before you start the process.

“Once you’ve confirmed your tax code, the next step is to download and print out the 2021 SA100 tax return form from the government website here. To complete it, you’ll need to gather all the relevant paperwork and documents, which can include your P60, P45, P11D or a P9D. You might also need to provide a summary of any rental income and expenses or statements of earnings from savings and investments.

“You can send what you owe to HMRC by cheque, bank transfer or in a physical bank branch using a slip provided by HMRC. If you want to spread your payments over time, you can use a budget payment plan, which you can find out more about on the government website here. Remember that you can no longer pay your tax bill by credit card.

“Once you have filled out your form and arranged payment, return it to the HMRC self-assessment centre before the deadline on October 31.

“If you miss the deadline for submitting your self-assessment tax return or paying your bill, you will be charged a penalty of £100. If it is more than three months late, you could be charged an extra £10 a day up to a maximum of £900. You can estimate your penalty using this government tool.

“If you think you’ve made a mistake in submitting your tax return, it is possible to amend your self assessment by submitting an amendment in writing or via the HMRC website. However, if this does happen to you, remember you only have 12 months to complete the process.

“If you’ve overpaid tax it’s relatively easy to claim it back. You shouldn’t need to use a third-party company, in fact, you can check whether it’s worth claiming a tax rebate for free using the HMRC tax checker.

“For anyone who thinks they have overpaid tax, you can read our comprehensive guide on claiming tax back here: https://www.money.co.uk/guides/a-beginners-guide-to-self-assessment.htm