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Time to get ready for Self Assessment
by Susie Hughes at 11:50 12/10/21 (News on Business)
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.
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The deadline for 2020/21 tax returns is October 31 2021 for those completed on paper forms and January 31 2022 for online returns. While the end of January is more than three months away, HMRC has already seen thousands of people filing their returns – more than 63,500 customers filed their tax return on April 6, the first day of the tax year. Customers can file before the January deadline and still have until January 31 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.

HMRC is encouraging customers to register early so that they can access guidance and be aware of what they need to do. This includes record keeping, knowing when the filing and payment deadlines are, and the potential for a first tax payment to include a payment on account.
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 (SEISS)
  • Coronavirus Job Retention Scheme (CJRS)
  • 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.

Tax payers 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.

Fraud
HMRC urges everyone to be alert if they are contacted out of the blue by someone asking for money or personal information. HMRC sees high numbers of fraudsters emailing, calling or texting people claiming to be from the department. If in doubt, HMRC advises not to reply directly to anything suspicious, but to contact them straight away and to search GOV.UK for ‘HMRC scams’.

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Susie Hughes © Shout99 2012

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