The deadline to file your
2020/21 self-assessment tax return is approaching. Taxpayers that choose to file via a paper return had a deadline of 31 October 2021. If you file electronically, the filing deadline is 31 January 2022 however
HMRC is waiving late filing and late payment penalties for one month giving self-assessment taxpayers extra time (if required) to complete their 2020 to 2021 tax return and pay an tax due.
In a recent press release, HMRC reminded taxpayers that this year they will also have to declare if they received any grants or payments from COVID-19 support schemes up to 5 April 2021. These grants are taxable, including:
The £500 one-off payment for working households receiving tax credits should not be reported in self-assessment.
If you file via a paper return but missed the deadline, you will have two options to minimise potential penalties:
- Complete and submit the outstanding return at the earliest opportunity available
- Complete and submit the return online. If you need help switching to the electronic filing option, please contact a Moore adviser who will be able to assist.
For assistance with your self-employed tax return, please contact a
Moore adviser.