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Are you a Self-Assessment taxpayer?

If you are, then keep reading…

From today, you have days left to submit paper tax returns for the 2020/21 tax year before the deadline on Sunday 31 October.

Those submitting online tax returns, you have until the 31st January 2022!

For the 31 January 2021 deadline, over 10.7 million Self-Assessment taxpayers submitted tax returns – and 96 per cent of these did so online.

Why submit digitally?

Completing the tax returns online is by far the quickest method, and with less than 100 days to go until the deadline, it makes sense to opt for more time to do it.

When do I pay the tax?

Taxpayers are reminded they do not have to pay any owed tax until 31 January 2022, even if they submit their completed tax returns now.

If you are worried about paying your bill, access the necessary support by visiting GOV.UK.

Need help paying?

HM Revenue & Customs offers the following options:

  • Paying through a taxpayers’ tax code (PAYE customers only)
  • Payment on Account
  • Setting up an online monthly payment plan (self-serve Time to Pay)
  • Pay by debit or corporate credit card
  • Pay at a bank or building society
  • 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
  • Find out more about Self-Assessment 
  • Find out more about how to declare taxable COVID-19 support in your tax return if you are self-employed, in a partnership or run a business.
  • Follow HMRC’s Press Office on Twitter @HMRCpressoffice

Not everyone is aware of the penalties involved if your tax return is late or you do not pay your tax on time, to help these are outlined below:

Penalties for sending your tax return late

If you do not send HMRC your tax return on time, you’ll have to pay a penalty.

If you delay sending in your tax return by:

  • 1 day – you’ll have to pay a penalty of £100
  • 3 months – you may have to pay a penalty of £10 a day, for a maximum of 90 days (£900)
  • 6 months – you’ll have to pay a further penalty of 5% of the tax you owe or £300, whichever is greater
  • 12 months – you’ll have to pay a further penalty of 5% of the tax you owe or £300, whichever is greater – in some cases, you may have to pay up to 100% of the tax you owe

These penalties are in addition to any penalties for paying your tax late.

Penalties for paying your tax late

If you do not pay HMRC the tax you owe on time, you must pay a penalty. You’ll also have to pay interest on the amount you owe and on any penalties.

If you delay paying your tax by:

  • 30 days – you’ll have to pay 5% of the tax you owe at that date
  • 6 months – you’ll have to pay a further penalty of 5% of the tax you owe at that date
  • 12 months – you’ll have to pay a further penalty of 5% of the tax you owe at that date

These penalties are in addition to any penalties for sending your tax return late.

Don’t risk the hefty fines and penalties, contact us today at enquiries@stca.co.uk or call 01494 552100 for help with tax returns.

This blog is for guidance only, professional advice should be obtained before acting on any information contained herein. The information was correct at the time of publishing 27th October 2021.