Our dedicated accountants can help you determine whether you should register for Self Assessment. If you need to register for the 2019/20 tax year (6 April 2019 to 5 April 2020), you must register on or before 5 October 2020.
If you are already registered and you need to send a return, we can prepare and file your tax return online. Be aware the deadline for online tax returns is 31 January 2021. Alternatively, you can send a paper tax return by 31 October 2020 and pay the tax you owe by 31 January 2021.
Who must send a tax return
You will normally need to send a Self Assessment tax return if one or more of the following apply to you:
- You are self-employed (sole trader) and earn more than the trading allowance,
- You are a partner in a business partnership,
- You are a minister of religion,
- You are a trustee or the executor of an estate,
- You are a company director and you have income that is not taxed under PAYE,
or you have any other untaxed income, such as:
- money from renting out a property,
- tips and commission,
- income from savings, investments and dividends,
- foreign income, regardless of whether you are resident in the UK.
You will normally not need to send a tax return if your only income is from wages or pension. However, you will need to complete a tax return, if you receive other untaxed income where the tax due cannot be collected via your PAYE coding notice. In the meantime, you can choose to fill in a tax return:
- to claim some Income Tax reliefs,
- to prove you’re self-employed.
You will usually need to make two payments (twice a year) on account each year:
- 31 January (balancing payment) for any tax you owe for the previous tax year and your first payment on account,
- 31 July for your second payment on account.
If you need to send a tax return and you miss the deadline for submitting it or paying your bill, you will get a penalty and will be charged interest from the date the payment is due.
Coronavirus Updates and Guidance (COVID-19)
Deferring Self Assessment Payments on Account
You have the option to defer your payment due in July 2020 until 31 January 2021. If you are on Self Assessment, including the self-employed, landlords and others, who are in financial difficulty due to COVID-19 can defer their Self Assessment payment on account (POA). You have the following options:
- defer payment of their POA in full up until 31 January 2021,
- pay your July POA as normal by 31 July 2020,
- pay your POA any time between now and 31 January 2021 (as one payment or in instalments).
You do not need to tell HMRC if you choose to pay in instalments, you can simply implement a budget payment plan. If you wish to add the July 2020 POA to an existing time to pay arrangement, you will need to contact HMRC to arrange this.
Self-employment Income Support Scheme (SEISS)
If you are self-employed or a member of a partnership and have been adversely affected by coronavirus, you can check online to find out whether you are eligible to make a claim for the first grant. You will need your Self Assessment Unique Taxpayer Reference (UTR) number along with your National Insurance number. Be aware that the SEISS grants are taxable and should be included in your 2020/21 Self Assessment tax return.
We offer a wide range of accounting services that can be tailored to your requirements, from bookkeeping to personal tax advice. Get in touch to find out how our highly experienced accountants can assist you and provide you with ongoing support.
We provide a full range of cost effective accounting and tax services. If you prefer to pay on a service-by-service basis, our rates range from £30 to £120 (plus VAT) per hour.
Our cost-effective monthly accounting packages and tax services are designed to help your business reach its full potential.
Need help with accounting and tax? Get your questions answered. Fill in the form and we will get back to you as soon as we can.
DISCLAIMER The information and opinions provided on this website are for general information purposes only and are not intended to constitute legal or professional advice.
Copyright © Ashkenazi & Co. | All Rights Reserved