If you’re a self-assessment taxpayer, you only have a few days left before your paper tax return is due – or less than 100 days if you file online.

The self-assessment tax return deadlines for the 2020/21 tax year are 31 October 2021 for paper returns and 31 January 2022 for online returns.

HMRC has revealed more than 10.7 million customers completed a tax return by 31 January 2021 – and, of those, 96% submitted theirs online.

And remember, even if you submit your completed tax return now, you don’t have to pay any tax you owe until 31 January 2022.

How do you pay your self-assessment tax bill?

Your payment options include:

  • Paying through your tax code (PAYE customers only)
  • Payment on account
  • Setting up an online monthly payment plan through the ‘Time to Pay’ self-service facility
  • Paying by debit or corporate credit card
  • Paying at a bank or building society

Covid-19 and self-assessment

The 2020/21 tax return covers earnings and payments during the Covid-19 pandemic.

If you received any grants or payments from the coronavirus support schemes up to 5 April 2021, you’ll need to declare it on your self-assessment. These grants and payments include:

  • 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 payments for the Eat Out to Help Out scheme

But if you received a £500 one-off payment as a working household receiving tax credits, you don’t need to report this in your self-assessment.

If you have any concerns about paying your tax bill, you should contact HMRC.

Don’t leave your tax return to the last minute

The run-up to Christmas is always a busy time of year, with gifts to buy and parties to plan. Before you know it, it will be the new year and your online tax return deadline will be almost upon you.

So, why not save yourself unnecessary stress by getting this important tax admin out of the way early?

Your accountant will be thankful for receiving the relevant information they need in good time, rather than leaving everything to the last minute.

And if you’re submitting the return yourself, it’s well worth getting it out of the way now, so you can relax and enjoy the festive season, without the worry of a looming deadline.

Help with your tax return

At Churchill Taxation, our team of experienced tax advisers can ease your tax return headache by doing the hard work for you.

We’re skilled at tackling different types of tax return, either online or on paper, for customers in the West Midlands and across the UK.

Talk to us today by calling 07813 434195 or emailing: stephanie.churchill@churchilltaxation.co.uk

Steph Churchill

Stephanie Churchill

Managing director & co-owner of Churchill Taxation