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All the best,
The SK Accountants team
The deadline for filing paper returns for Self-Assessment is now imminent, but the taxman is also reminding taxpayers that there are now less than 100 days left to file their returns online.
HM Revenue and Customs (HMRC) says taxpayers have until 31 January 2023 to submit their online return for the 2021 to 2022 tax year.
Late filing could result in a penalty depending on how late it is. The 31 January also marks the first tax payment of the year, which taxpayers need to prepare for. Paying this late could also lead to penalties and you may incur interest on outstanding payments.
Self-Assessment allows HMRC to assess how much Income Tax and National Insurance you need to pay on any income which isn’t taxed at source.
Who needs to complete the form?
The tax authority is encouraging people to complete their returns as soon as they can, so they know what they owe and can budget to make their first payment by 31 January 2023. This also means that if a refund is due, it can be claimed back sooner.
Usually, anyone whose income is not taxed at source, such as an employee through PAYE, needs to complete a Self-Assessment tax return.
According to HMRC, you must send a tax return if, in the last tax year (6 April to 5 April), you were:
A limited company director will sometimes need to file a Self-Assessment to declare any dividend income received from their business.
HMRC says that those whose income is from wages, or a pension do not need to send a return, but may need to send one if they have any other untaxed income, such as:
Filing early also means they will have plenty of time to access the number of payment options.
Those who are unable to pay their tax bill in full can access the support and advice that’s available on GOV.UK. HMRC may be able to help by arranging an affordable payment plan.
Anyone can check if they need to complete a tax return by using the free online tool on GOV.UK.
Need help with filing your Self-Assessment tax return or other tax compliance matters? Contact our team today.
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