Just 95 days to go until self-assessment deadline date

Self-employed workers are being reminded that there have just 95 days left to complete their tax return ahead of the 31^st January 2021 deadline.

Of course, for those wanting to complete a paper tax return, they only have until the end of this week (31^st October 2020) to self assess.

With the pandemic having such a negative impact on many people’s finances, HMRC is recommending that the self-employed complete it early in order to allow time to pay their tax bill or set up a payment plan.

HMRC’s Interim Director General of Customer Services Karl Khan, commented, “The vast majority of Self Assessment customers complete their tax return by the 31^st January deadline, but you don’t need to wait until January; you can send it back now and get it out of the way.”

Khan added, “HMRC is determined to help customers during this difficult time. We know many customers will have been adversely affected by the coronavirus pandemic, or will need help to spread the cost of their tax bill. That’s why we’ve made it quick and simple to set up a payment plan to spread the costs and help people get back on their feet. It’s easy to do online and there’s no need to call us to set it up.”

Once Self Assessment customers have completed their 2019-20 tax return, and know how much tax is owed, they can set up their own payment plan to help spread the cost of their tax liabilities, up to the value of £30,000. They can use the self-serve Time to Pay facility to set up monthly direct debits and this can all be done online so there is no need to phone HMRC.

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.