Self-employed reminded to prepare for tax return

The UK’s self-employed sector are being reminded by HMRC to ensure they have the correct information ready to complete their self-assessment tax return.

Those who file their tax return via paper forms have until 31^st October 2021 to complete their self-assessment, while those who choose to file online have until 31^st January 2022.

Interestingly, HMRC says that despite January being three months away, thousands of people have already completed theirs online – in fact, more than 63,500 people filed their forms on the first day of the tax year (6^th April).

Those who have received any grants or payments from Covid support schemes are also being reminded to ensure that these are included on their self-assessments, due to the fact they are taxable.

These include:

• Self-Employment Support Scheme (SEISS)
• Coronavirus Job Retention Scheme (CJRS)
• Other Covid-19 grants and support payments, such as self-isolation payments, local authority grants and the Eat Out to Help Out scheme.

HMRC’s Myrtle Lloyd, Director General for Customer Services, said, “We want to help people get their tax returns right by making sure they are prepared and have everything they need before they start their Self-Assessment. If anyone is worried about paying their tax bill, support is available – search ‘time to pay’ on GOV.UK.”

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