Ensure your ducks are in a row in time for Self-Assessment deadline

9th December 2021 | News

31st January 2022 deadline

The deadline to submit the 2020/21 Self-Assessment Tax Return (SATR) is just over a month away.

All SATRs need to be received by HMRC no later than 31st January 2022 to avoid late filing penalties. Late filing penalties include a £100 fixed fee with the potential to incur more charges thereafter.

It is very important that you ensure you have the correct information required to submit your tax return.

The end of January is approaching fast, and it is important to be aware of your record-keeping, knowing when the filing and payment deadlines are, and the potential for a first tax payment to include a payment on account.

HMRC guidance

HMRC have also advised taxpayers that they will have to declare if they received any grants or payments from COVID-19 support schemes up to 5th April 2021 as these are taxable, including:

It is also important to remember that as well as being the submission deadline, 31st January 2022 is also the payment deadline for tax due (or at least for a payment on account).

This is likely to be concerning to some. However, HMRC have acknowledged that this has been a trying year for many, with some semblance of normality post-lockdown only returning very recently. Therefore, they have clarified that there is support available for those worried about how they are going to pay their tax bills.

For example, customers can access support to help pay any tax owed and may be able to set up their own affordable monthly payment plan online by using HMRC’s self-serve Time to Pay facility.

Myrtle Lloyd, Director General for Customer Services, said the following:

“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.”

Be alert to scams

HMRC have continued to urge customers to remain alert to the possibility of scams. As the deadline approaches, HMRC see a high number of fraudsters emailing, calling, or texting people claiming to be from the department.

These potential scammers are aware that HMRC will be issuing their own legitimate reminders and correspondence around this time of year and hope to trick unsuspecting customers into handing over money or personal information.

If you receive any communications purporting to be from HMRC that appear in any way suspicious, please inform HMRC immediately.

We have published a more in-depth article on the subject of HMRC scams and what to look out for, which will also provide you with useful information.

How we can help

If you are an existing client of ours, please send in any requested information as soon as possible. As it gets closer to the deadline, our staff will become very busy and so we would appreciate your earliest attention.

Please also be aware that our offices close for the Christmas break on 24th December at 1pm and do not re-open until 4th January 2022. Naturally, we anticipate a busy January so the receipt of any records required to submit your returns would be appreciated as soon as possible.

If you are not yet a client, but are concerned about the upcoming deadline, please feel free to reach out to us and we will be happy to help you.

As always, if you would like any further information regarding the self-assessment deadline, please feel free to contact our offices by email info@williamsoncroft.co.uk.

Williamson & Croft is a market leading accountancy, advisory and tax firm with particular specialisms in property, construction, retail, digital and creative, technology and professional services.

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