Self-Assessment tax return deadline is approaching

For those that need to complete a self-assessment tax return, the 31 October 2021 deadline for completing paper forms is fast approaching. Those that complete their tax return online have until 31 January 2022.

Whilst those who need to complete a paper return have a matter of days. We’d recommend that even if you are completing your tax return online to do so sooner rather than later. The reason being is that you still have until 31 January 2022 to pay what you owe.

Finalising your self-assessment tax return early means you not only have peace of mind that the task is done but also you know what you are expected to pay HMRC and can plan ahead to pay the required amount.   

There are also schemes that some customers will need to incorporate into this year’s tax return which makes completing this year’s tax return a little different. So, if you received grants, such as from your local authority or Eat Out to Help Out. Or perhaps you received income from the Coronavirus Job Retention Scheme or Self-Employment Support Scheme up to 5 April 2021 you will need to include this.

Completing your tax return

According to HMRC over 63,500 customers have already filed their tax return on the very first day of the tax year (6 April 2021). So, why not get ahead of the game and alleviate any concerns you have sooner rather than later.

HMRC has advice on paying your tax bill if you have any concerns.

If you would like the support of an accountancy firm to help you complete your self-assessment tax return, then you can call our accounting team at McKenzies for a free initial consultation to talk through your requirements.