Self-Assessment tax return deadline fast approaching

For those that complete a self-assessment tax return online the deadline of 31 January 2022 is fast approaching.  

Many taxpayers are encouraged to file their returns early if they have started owing money or fear they could be hit with penalties. However, those who are yet to complete it are advised to do so as soon as possible.

There are schemes that some customers will need to incorporate into this year’s tax return. If you received grants, such as from your local authority or Eat Out to Help Out. Or perhaps you received income from the Self-Employment Support Scheme up to 5 April 2021 you will need to include this. Just look out for the prompts when you complete your return.

Taxpayers who fail to file their returns by the deadline will face fines. The penalty charge increases if the tax return is submitted more than three months late and for every month that it remains unpaid. People who owe less than £3,000 in total – including any balance they might be due to claim back – will not face any penalties.

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

Support for filing personal tax returns

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 on 01883 717077. Once we’ve had an initial chat with you to learn more about your requirements, we would require all paperwork to be with us by 18 January 2022 at the very latest, in order for us to guarantee a client’s tax return is filed by 31 January 2022.