It is a good time to start thinking about completing your self-assessment tax return for 2019 to 2020.
The deadline to complete online Self Assessment tax returns for 2019 to 2020 is 31 January 2021. Paper returns must be sent to HMRC by 31 October 2020.
If you are completing a tax return for the first time, you will need to register for Self Assessment.
If your Self Assessment debts are over £30,000, or you need longer than 12 months to pay your debt in full, you may still be able to set up a Time to Pay arrangement by calling the Self Assessment Payment Helpline on 0300 200 3822.
Customers using self-serve Time to Pay will be required to pay any interest on the tax owed. Interest will be applied to any outstanding balance from 1 February 2021.
Limited company directors who are currently in Self Assessment but no longer meet any other criteria to remain in scope, can either:
complete their tax return by the deadline. HMRC will update their record and they won’t be issued a notice to file for the following year
call HMRC, which can agree to withdraw the notice if the customer no longer satisfies the criteria for this year
From 6 April 2020, the process for Capital Gains Tax on UK residential property sold since 6 April 2020 has changed. It must now be declared and paid within 30 days of completion. This only applies where the property in question is not the seller’s main home.
Any questions please contact Nick and the team.
