Your online self assessment tax return for 2019/20 must be with HM Revenue & Customs by midnight on 31 January 2021. (The paper deadline is 31 October 2020.) Remember that you will need time to sign up, which can take up to 7 working days in the UK and 21 days if you are setting up an account from abroad.
If you owe less than £3000, you can get HMRC to collect the tax through your PAYE code, but your self assessment tax return would then need to reach HMRC by 30 December 2020.
The deadline for self assessment registration is 5 October 2020. Failure to send your tax return and pay any tax by 31 January 2021 will result in penalties.
Who needs to Complete a Tax Return?
Guidance is available online at www.hmrc.gov.uk which indicates the reasons why an individual may be required to complete a Tax Return. Some of the more common reasons are:
- You are self employed
- You receive income from letting out a property
- You receive foreign income
- Your annual income exceeds £100,000
- You receive £2,500 or more on tax savings and investments
- You have a capital gains tax liability in the year
If you have previously been in the self assessment HMRC system, you will have been assigned a unique tax payer reference (UTR). It is not necessary to have a note of your UTR to register but it may speed up the process and avoid duplication of tax records. You can register either online, by phone or by post by completing form SA1.
By Denise Green of the Wills, Trusts & Estates team at Cambridge solicitors Barr Ellison. Call Denise on 01223 417246 if you have queries regarding the above or require assistance with any income tax matter.
Disclaimer: While we do all that is possible in terms of ensuring its accuracy, this blog contains general information only. Nothing in these pages constitutes legal advice. You need to consult a suitably qualified lawyer from the firm on any specific legal problem or matter.
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