Ready, steady, file: less than 100 days left to Self Assess | Latest Newry News, Newry Sport and Newry Business for Newry City

Ready, steady, file: less than 100 days left to Self Assess

HM Revenue and Customs (HMRC) is reminding Self Assessment customers that there are just 100 days left to complete their tax return ahead of the deadline on 31 January 2021.

 

Ready, steady, file: 100 days left to Self Assess - Newry business news

 

Each year, around 11 million customers complete a Self Assessment tax return.

 

 

Customers can complete their 2019-20 tax return at any time up to the deadline but HMRC recommends completing it early to allow customers time to pay their tax bill or set up a payment plan.

The majority of Self Assessment customers choose to complete their tax return online, which provides an immediate calculation of any tax owed.

Customers completing a paper tax return have until 31 October 2020 to send their completed form to HMRC.

 

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Customers must complete a Self Assessment return if:

they’ve earned more than £2,500 from renting out property

they’ve received, or their partner has received, Child Benefit and either of them had an annual income of more than £50,000

they’ve received more than £2,500 in other untaxed income, for example from tips or commission

they are a self-employed sole trader whose annual turnover is over £1,000

they are an employee claiming expenses in excess of £2,500

they have an annual income of over £100,000

they have earned income from abroad that they need to pay tax on

HMRC’s Interim Director General of Customer Services Karl Khan said, “The vast majority of Self Assessment customers complete their tax return by the 31 January deadline, but you don’t need to wait until January; you can send it back now and get it out of the way. 

 

 

“HMRC is determined to help customers during this difficult time.

“We know many customers will have been adversely affected by the coronavirus pandemic, or will need help to spread the cost of their tax bill.

“That’s why we’ve made it quick and simple to set up a payment plan to spread the costs and help people get back on their feet.

“It’s easy to do online and there’s no need to call us to set it up,” he adds.

Once Self Assessment customers have completed their 2019-20 tax return, and know how much tax is owed, they can set up their own payment plan to help spread the cost of their tax liabilities, up to the value of £30,000.

 

 

They can use the self-serve Time to Pay facility to set up monthly direct debits and this can all be done online so there is no need to phone HMRC.

Customers can visit GOV.UK to find out more about the service and if they are eligible.

Be aware of copycat HMRC websites and phishing scams.

Always type in the full online address www.gov.uk/hmrc to get the correct link for filing your Self Assessment return online securely and free of charge.

 

 

And be alert if someone calls, emails or texts claiming to be from HMRC, saying that you can claim financial help, are due a tax refund or owe tax.

It might be a scam. Check GOV.UK for information on how to a recognise genuine HMRC contact.

 

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Posted by on Oct 27 2020. Filed under Community. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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