Article by GoSimpleTax
You were still required to send HMRC your 2020/21 Self Assessment tax return and pay any tax owed by 31 January. However, due to coronavirus they announced they will waive late filing/payment penalties for tax returns submitted before midnight on 28 February if you can’t.
Tax returns treated as being received late have the following downsides:
So, the deadline has been and gone – you have not yet completed your tax return, let alone paid it. GoSimpleTax suggest you complete your self-assessment to know your tax liability and at least pay what you owe as soon as you can. You do not have to submit it, however, if you have done it why wait?
I have filed, but I am struggling to pay
If you cannot pay as your income has been affected by coronavirus you may be able to pay your self-assessment tax bill via a payment plan. HMRC have an online application for Time to Pay.
You can spread the cost of your latest self-assessment bill if
You can see if you are eligible and apply for a payment plan online, you do not need to phone HMRC.
If you cannot access the online service or are not eligible you should call HMRC at your earliest convenience to discuss your situation. The self-assessment payment helpline is 0300 200 3822.
Think ahead for Making Tax Digital for Income Tax
With MTD for income tax over the horizon, it is mandated for 2024, begin converting to digital software. HMRC’s portal can be confusing – now is the perfect time to switch.
Digital software allows you to calculate your tax liability in real time if you chose to use it from April 2022 and update your finances weekly, monthly or quarterly. You can be one step ahead, plan your finances and spend more time concentrating on your business.
GoSimpleTax suggest submitting your 21/22 tax return on 6th April and then utilising software to stay up to date with your finances. Updating your tax return in real time. You will always be one step ahead and with the uncertainty of the pandemic it pays to be, as you are likely to be ready to claim any future help the government may offer.
To conclude, if you are yet to file or pay your 20/21 tax return, we advise you take action soon, whether that is to file and pay or to seek help from HMRC through the Time to Pay. Delaying is just putting off the inevitable – seek help if you need it.
Our software submits directly to HMRC and is the digital solution for Landlords to record income, expenses and file their self-assessment giving hints on savings along the way. Covering all self-assessment pages, not just property, GoSimpleTax does all the calculations for you saving you ££’s on accountancy fees.
Available on desktop or mobile application.
Use the tax year through to record income, expenses and submit your return for just
£49.00 £36.75 (SWLA Member Discount)