self assessment deadlines

Self Assessment Deadlines You Must Look Out for

Millions of people file their tax returns before the due date in the UK. This tax year’s tax return deadline to file an online self assessment is 31st January 2021. This is the main deadline, while there are other self assessment deadlines too, and we will take look at them all.

Deadline for 2018-19 Self Assessment tax returns

John purchased a house with an untaxed income. He made this purchase between 6 April 2018 and 5 April 2019. He is now self-employed. The deadline for him to file an online tax return was 31 January 2020.

In an unlikely scenario, if he misses his deadline, he will receive a fine. The longer he delays the owed tax payment, the finer he has to pay. So, it is critical to pay the tax return before the end of the deadline.

Income earned between April 2019 and April 2020

Martha is self-employed and struggling with financial difficulties. She will have to pay the tax on the income she earned during the tax year 2019-20. By rules, she is required to file the self assessment tax returns and her tax bill before midnight January 31st 2021.

The government of UK may understand Martha’s exceptional situation. Also, there are so many other businesses who saw a difficult year. Martha with her difficult situation can defer full payment. She will get a new deadline of January 31st 2022. She can avail this relief if she owes up to £30,000.

Martha will apply for the deferral using HMRC’s online time to pay service.

Income between April 2020 and April 2021

Emily kept earning self-employed money that is not taxed from April 6th 2020. Her earning will fall into the 2020-21 tax year ends on April 5th 2021.

She will have to submit the self-assessment tax return before January 31st 2022 midnight.

Other self assessment deadlines

Apart from the main deadline, there are other deadlines throughout the year. You have to consider them although they may not be directly related to you. But you have to look for the ones which apply to you. Here’s a brief look:

31 July is the second ‘payment on account’ installment deadline. It comes into effect you have to pay more than £1,000 when you submitted your tax return for the period.

5 October is another deadline for informing the tax body that you’re self-employed.

31 October is the deadline if you are not going with online tax returns and choose to file a paper return.

If you want to submit your tax through PAYE using your tax code, the deadline for you is 30th December.

Start thinking about tax return

Even if you owe tax in 2022, you should start thinking and preparing yourself as soon as you start earning some money with self-employment.

You have to keep your personal financial affairs separate from your business affairs. It is better if you open a bank account for this purpose. Use any tool like a spreadsheet or any app that helps you keep track of your earned income. It will make things much simpler when you file your tax return. Though, it is ideal if you hire a professional accountant.

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