Three Important Dates for UK Individual tax self assessment returns

We have recently received a large number of enquiries about our personal tax return service and many of our customers have been frustrated by the deadlines they are facing. If you entered the UK in the last tax year, 2020-21 (Year ended 5 April 2021), or if you received income from a UK rental property in that year, to name a few, you may need to complete a self assessment return to HMRC and pay the tax at a later date.

The HMRC website sets out several deadlines if you need to self-report in 2020-21, namely:

• You have until 5 October 2021 to complete your tax registration for self-reporting.

• Paper returns need to be filed by 31 October 2021.

• You need to file an online return by 31 January 2022.

How should these be interpreted? What will be the consequences if I do not meet the deadline?

The deadline of 5 October has passed. This deadline means that you need to notify HMRC that you are about to submit a self-assessment return, if you do not do so by the deadline, there is no need to be nervous for the time being, as long as you complete your return by the subsequent deadline, you will not have to worry about the penalties.

If you intend to file a paper return (e.g. the SA109 Residence Form for split year), the 31 October deadline must be met or you may face a penalty.

The 31 January deadline is the deadline for filing online, but the HMRC website does not provide forms for special circumstances, such as the SA109 mentioned above, so you can only file on paper, purchase tax preparation software or seek assistance from a tax adviser. Please note that the 31 January filing deadline is also the deadline for payment of tax, so if you do wait until 31 January to file the return, you will need to pay your tax immediately to avoid penalties.

Apex Consultancy offers a full range of services from registering your UTR number to completing your tax return, so please feel free to contact us if you are interested.