HM Revenue and Customs (HMRC) has issued a crucial warning to taxpayers reminding them regarding an important deadline later this month.
Self Assessment customers are being urged to clarify that they have the correct information in order to complete their tax return. This year’s tax return deadline for 2020/21 is October 31, 2021 for people with completed paper forms. However, the deadline for online returns will be January 31, 2022. According to HMRC, the tax body has already seen thousands of Britons file their tax returns over the past years.
Some 63,500 customers filed their tax return on April 6, this year, which is the first day of the tax year.
Taxpayers will be able to file prior to the January deadline for online forms but still have until January 31 to make their payment.
HMRC is calling on taxpayers to register early in order to gain access to guidance from the tax body and be more aware of what is required of them.
Among the requirements expected of HMRC customers are record keeping, being aware of when filing and payment deadlines are, and knowing about the possibility for a first tax payment to include a payment on account.
On top of this, HMRC is letting taxpayers know that they will need to publicly declare whether or not they have received any grants or payments from Government support schemes during the pandemic.
Taxpayers must declare all support from up to April 5 this year due to these support schemes being taxable.
Among the Government schemes which need to be declared are the Self-Employment Income Support Scheme and Coronavirus Job Retention Scheme.
On top of this, anyone who has received financial assistance from any pandemic support grants, such as self-isolation payments and local authority grants, will also need to declare.
The tax body has issued this reminder to customers in order to ease any potential concerns they have about paying off their tax bill.
All taxpayers will be able to access support to help pay any tax owed, if necessary, and may be allowed to arrange their own affordable monthly payment plan online by using HMRC’s self-serve Time to Pay facility.
HMRC encourages all taxpayers to reach out for support as soon as possible or for advice on paying off their tax bills.
Myrtle Lloyd, Director General of HMRC’s Customer Services, outlined how customers. “Brinkwire Summary News”.