self assessment tax return

It’s that time of the year again and the countdown has begun for the electronic filing of all 2019/20 Self Assessment Tax Returns. To ensure that your tax return for the 2019/20 tax year (6 April 2019 to 5 April 2020) is filed with HMRC on time and to avoid a fine being issued the tax return must be lodged with HMRC electronically by 31 January 2021. No-one wants to receive a fine from HMRC especially during the current Covid situation and potentially reduced incomes for many. So get in quick and contact us without delay if you need your self assessment tax return to be completed and submitted to HMRC.

What are the deadlines?

There are two deadlines for your  2019/20 Self Assessment Tax Return as follows:

1. Paper Returns to be filed with HMRC by 31 October 2020

2. Electronic Returns to be filed with HMRC by 31 Jan 2021

As you can see from the above due dates the paper return date has now expired and all self assessment tax returns must now be filed electronically and submitted to HMRC by 31 January 2021.

The good news here is that we submit all Self Assessment Tax Returns electronically for clients using professional accountant software. So we are ready and prepared to file your Self Assessment Tax Return on time and prior to the deadline.

What are the fines if submitted late?

If your self assessment tax return is filed with HMRC one minute after midnight on 31 January 2021 you will face a fine. A fine of £100 is initially issued by HMRC and this will increase the longer that the return is overdue. The fines start to increase once the tax return is more than three months overdue.

There are options to contest a fine but in all honesty these fines are not so easy to have overturned without a very good reason that held you back or prevented you from filing your tax return on time.

Which clients need to file a Self Assessment Tax Return?

The following clients typically need to file a self assessment tax return each year:

1. Sole Traders

2. Landlords who receive income from property

3. Limited company director’s* receiving untaxed income from the limited company, for example dividends

4. High earners

5. Anyone who is registered for Self Assessment and has been requested by HMRC to file a tax return

* Not all limited company director’s are required to file a Self Assessment Tax Return. This very much depends on your personal circumstances.

Act now

There is still time to contact us and arrange for your Self Assessment Tax Return to be completed and filed with HMRC prior to the 31 January 2021 deadline. Time is running short so we ask that you do act now and contact us without the delay. The closer it gets to the deadline the more difficult it will be to give any guarantee in filing your tax return on time.

Our starting fee for a self assessment tax return is only £50 for a basic tax return.