Remember to file your online tax return by the deadline

tax return help in greater Manchester

The deadline for filing paper tax returns will pass on 31st January 2022. If you think that you could miss the deadline, don’t worry; you may be given an extension up to 28th February 2022 to submit your tax return online, speak to us directly if you are worried that you won’t make the deadline 0161 707 1500 or info@mccaccountants.co.uk.

By this date, you must have submitted your return for the 2020/21 financial year and paid off any tax you still owe for the year.

In this Newsletter, local tax advisors, Manchester based MCC Accountants, will explain how to submit your tax return on time, and how we can assist you with your tax return, and hopefully help you save money.

Do I need to submit a tax return?

Most taxpayers in the UK have their taxes deducted automatically from their wages and pensions and do not need to submit a tax return. However, if any one of the following applied to you in the tax year 6th April 2020 to 5th April 2021, you must submit a tax return:

  • You were self-employed and had an income greater than £1000.
  • You earned over £2500 by letting out a property you own or other untaxed income such as commission. 
  • You earned more than £50,000 and you, or your partner, claimed child benefit. 
  • You had an income of more than £100,000.
  • You earned £10,000 or more pre-tax from your investments, savings and shares. 
  • You need to pay Capital Gains Tax. 
  • You were advised by HMRC that you didn’t pay sufficient tax last year and you have not yet made up the difference through voluntary payments. 

If you are still unsure about whether you need to submit a tax return, you can check using the Government’s online tool, available here.  

If you are filing your tax return online for the first time, you need to register here for HMRC to set up your online account., if you simply don’t have the time we can arrange all this for you. Once applied to HMRC they’ll then send you a letter which contains your taxpayer reference code, called a UTR Tax Reference which you’ll need to log in the first time you use the service. Don’t leave it to the last minute to register as it can take 10 days for you to receive this activation code.  

IIf you are self-employed, you need to be aware of a further deadline: 30 December 2021. By this date, you must file your tax return online if you wish for the tax which you owe to be collected via your tax code through PAYE. You are only eligible to opt into PAYE if you already have income taxed through PAYE, that is to say, if you are both employed and self-employed. Your 2020-2021 self-assessment tax bill must also be under £3,000. The advantage of opting into the PAYE system is that any tax you owe would be paid over the course of the year from April 2022, rather than as a single lump sum in January 2022.

What happens if I miss the deadline?

If yIf you miss the deadline for submitting your online tax return, the financial penalties for missing the deadline are steep, as mentioned above you may qualify for the extension 28th February please contact us to see if you do qualify for the extension 0161 707 1500 or info@mccaccountants.co.uk .

Once you’ve submitted this year’s tax return, you should turn your mind to 2023. Open a business account to keep your personal finances separate from your business’, keep receipts for tax deductible expenses and consider starting a spreadsheet to track your income, or speak to a member of the team at MCC Accountants to find out how we can simplify the process. Under the Government’s ‘Making Tax Digital’ (MTD) plans, you may soon only be able to submit your tax return online, as paper returns are phased out over time. By planning ahead, you’ll be ready for any changes the Government makes. 

MCC Accountants

If you are looking for local tax advisors, Manchester based MCC Accountants are here to help. Give us a call on 0161 707 1500 or use our contact form.

Share:

Facebook
Twitter
WhatsApp
LinkedIn

Get a Quote

Social Media

Latest News

Get The Latest Updates

Subscribe to our
newsletter.

Categories

Highlights

Related Posts

Accounting In the Healthcare Sector 

The healthcare sector can be an incredibly overwhelming atmosphere, with having many responsibilities on your shoulders every day, it can be hard to keep track

Thank you for your enquiry

A member of our team will be in touch to arrange your free consultation or provide your no obligation quote as soon as possible.