Important reminder: Self-assessment deadline is 31st January 202105/01/2021
The deadline for self-assessment tax return filing is looming. It is vital that all returns are made by 31st January 2021 – just a few weeks away. If your return is not delivered by this deadline, then you can expect a penalty notice – although, due to the exceptional circumstances of the coronavirus pandemic, you will be allowed more time to lodge an appeal.
If JW Hinks is handling your return, then you can rest assured: you don’t have anything to worry about. But if we’re not, now is your last chance to contact us for help and assistance in this area.
Many accountants have struggled to keep on top of self-assessments due to the large amount of additional work they had to do in 2020. This work was mostly Covid-19 related: applications for loans and grants, business advice over how to manage lockdowns, and more. As a result, multiple professional bodies (ACCA, CIOT, AAT, ICAEW, and ICAS) have contacted HMRC to request a relaxation of the self-assessment deadline. However, an extension has not been granted.
HMRC’s CEO, Jim Harra, responded to these calls as follows:
“[HMRC] wants to encourage as many customers as possible to complete their returns by 31 January 2021, even if they can’t pay in full, because filing their return is key to crystallising their SA liability and being able to get our support, if they need it, to pay their tax. But no-one will have to pay a penalty if they cannot file on time because of the impact of the COVID-19 pandemic.”
Mr Harra continued to explain that HMRC did not want to send a blanket message that it was ok to miss the 31st January deadline – but has extended the appeal period from one to three months to protect those who are really struggling.
At JW Hinks, our tax team made a huge effort to stay up to date with our returns, and it has paid off. If you have not engaged our services to help with your self-assessment, then get in touch with us on 0121 456 0190 today.