Deadline For Paper Self-Assessment Filing
For the taxpayers who file their personal tax return on paper, the deadline for paper Self-Assessment returns submitting is 31 October 2020. Due to the impact of coronavirus, HMRC allowed taxpayers were to delay their second payment on account for the 2019-20 tax year (due on 31 July 2020) until 31 January 2021.
It has also been announced that most the taxpayers will be able to benefit from a separate the additional 12-month extension from the HMRC on the “Time to Pay” self-service facility for this payment on account and also for other payments due in January 2021 extending the deadline until January 2022. https://www.gov.uk/self-assessment-tax-returns/deadlines
If you are still submitting paper tax returns, we would recommend that you consider the benefits of submitting the returns electronically. This includes gaining an additional three months (until 31 January 2021) in which to submit your return. You will also receive instant confirmation that a return has been filed and not need to rely on postal service.
Late submission of a Self-Assessment return will become liable to a £100 late filing penalty. The penalty usually applies even if there is no liability or if any tax due is paid by the relevant deadline.
If you received a letter informing you to submit a paper return after 30 July 2020, then you have an extended deadline which runs for three months from the date you received the letter in order to submit a paper return.
Choosing between Xero and QuickBooks can affect how efficiently your business manages invoices, reconciles bank transactions, processes payroll and prepares...
If you owe HMRC money and you have been ignoring the letters, the rules around what can happen next are...
A construction subcontractor may complete a job worth thousands of pounds, only to find that the contractor has deducted 30%...
The property income tax rates April 2027 will increase the tax paid by individuals receiving rental income directly. From 6...
Business Asset Disposal Relief used to be known as Entrepreneurs’ Relief before 6 April 2020. The relief was renamed in...
Electric vehicles (EVs) can offer significant tax advantages for UK limited companies, particularly those purchasing company cars or providing electric...
A small business spends £2,000 on Google Ads, social media campaigns and printed promotional materials. When preparing its tax return,...
The VAT threshold for UK businesses in 2026/27 is £90,000 in taxable turnover over a rolling 12-month period. Businesses must...
The benefits of a tax advisor include legitimate tax savings, improved cash flow, reduced compliance risks and better financial decisions....
Founders’ Relief is a proposed new capital gains tax relief for founders and significant early investors in high-growth UK companies....
