Tag: tax returns

HMRC: More than 10.2 million filed their Self Assessment by 31 January

More than 10.2 million customers filed their 2020 to 2021 tax returns by the 31 January 2022 deadline, HM Revenue and Customs (HMRC) has revealed.

More than 630,000 customers filed on deadline day and the peak hour for filing was 16:00 to 16:59 when 52,475 completed their Self Assessment. There were 20,947 customers who completed their tax return between 23:00 and 23:59.

More than 12.2 million customers were expected to file a Self Assessment tax return this year. The remaining 2.3 million customers expected to file by 31 January now have until 28 February 2022 to submit their late 2020 to 2021 tax return and avoid a late filing penalty.

For any Self Assessment customer who is yet to pay their tax bill or set up a payment plan, interest will be applied to outstanding balances from 1 February. Customers have until 1 April to pay their tax in full, or set up a time to pay arrangement, to avoid a late payment penalty.

Those who are not yet able to file their tax return should pay an estimated amount as soon as possible, which will minimise any interest. Self-employed people can use the calculator on GOV.UK to help estimate their tax bill.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “I’d like to thank the millions of customers and agents who sent us their tax return and paid in time for this week’s deadline.

“We’re waiving penalties this year, to give those who missed the deadline an extra month. And customers can set up a monthly payment plan online if they’re worried about paying their tax bill. Search ‘Self Assessment’ on GOV.UK to find out more.”

The existing Time to Pay service allows customers, who are unable to pay their bill in full, to spread their tax payments into manageable monthly instalments. Self Assessment customers with up to £30,000 of tax debt can do this online once they have filed their return.    

If customers owe more than £30,000, or need longer to pay, they should call the Self Assessment Payment Helpline on 0300 200 3822.

A full list of the payment methods customers can use to pay their Self Assessment tax bill is available on GOV.UK.

The 2020 to 2021 tax return covers earnings and payments during the pandemic. Taxpayers will need to declare if they received any grants or payments from the COVID-19 support schemes up to 5 April 2021 on their Self Assessment, as these are taxable, including:

  • Self-Employment Income Support Scheme
  • Coronavirus Job Retention Scheme
  • other COVID-19 grants and support payments such as self-isolation payments, local authority grants and those for the Eat Out to Help Out scheme

The £500 one-off payment for working households receiving tax credits should not be reported in Self Assessment.

It is important that customers check and make any changes to their tax return to make sure any SEISS or other COVID-19 support payments have been reported correctly in their Self Assessment.

HMRC urges everyone to be alert if they are contacted out of the blue by someone asking for money or personal information. Taxpayers should always type in the full online address www.gov.uk/hmrc to get the correct link for filing their Self Assessment return online securely and free of charge. 

HMRC sees high numbers of fraudsters emailing, calling or texting people claiming to be from the department.

If in doubt, HMRC advises not to reply directly to anything suspicious, but to contact them straight away and to search GOV.UK for ‘HMRC scams’.

Four million still to file ahead of Self Assessment deadline

Four million customers are yet to submit their completed Self Assessment tax return and pay any tax owed ahead of the deadline on 31 January, HM Revenue and Customs (HMRC) has warned.

More than 12.2 million customers are expected to complete a tax return for the 2020/21 tax year.

HMRC is urging the millions of customers still to file their tax return, pay any outstanding liabilities or set up a payment plan, to do so ahead of the deadline as interest will be applied to all outstanding balances from 1 February.

However, earlier this month, HMRC announced they would waive penalties for one month for late filing of tax returns and late payments. The changes mean:

·         anyone who cannot file their return by the 31 January deadline will not receive a late filing penalty if they file by 28 February

·         anyone who cannot pay their tax liabilities by the 31 January deadline will not receive a late payment penalty if they pay their tax in full, or set up a time to pay arrangement, by 1 April

Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “We know some customers may struggle to meet the Self Assessment deadline on 31 January which is why we have waived penalties for one month, giving them extra time to meet their obligations.

“And if anyone is worried about paying their tax bill, they can set up a monthly payment plan online – search ‘pay my Self Assessment’ on GOV.UK.”

HMRC is offering support to customers completing their tax return. Anyone who is yet to file their return can book a place to access live webinars, running throughout January on GOV.UK.

Alternatively, recordings are available on GOV.UK. In addition, HMRC has produced resources to help customers meet their obligations including YouTube videos and Self Assessment guidance on GOV.UK.

There are no changes to HMRC’s Self Assessment helpline opening times. The telephony service will not open on Saturday 29 or Sunday 30 January and will operate as normal until 6pm on Monday 31 January.

The existing Time to Pay service allows any individual or business who needs it the option to spread their tax payments over time. Self Assessment taxpayers with up to £30,000 of tax debt can do this online once they have filed their return.     

If customers owe more than £30,000, or need longer to pay, they should call the Self Assessment Payment Helpline on 0300 200 3822.

A full list of the payment methods taxpayers can use to pay their Self Assessment tax bill is available on GOV.UK.

The 2020/21 tax return covers earnings and payments during the pandemic. Taxpayers will need to declare if they received any grants or payments from the COVID-19 support schemes up to 5 April 2021 on their Self Assessment, as these are taxable, including:

  • Self-Employment Income Support Scheme
  • Coronavirus Job Retention Scheme
  • other COVID-19 grants and support payments such as self-isolation payments, local authority grants and those for the Eat Out to Help Out scheme

The £500 one-off payment for working households receiving tax credits should not be reported in Self Assessment.

It is important that customers check and make any changes to their tax return to make sure any SEISS or other COVID-19 support payments have been reported correctly in their Self Assessment.

HMRC urges everyone to be alert if they are contacted out of the blue by someone asking for money or personal information.

Taxpayers should always type in the full online address www.gov.uk/hmrc to get the correct link for filing their Self Assessment return online securely and free of charge.

HMRC sees high numbers of fraudsters emailing, calling or texting people claiming to be from the department.

If in doubt, HMRC advises not to reply directly to anything suspicious, but to contact them straight away and to search GOV.UK for ‘HMRC scams’.

2,828 ’elf Assessments filed on Christmas Day!

HM Revenue and Customs (HMRC) has revealed that 2,828 customers filed their Self Assessment tax return on Christmas Day, compared to 2,700 in 2020.

For thousands of customers, filing their tax return on 25 December has become part of their Christmas tradition, with 227 choosing to complete their Self Assessment between 12:00 and 12:59.

In total, more than 31,000 customers submitted their 2020/21 tax return between Christmas Eve and Boxing Day – getting it in early ahead of the deadline on 31 January 2022, and most festive filers completed their return on 24 December:

·         Christmas Eve: 19,802 tax returns were filed. The peak time for filing was 11:00 to 11:59 when 2,914 returns were received

·         Christmas Day: 2,828 tax returns were filed. The peak time for filing was 12:00 to 12:59 when 227 returns were received

·         Boxing Day: 8,641 tax returns were filed. The peak time for filing 12:00 to 12:59 when 821 returns were received

Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “Filling in a tax return won’t have been on many people’s to-do lists for Christmas, but please don’t leave it until the end of January either.

“We have videos, guidance and helpsheets to support you – just search ‘Self Assessment’ on GOV.UK to find out more.”

HMRC has created resources to help customers complete their tax return including a playlist on YouTube, webinars and helpsheets and guidance available on GOV.UK.

Some Self Assessment customers may feel worried or anxious about paying any tax owed by the deadline. If they cannot pay in full, customers can set up their own Time to Pay arrangement online if they:

  • have filed their 2020/21 tax return
  • owe less than £30,000
  • are within 60 days of the payment deadline
  • plan to pay their debt off within the next 12 months or less

If customers owe more than £30,000, or need longer to pay, they should call the Self Assessment Payment Helpline on 0300 200 3822.

HMRC urges everyone to be alert if they are contacted out of the blue by someone asking for money or personal information.

Customers should always type in the full online address www.gov.uk/hmrc to get the correct link for filing their Self Assessment return online securely and free of charge. HMRC sees high numbers of fraudsters emailing, calling or texting people claiming to be from the department. If in doubt, HMRC advises not to reply directly to anything suspicious, but to contact them straight away and to search GOV.UK for ‘HMRC scams’.

HMRC: Time to get ready for Self Assessment

HM Revenue and Customs (HMRC) is reminding Self Assessment customers to check that they have the correct information in order to complete their tax return.

The deadline for 2020/21 tax returns is 31 October 2021 for those completed on paper forms and 31 January 2022 for online returns.

While the end of January is more than three months away, HMRC has already seen thousands of people filing their returns – more than 63,500 customers filed their tax return on 6 April, the first day of the tax year. Customers can file before the January deadline but still have until 31 January to pay.

Any customer who is new to Self Assessment must register via GOV.UK to receive their Unique Taxpayer Reference (UTR). Self-employed individuals must also register for Class 2 National Insurance. 

HMRC is encouraging customers to register early so that they can access guidance and be aware of what they need to do. This includes record keeping, knowing when the filing and payment deadlines are, and the potential for a first tax payment to include a payment on account.

This year, customers will also have to declare if they received any grants or payments from COVID-19 support schemes up to 5 April 2021 as these are taxable, including:

  • Self-Employment Income Support Scheme (SEISS)
  • Coronavirus Job Retention Scheme (CJRS)
  • Other COVID-19 grants and support payments such as self-isolation payments, local authority grants and those for the Eat Out to Help Out scheme

HMRC recognises that some customers may be worrying about paying their tax bill. Customers can access support to help pay any tax owed, and may be able to set up their own affordable monthly payment plan online by using HMRC’s self-serve Time to Pay facility. Customers should contact HMRC for help if they have concerns about paying their bill.

HMRC’s Myrtle Lloyd, Director General for Customer Services, said: “We want to help people get their tax returns right by making sure they are prepared and have everything they need before they start their Self Assessment.

“If anyone is worried about paying their tax bill, support is available – search ‘time to pay’ on GOV.UK.”

The fastest way to complete a tax return is online via a customer’s Personal Tax Account. They will need their UTR to access their tax return, as well as details of their income or earnings and other financial records.

Detailed information on what documents are needed for Self Assessment are on GOV.UK.

HMRC urges everyone to be alert if they are contacted out of the blue by someone asking for money or personal information. HMRC sees high numbers of fraudsters emailing, calling or texting people claiming to be from the department.

If in doubt, HMRC advises not to reply directly to anything suspicious, but to contact them straight away and to search GOV.UK for ‘HMRC scams’.