We always encourage our clients to give themselves the best chance of being able to switch off over the Christmas period, by submitting their tax return to HM Revenue & Customs (HMRC) ahead of the deadline.
As ever, Midnight on Monday 31 January is the key date but there is no rule that says you cannot submit your return before this. Submitting your return before the deadline does not mean that your liability must be settled any earlier – submission and payment can be dealt with independently of one another.
Unlike last year, when HMRC acknowledged the impact of COVID-19, there are no extensions being afforded to Self-Assessment taxpayers.
If you’re a client and we prepare your annual tax return, we would ask that you send in any relevant documentation as soon as possible so that we can file your 2021/22 Self-Assessment Tax Return on time.
Early submission can also make it easier for you to plan for your liabilities and give you a more accurate picture of your tax position, as well as aiding you in obtaining any repayments you are due more promptly. Your proactivity means both parties win!
If you need assistance with the preparation or submission of your Self-Assessment Tax Return, or you have concerns about your existing liabilities, then please contact us.