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Tick Tock! Less than 100 Days Left on the Self-Assessment Clock

Tic-toc! 100 Diwrnod yn Weddill ar y Cloc Hunanasesiad

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Gymraeg

With 100 days to go until the deadline for online returns, HM Revenue and Customs (HMRC) is reminding Self Assessment customers that the countdown to complete their tax return has begun.

Self Assessment customers have until 31 January 2023 to submit their online return for the 2021 to 2022 tax year.

More than 66,000 taxpayers beat the clock and filed their tax return on 6 April – the first day of the new tax year. HMRC is encouraging others to complete their return as soon as they can, so they know what they owe and can budget to make the payment by 31 January 2023. This also means that if a repayment is due, it can be claimed back sooner.

More information about Self Assessment can be found on GOV.UK.

Completing a tax return using HMRC’s online filing service is simple and convenient. Last year, more than 95% of customers filed online with many choosing to start it, save their progress and go back to it as many times as they need before it’s ready to submit. Those who submit their returns early still have until 31 January 2023 to pay.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

“With 100 days to go until the online deadline, there’s still time to complete your tax return, to budget and look into the range of payment options if you need to.

“Help and support is available online to help customers with their tax returns. Just search ‘Self Assessment’ on GOV.UK to find out more and get started today.”

Filing early also means they will have plenty of time to access the number of payment options available including:

  • paying via the free and secure HMRC App
  • setting up an online monthly payment plan (self-serve Time to Pay)
  • paying through PAYE tax code (subject to eligibility)
  • payment on account

Those who are unable to pay their tax bill in full can access the support and advice that’s available on GOV.UK. HMRC may be able to help by arranging an affordable payment plan.

HMRC has updated their Self Assessment guide to help customers complete their tax return. The guide contains helpful information including:

  • what help and support is available when completing their Self Assessment
  • what documents they need before they start
  • what earnings they need to declare including funds received through COVID support schemes
  • help with paying their tax bill and what to do if they have overpaid and are due a refund

All Self Assessment customers need to be aware of the risk of scams and HMRC is reminding them never to share their login details. Someone using them could steal from the customer or make a fraudulent claim in their name. Check HMRC’s advice about scams on GOV.UK.

Anyone can check if they need to complete a tax return by using the free online tool on GOV.UK. Those new to Self Assessment for the 2021 to 2022 tax year may include:

  • those who are newly self-employed and earned more than £1,000
  • a new partner in a business partnership
  • those who have received any untaxed income
  • those claiming Child Benefit but they or their partner have an income above £50,000

Self-employed workers must also register for Class 2 National Insurance contributions.

Business News Wales