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HMRC warning: Self Assessment deadline just one week away - Britons urged to act fast | Personal Finance | Finance

| UPDATED: 16:25, Tue, Feb 23, 2021
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HMRC, or HM Revenue and Customs, is responsible for collecting Income Tax, among other responsibilities, and one of the ways it does so is through a Self Assessment tax return. Eligible Britons were required to submit their tax return by the January 31, 2021 deadline, however, the Revenue did provide some reprieve at the time due to COVID-19. It stated late filing penalties would be waived if a person struggled to meet the January deadline this time around. ....

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Self assessment deadline: Can you get an extension to the self assessment deadline?

| UPDATED: 08:04, Wed, Jan 27, 2021
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Self-assessment is undertaken by people who own a business or have a side income in the UK, and requires them to fill out tax returns. Most people have their taxes deducted automatically from wages, pensions and savings, and HMRC will evaluate and send over a bill for anything leftover. The upcoming self-assessment deadline applies to the previous financial year, which runs from April 6, 2019, to April 5, 2020. ....

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Self Assessment tax return: HMRC issues warning as scammers target Britons | Personal Finance | Finance

| UPDATED: 14:23, Fri, Jan 22, 2021
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The Self Assessment tax return must be filed by midnight on January 31, 2021, leaving just days for Britons to act. The system is used by Her Majesty’s Revenue and Customs (HMRC) to collect Income Tax from eligible people, and is a vital date in the calendar year. However, scammers are now taking advantage of the rush to file in attempts to financially exploit Britons. ....

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Self-employment: What should SEISS claimants know about the January tax deadline?

Self-employment: The 2019/2020 tax year ended on April 5, 2020 (Image: GETTY)
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Is the SEISS grant classed as taxable?
The Self-Employment Income Support Scheme grants do not need to be repaid if someone is eligible to claim them.
However the grants are taxable, and are therefore subject to deductions such as income tax and self-employed National Insurance.
The SEISS grants must therefore be declared on 2020/2021 Self Assessment tax returns.
Self-employment: People who miss the deadline to submit their tax return to HMRC may incur a penalty (Image: GETTY)
Self-employment: The tax return deadline is January 31, 2021 (Image: GETTY)
Grace Taylor MAAT, Accounts Senior at The Accountancy Partnership, explained to Express.co.uk: “The Self Employed Income Support Scheme is taxable, meaning it is subject to income tax and National Insurance. ....

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HMRC: Vital payment update issued ahead of January 2021 Self Assessment deadline | Personal Finance | Finance

| UPDATED: 11:54, Wed, Jan 13, 2021
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Her Majesty’s Revenue and Customs (HMRC) is responsible for helping people to deal with their taxes, and ultimately collecting them. Perhaps the most important date in the tax calendar this year is January 31, 2021 - the deadline for filing a Self Assessment tax return. This system is used by HMRC to collect Income Tax, and is used by millions of Britons each year. ....

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