Originally written by Anna Jordan on Small Business
Self-employed people have an extra month to file their tax return without penalty, but experts warn that you should stick to the original deadline.
Now you have until February 28 to file you return, as HMRC has decided to give businesses ‘breathing space’ amid COVID-19.
HMRC chief executive Jim Harra said: “We can reasonably assume most of these people will have a valid reason for filing late, caused by the pandemic.”
Why you should file your tax return by January 31 anyway
Warning about the potential outcomes of this news, Nimesh Shah, CEO at Blick Rothenberg, said: “There may be certain claims and elections that need to be submitted by January 31 (usually done via the tax return), and taxpayers need to be clear on the wider implications of filing after January 31 – they may not receive a £100 late filing penalty but there could be other consequences in relation to their tax affairs.”
He added: “I would still urge self-employed individuals to file their return by January 31, as they risk being excluded from future government support. The government has not yet announced the eligibility criteria for the fourth SEISS grant, but I expect that HMRC
Tag Archive for Self-assessment
Hot Business News Today
Making a tax return ahead of the end January deadline
by Stephanie Spicer • • 0 Comments
If you are self-employed or in a business partnership and haven’t done a tax return yet, it is best not to dwell on why at this point. But it will mean you don’t know what tax you owe for the year 2017/18 -which you have to pay by 31 January, ie by the end of
The post Making a tax return ahead of the end January deadline appeared first on Small Business.
Hot Business News Today
The Worst Word in an Entrepreneur's Vocabulary
by Doug and Polly White • • 0 Comments
Hot Business News Today
Six reasons to tackle your self-assessment tax return early
by Ben Lobel • • 0 Comments
There are a lot of perks to being self-employed, from flexible hours and being your own boss, to the privilege of working from home in your pants. There are some definitely some drawbacks to freelance life though, and one of these can be the annual filing of the self-assessment tax return. Unless numbers are your
The post Six reasons to tackle your self-assessment tax return early appeared first on Small Business.
Hot Business News Today
Avoid self-as-stressment next year: Get your books in order now
by Ben Lobel • • 0 Comments
If you left it until the last minute before tackling your self-assessment tax return, it’s highly likely that you found yourself very stressed during the lead up to the January 31st deadline. You’re not alone, either. Every year HMRC estimates that around one million people miss the deadline completely while many more end up filing
The post Avoid self-as-stressment next year: Get your books in order now appeared first on Small Business.
Hot Business News Today
Four things to remember if you miss the self-assessment deadline
by Emily Coltman • • 0 Comments
January 31st has just passed, which means that self-assessment season is over for another year. But if you’re one of the million or so people who didn’t get your tax return filed on time, you may be worried about what happens next, and what steps you can take to complete your self-assessment and that you
The post Four things to remember if you miss the self-assessment deadline appeared first on Small Business.
Hot Business News Today
Vast majority of self-employed are unaware of the end of self-assessment
by Ben Lobel • • 0 Comments
With the tax self-assessment deadline fast approaching on January 31st, many tax payers will be preparing to submit their return on time, or risk facing a penalty. Not everyone is a fan of this process, finds a study by 1Tap Receipts, with more than half (55 per cent) of those who have to submit a tax
The post Vast majority of self-employed are unaware of the end of self-assessment appeared first on Small Business.
Hot Business News Today
SMEs urged not to delay when registering self assessment
by Owen Gough • • 0 Comments
Freelancers and micro-business owners who have yet to register their business with HMRC are rapidly running out of time if they want to get their Self Assessment tax return submitted to HMRC, FreeAgent warns. The company – who provide award-winning cloud accounting software for freelancers, micro-businesses and their accountants – warns business owners that failing to register
The post SMEs urged not to delay when registering self assessment appeared first on Small Business.
Hot Business News Today
Why the Christmas holidays are a great time for your self-assessment
by Ben Lobel • • 0 Comments
For many small business owners, the festive period represents a chance to briefly down tools and get some respite from the rigours of self-employment. But in addition to being an opportunity for some well-deserved downtime, the Christmas holidays can also be a great chance to take advantage of a quiet period in your business and
The post Why the Christmas holidays are a great time for your self-assessment appeared first on Small Business.
Hot Business News Today
Make sure you don’t miss the self-assessment deadline
by Ben Lobel • • 0 Comments
The deadline for those who complete their self-assessment tax return on paper is approaching fast, warns the Association of Chartered Certified Accountants (ACCA). Forms must be returned to the taxman by October 31st and, with self-employed people now accounting for one in seven of the UK workforce, Chas Roy-Chowdhury, ACCA head of taxation, is keen to
The post Make sure you don’t miss the self-assessment deadline appeared first on Small Business.