The financial tax year ended on 05 April 2021 (nearly six months ago) and anyone registered for self-assessment will need to file a tax return and pay any tax due by 31 January 2022*.
With just four months left until the deadline, now is the time to complete your 2021 self-assessment tax return.
Some of the benefits to completing your tax return now include:-
- Knowing your tax liability sooner allows you to plan for any tax due and how you are going to pay it.
- Lenders prefer up-to-date information, so having your HMRC tax records up-to-date may improve your chances of a successful mortgage or loan application.
- Peace of mind – once your tax return is submitted to HMRC and you have planned for any tax due, you can forget about it until next year.
- And, last but not least … your accountant will greatly appreciate it!
By now you should have received your P60s, P11Ds and interest summaries for the tax year ended 05 April 2021. So, you should be set to complete (or provide your accountant with the information to complete) your tax return. Remember to include any other sources of income, such as investment/dividend income and rental income.
There are also now special rules and different deadlines for those who have sold property that isn’t their main residence, so please be mindful of this.
If you would like any advice or assistance concerning your self-assessment tax return, please contact the GreenStones team on 01733 371180 or email: advice@greenstones.co.uk
* Your self-assessment tax return may be due for filing before 31 January 2022 if a paper return is required.