Company directors, those who have untaxed income (such as rental, or dividends), self-employed, those with income over £100,000, those who need to repay child benefit, or have made a capital gain. More information can be found here.

If you have not already registered, please do so as soon as possible by clicking here.

Both the tax due and the return is due by 31 January 2021.

There is an automatic £100 penalty for a return up to 3 months late, then a daily £10 penalty should the return be later than this. More information can be found here.

Interest is payable at 3.25% on late payments; and penalties of 5% of tax if paid 30 days late, with a further 5% if unpaid after 6 months.

Payments on account are payments made towards next year’s tax bill.
Two payments are made, the first, for 50% of last year’s bill on 31 January 2021, and a further 50% toward next year due before the 31 July 2021.

 

Alongside personal information, we need details of your other income, aside from the salary and dividends you have earned through your own company – Please see the checklist.

As soon as possible, but by 31st August 2020 in order to meet the 31 January 2021 deadline. Contact us as early as possible if you will not be able to do this.

A ‘unique tax reference’ to identify you as a taxpayer. We need this to file the return. HMRC will issue this when you register for self-assessment if you are not already registered.

You need to register with HMRC. You can do this here.

You can provide basic information, such as the amount received, and tax deducted, and we can advise if sufficient.

Student loan repayments could be due and if you earn over £50,000 and receive child benefit, some could be clawed back. Please highlight on your checklist should any of this be relevant.

Donations to charity and contributions to pension schemes can obtain tax relief.
Also, investments in certain companies can act as a tax reducer, such as EIS, SEIS, VCT and SI.

You could reduce your payments on account, if you expect less income, or more will be taxed at source, for example, by receiving a salary. Please advise your accountant if you think this will be the case.