The HMRC have recently been reminding taxpayers that they have less than 100 days until the deadline for their self assessment online return. Those who pay self assessment have until the 31st of January 2023 to submit their online return for the 2021/22 tax year.

More than 66,000 taxpayers beat the clock and filled in their fax return by the 6th of April which is the first day of the new tax year however, there are still those that need to complete. HMRC have been encouraging taxpayers to complete their returns as soon as they can so they know what they owe and can budget their payment by the 31st of January 2023. It also means that if a repayment is due, they can claim it back sooner.

In the previous year, over 95% of taxpayers filed online and, those who submit their returns early, still have until the 31st of January 2023 to pay.

Filing your self assessment tax return early also allows time to access a number of payment options that are available, for example:

  • Paying through the free HMRC app
  • Setting up an online monthly payment plan called self-serve Time to Pay
  • Paying through PAYE tax code (if eligible)
  • Payment on account

For those who cannot pay their tax bill in full, they can access support and advice that is available on the site or, HMRC may be able to help with arranging an affordable payment plan.

How to tell if you need to complete a tax return

Anyone is free to check if they need to complete a tax return and can do this on the HMRC website here. The free online tool asks a number of questions to determine whether you need to complete a self assessment return. Those new to self assessment for the tax year 2021 to 2022 may include:

  • Those who are newly self-employed and earnt 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.

Completing your self assessment tax return

Completing your self assessment tax return can be completed by yourself or, by your accountant on your behalf. It’s important to keep a number of things in mind so you are on top of your finances all year round.

  1. ) Don’t miss the deadline – always remember that the deadline for submitting your self assessment tax return is: the 31stof October following the end of the tax year for a paper return or, 31st January following the end of the tax year for an online return.
  2. Register to file for online returns if you haven’t already. This makes it easier to upload all of the information that the HMRC needs. Don’t worry, you don’t have to do this all in one go, you can save your form and go back to it when you need to.
  3. Track your income and expenses as you go. Keep accurate records of your income and expenses that you will claim so you are ready to go when you complete your return. You can do this in a number of ways and may want to record things such as: bank statements, cheque books and paying in slips, credit card statements, sales invoices or till rolls, job quotes or estimates, purchase invoices and expense receipts, payroll records and VAT records.
  4. Start early. You don’t need to wait until the 31stof January to submit your return. When the tax year finishes on the 5th of April, you can begin preparing to submit your return. If you have stayed on, top of your bookkeeping, you will save valuable time when it comes to filling in your tax return.
  5. Start getting organised by filling in the boxes and gather all of the paperwork you need ahead of time. Things you will need include:

– UTR number

– National Insurance Number

– Details of all your income

– Records of relevant business expenses

If you need to complete your self assessment tax return and would like support from the Cooper Accounting team, feel free to get in touch, we are more than happy to help.