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HM Revenue and Customs (HMRC) is reminding Self Assessment customers that they have just 100 days left to complete their tax return before the deadline of 31st January 2021.

Customers can complete their 2019-2020 tax return any time before the deadline but HMRC suggest completing it early to allow time to pay tax bills or set up a payment plan.

The majority of Self Assessment customers complete their tax return online, to provide them with an immediate calculation of any owed tax.

Customers completing their tax return by paper have until 31st October 2020 to send their complete form to HMRC.

Customers need to complete a Self Assessment return if:

  • They earned more than £2,500 when renting out a property
  • They, or their partner, has received Child Benefit and either of them had an annual income of more than £50,000
  • They received more than £2,500 in other untaxed income e.g tips or commission
  • They’re a self-employed sole trader with an annual turnover over £1,000
  • They’re an employee claiming expenses in excess of £2,500
  • They have an annual income of over £100,000
  • They have earned income from abroad that they need to pay tax on

HMRC’s Interim Director General of Customer Services Karl Khan said:

“The vast majority of Self Assessment customers complete their tax return by the 31 January deadline, but you don’t need to wait until January; you can send it back now and get it out of the way.

“HMRC is determined to help customers during this difficult time. We know many customers will have been adversely affected by the coronavirus pandemic, or will need help to spread the cost of their tax bill. That’s why we’ve made it quick and simple to set up a payment plan to spread the costs and help people get back on their feet. It’s easy to do online and there’s no need to call us to set it up.”

Once Self Assessment customers have completed their tax return and know how much tax is owed, they can set up a payment plan to spread the cost up to the value of £30,000. They can also use the online self-serve Time to Pay facility to set up monthly direct debits, so there is no need to phone HMRC.

Customers can visit GOV.UK to find out more about the service and if they are eligible, https://www.gov.uk/pay-self-assessment-tax-bill/pay-in-instalments.

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