Upcoming Self Assessment Deadline and Support
By DTA | 12th January 2021 | News
You have to submit a Self Assessment by 31 January whether you're a sole trader, in a business partnership, or run a limited company.
The deadline is earlier if you're filing a paper return, on 31 October.
You file your return for the previous tax year. So you need to file a return and pay your bill for tax year 2019-2020 by 31 January 2021.
There's lots of guidance on the gov.uk website and you can also call the Self Assessment helpline on (0300) 200 3310. But make sure you leave enough time to get in touch with them if you need to.
Help for businesses struggling to pay the 2019-2020 tax bill
The government recognises that many small businesses have had a difficult year, so there's support if you think you'll struggle to pay your tax bill on time.
If you've got a bill between £32 and £30,000, and don't have any outstanding tax returns or debts with HMRC, you can use HMRC's Time to Pay service to apply for an extension. You'll need to complete your tax bill first.
Through Time to Pay, you can pay your tax bill by Direct Debit over 12 months.
If you can pay, though, you should, not least because interest will be applied to the outstanding balance from February 2021.
You can call HMRC through the Self Assessment payment helpline - the number is 0300 200 3822 and it's open Monday to Friday 8am to 4pm. Ask to talk about Time to Pay. Give yourself enough time, the phonelines can be very busy this time of year.
HMRC Time to Pay coronavirus changes - apply online
Due to coronavirus, you can now use the online service if you owe up to £30,000 on 31 January 2021.
You can spread your payment over 12 months by Direct Debit if you:
- have no outstanding tax returns
- have no other tax debts
- have no other HMRC payment plans set up
- set up the payment plan no later than 60 days after the due date of a debt
Interest will be applied to the outstanding amount. You can use the tool by signing in with your Government Gateway user ID and password.
You might still be able to use Time to Pay if you owe more than £30,000 or need more than 12 months - you'll just need to call the helpline instead. You'll also need to call to discuss tax liabilities other than Self Assessment.
HMRC estimates that 95 per cent of Self Assessment taxpayers will qualify for the online service and won't need to speak to an HMRC adviser.