Brian G. Lonis & Co works hard to ensure our clients are aware of all the important tax deadlines. With the new tax year beginning on 6th April 2021, there are some very important ones to take note of. You can find out about them below. In addition, if you need help from the top resource for tax returns Soho has, you can rely on us.
Registering for self assessment
One of the first things you may need to do this year is register for self assessment. This is a requirement for people who are self employed. It is also necessary for some people who earn different types of income, whether it is dividends from shares, pension payments, or other types of savings.
Some people wonder whether they need to do a self assessment for a second job. It may be necessary in situations where you are self employed, such as if you are making additional money by freelancing. While you don’t need to tell your employer you are doing this, you do need to tell HMRC in your tax return.
Everyone who has to complete a self assessment must register before the deadline – 5th October 2021. Failing to do so could result in a fine.
Submissions
Once you register HMRC will send you a UTR (Unique Taxpayer Reference). You need this to complete your forms. You can do that online with the Government Gateway system. Or you can submit paper copies.
The next important deadlines are for when you must submit your details. If you do paper returns you have until 31st October 2021. You should ensure you return your documents as early as possible here; don’t leave it until the last minute in case there are postage delays.
You get much longer to finalise your return if you do it online. Here you have until midnight on the 31st January 2022.
Once again failing to meet the deadlines can result in penalties.
Paying tax
The final thing you need to do is pay any tax you owe. The important deadline to note here is 31st January 2022. You need to make a balancing payment before then, ensuring you don’t have any fees outstanding.
Support with tax and VAT returns in Soho
Brian G. Lonis & Co understands how hard it can be to remember all of these dates. Luckily, we are here to help. We can even help prepare your returns if you have any issues. Our services are available for competitive fixed fees, making us a great firm to work with.
So, if you want assistance from the best name for tax and VAT returns Soho has, contact us. We can give you a quote and even give you a better idea of if you need to do a return.