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Why Submitting Your 2020/21 Self-Assessment Tax Return Now Could Save You Money And Don't Forget The Deferment Of 31st July Payment On Account

Self-Assessment Tax Return Filing and Payment On Account Deferment

If you are considering deferring your Income Tax payments on account due in July 2020 then you should also consider filing your tax return now. 

If you believe you have if your profit is likely to be lower than last year your payment on account will have been calculated on a higher amount and more is due in the eyes of HMRC. You can reduce this amount by request to HMRC, however if later discovered to be incorrect there are penalties in way of interest to pay. Why not just submit your tax return before the payment is due for an accurate calculation and reduce the payment that way?

Contact us for a no obligation quote to file your tax return before 31st July here.

The deferment has not been applied for all customers by HMRC and it remains optional. If you are considering the option to defer your second payment on account, you are eligible if you’re:

  • registered in the UK for Self Assessment and
  • finding it difficult to make your second payment on account by 31 July 2020 due to the impact of coronavirus

You can still make the payment by 31 July 2020 as normal if you’re able to do so. If you decide to take advantage of the deferment then be aware that your January 2021 tax bill will be larger than normal and you should plan how to pay it. 

You will still need to submit your Self Assessment tax return to HMRC on time. 

If you choose to defer:

  • You do not need to tell HMRC that you’re deferring your payment on account
  • Choosing to defer will not stop you from being entitled to other coronavirus support that HMRC provides
  • You must make your second payment on account on or before 31 January 2021 if you choose to defer. 

Other payments you may have to make by this date include any:

  • balancing payment due for the 2019 to 2020 tax year
  • first payment on account due for the 2020 to 2021 tax year

You can check payments you need to make towards your next tax bill by checking your online account.

You can pay in full, or in instalments. If you decide on instalments then you need to contact HMRC. 

If you choose to defer and normally make your payments on account by Direct Debit, you should cancel your Direct Debit through your bank as soon as possible so that HMRC will not automatically collect any payment due. You can cancel online if you’re registered for online banking.

How Cashtrak Can Help

  • Not done your tax return?
  • Unsure if you have taken advantage of your tax savings?
  • Not sure you know your allowable expenses?
  • Does the thought of filing your tax return fill you with fear?
  • Not gone the time for filing your tax return?

Here at Cashtrak we have been filing tax returns for many years, we will give you practical advice and support and take the pain of filing your tax return whilst possibly saving you money! Click here to get a no obligation quote or call 01865 522785 or e mail info@cashtrak.co.uk.



 

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