It’s that time of year when we write to our personal tax clients with their questionnaires setting out the information that we will need to prepare and complete their Self Assessment Return for the year ended 5 April 2020.
We are currently in uncertain and difficult times but the need to comply with our tax obligations nevertheless continues and this Return needs to be filed with HM Revenue and Customs (HMRC) by 31 January 2021.
We would always recommend that every effort is made to file your Return in good time and at an early a date as possible since this will enable us to consider if a reduction in any advance payment due on 31 July is possible; advise you about and reclaim any tax refund due for last year or give you early notice about any tax payments you will be required to make on 31 January and 31 July 2021.
In the current climate there is, arguably, an even stronger case to file last year’s Return as soon as possible. In this regard, the tax team will be using this questionnaire and contact through our client portal DT Open Space; email; telephone and correspondence to aid progress. We are appreciative of the fact that face to face meetings are not currently an option but your tax team member will do everything that they can to make this process as easy as possible.
As you are aware, we carry out Return filing online with HMRC which has several advantages over paper filing: firstly it extends the filing deadline from 31 October to 31 January; secondly we get an immediate filing acknowledgement from HMRC and, lastly, a typical processing timescale of 7-14 days and which is most welcome in repayment cases!
For those of you who are in business, whether as a sole trader; a partner in a partnership or a directorship of your own limited company, there is also the accounting process to consider and so, as well as hearing from your tax team member, you will also be hearing from your accounts contact.
In the meantime, please get in touch if you would like to discuss any personal tax queries.
Ian Kelly, Tax Partner