At the corporate business institute we prepare and file self-assessment services
If you’ve been earning self-employed income and you already got your 10-digit UTR number make sure you set-up your online personal tax account with HMRC on the government gateway website.
Because you now probably have to file a self-assessment tax return which reports your self-employment income to the government and calculates the amount of income tax you are liable to pay.
The tax period every year runs from the 6th April to 5th April.
For example: When they mention financial year 2020/21 – they’re referring to the period 6th April 2020 to 5th April 2021
And HMRC wants to receive your online tax return & any money you owe by the 31st January.
Again for example: for the Financial Year 2020/21 after the end date on the 5thof April 2021 the deadline will be the following January which is the 31st January 2022
You’ll be liable for a penalty if you miss the deadline for submitting your tax return or failing to pay your bill on time.
If you are not sure if you have to file a self-assessment tax return you usually receive a letter of notification from HMRC around the end of the financial year.
Don’t leave it too late! You have over 9 months to prepare and file your tax return SORT IT OUT