When Is My Online Tax Return Due - 2020

Whether you're employed, self-employed, a business owner, a landlord or a sole trader, everyone in the UK will have at least some contact with HMRC during their working life. The vast majority of employees will have their tax deducted via PAYE. However, many workers in the country will have to fill out and submit an online tax return in 2020. Here, we provide more insight into who must submit an online tax return, when, how and what might happen if you miss your 2020 online tax return deadline. Read on to find out more.

Who Should Send a Tax Return During 2020 in The UK?

There are many situations in which you should send a tax return for 2020. If during the 6th April and the 5th April, which is the tax year period, you were self-employed and earned more than £1,000, you will have to send a tax return. As well as this, if you earned income from renting, you earned untaxed foreign income, you earned additional untaxed income from investments or you are a partner within a business, you will also have to send a tax return.

You must go through the tax return process to pay HMRC the tax usually deducted from your payslip via PAYE. Without PAYE, you must pay your tax via an annual tax return. Filling out and submitting a tax return can also help you prove that you are entitled to tax relief or other allowances like childcare or maternity allowance.

How To Register and Send a Tax Return For 2020

If you're filling out a tax return for the first time, you'll need to know your Unique Taxpayer Reference (UTR) which you can get via HMRC's online services. Once you're enrolled as either self-employed, a partnership or not self-employed, you will have to fill in the form correctly using bank statements and receipts for accuracy.

You can then send your tax return online or using forms in the post. It's vital to ensure that all forms are completed as accurately as possible to make certain that you are in full compliance with HMRC's rules and that you do not fall foul of regulations. More on the penalties associated with not doing so later on.

Deadlines You Should Be Aware of For Your Online Tax Return 2020

There are several important deadlines that you should be aware of when submitting a self-assessment for a tax return for the previous tax year.

If you're self-employed, a sole trader or registering a partnership, you must register by October the 5th of this year. All paper tax returns must then be submitted by midnight on the 31st October 2020.

Online tax returns, however, can be submitted much later. These can be submitted online at midnight on the 31st January 2021 for the tax period between 6th April 2019 and 5th April 2020. You must also pay all of the tax that you owe by midnight on the 31st January 2021.

If you want to make payments towards your bill in advance, you must have made your first payment by 31st July. It's vitally important that you pay what you owe by the 31st January at the latest otherwise you will be charged penalties.

The Penalties For Missing a Deadline

If you miss your tax return deadlines, then you may have to pay a penalty. If your tax return form is up to three months late, then the penalty is £100. If it is later, you will have to pay even more than the £100 penalty. You can appeal any penalties you receive, however, by submitting late you are liable to pay. If you are in a partnership, all of the partners may be liable to pay the fine if a tax return is submitted in late.

Do You Require Help With Your Tax Return?

For expert help with your online tax return 2020, talk to the professionals at Keith Graham Chartered Accountants. We have a vast range of corporate taxation and accountancy services available to help you plan and forecast for your business or individual finances.

To find out more about our services, please feel free to contact us via our online contact form today. Alternatively, call us on 01252 312561 or email us at info@keith-graham.co.uk.