It’s the season of Self Assessment!

With the 31st January 2023 fast approaching, many UK taxpayers will need to be progressing their Self Assessment filing for the 6th April 2021 through 5th April 2022 tax year.

HM Revenue and Customs indicate that more than 50,000 tax payers have used the HMRC app to make Self Assessment payments. They remind that the app is free and secure, and you can be used on any smart phone or tablet.

HMRC as tax payer to remember that SEISS grants and some other COVID-19 support grants are taxable.

SEISS payments should be placed in the Self-Employment Income Support Scheme Grant box on the Self Assessment tax return. Record all other taxable COVID-19 payments in the any other business income box.

Tax payers need their Unique Taxpayer Reference for their Self Assessment tax return? This can be found on the HMRC app. There’s no need to call HMRC saving time and money.

HMRC have created a video on how easy it is to find:

Reminders

So, if you are required to file an annual self assessment return and have not already done so, then you submission must be made befor midnight on Tuesday 31st January 2023.

If there is any additional monies owed, these must also be paid on or before 31st January 2022 as well. This can be done using the HMRC app.

If the deadlines are missed, then there are penalties to pay.

PAYadvice.UK 10/12/2022

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