1 October 2021
Somewhat surprisingly, more than 400,000 start-ups were created in 2020/21 during the height of the COVID-19 pandemic and for these entrepreneurs, certain Self-Assessment deadlines are fast approaching.
If you were one of these new business owners, you should have already received two separate letters from HMRC:
These were necessary to register for self-assessment by 5 October 2021, which will enable you to file a personal tax return on or before 31 January 2022.
If you’re reading this with a sense of panic, it will almost certainly be too late.
The good news is that there are no penalties in place for missing this self-assessment registration deadline, however you do run the risk of not being ready to file your first tax return on time – and that comes with an instant £100 fine, which can escalate the longer you leave it.
If you need any help with your next Tax Return or if you have any questions about Self-Assessment, please contact us and we can put you in touch with a tax specialist to assist.