HMRC allowed self-assessment returns an extra month to be submitted back in January 2021, and you may have heard through the media that HMRC have extended the deadline again in 2022?
It’s partially true, HMRC have stated they will not be issuing penalties providing you file before the end of February (28th February 2022), however much of the news surrounding this announcement appears to be leaving out one crucial factor, it may cost you!
If you delay your self assessment tax submission past the 31st January 2022 and it’s found you do have income tax to pay, you will still be liable for interest on your tax if you delay payment until after the 31st January!
If you feel you may not be able to pay your income tax to HMRC on time this year, please do not use that as reason to delay your self-assessment return. HMRC have had a scheme running for quite a while now called a Time To Pay arrangement, if you think you might have difficulty paying immediately, it will definitely be worth checking out. You can apply for this scheme online without making appointments to speak with someone from HMRC, provided your tax due is less than £30,000.
If you have any questions about the Time To Pay scheme, or need your self-assessment return completed fast, please do contact us today.
You can find the complete website post from HMRC by searching the business section of HMRC’s website using the link below; it was published on the 6th January 2022 and is subject to change if HMRC change the regulations for the self assessment tax penalty waiver.
You will also find information on that page regarding your class 2 national insurance contributions and how delay in payment could affect your benefit entitlements you are soon due to receive. If you are in receipt of working tax credit / universal credit or similar, delaying submission of your return may affect these benefits too.
Has your retail, hospitality, leisure or tourism business affected by the Alert level 2 Covid measures? From the 17th January you may be able to apply for a grant from the Welsh Government. You can check your eligibility here: https://fundchecker.businesswales.gov.wales/businesssupport
Has your business been affected by the move to “Alert level 2” Covid measures? If so, you may be able to apply for a grant from Pembrokeshire County Council. You can check your eligibility on the council’s website here: https://www.pembrokeshire.gov.uk/newsroom/latest-covid-19-support-for-businesses-to-open-shortly
Coronavirus Job Retention Scheme
If you have still not filed your submission for the September CJRS, you need to act fast, the deadline is 14th October 2021. If there is a legitimate reason why you have not submitted your claim, its possible you may be allowed an extension, find out more here: https://www.gov.uk/guidance/claim-for-wages-through-the-coronavirus-job-retention-scheme
If you believe you have claimed too much or too little
If you believe you have claimed too much JRS and are concerned about interest and penalty payment, you can let HMRC know about this online here: https://www.gov.uk/guidance/pay-coronavirus-job-retention-scheme-grants-back
If you have not claimed enough JRS, you need to amend your claim within 28 days after the month the payment relates to, the very last date for September is 28th October 2021, you can find out more here: https://www.gov.uk/government/organisations/hm-revenue-customs/contact/get-help-with-the-coronavirus-job-retention-scheme
If you can not bring back your employees now furlough has ended
If you will not be able to bring back your employees after furlough, you must remember that the usual employment protections still apply, including redundancy rules. You can assist your employees to find new employment by pointing them toward the JobHelp website here: https://jobhelp.campaign.gov.uk
If you are eligible to claim for the latest Self Employment Income Support Scheme grant, you need to complete this by the 30th of September. If you need support completing the SEISS grant claim, please do contact us as soon as possible.
If you haven’t submitted you employees August furlough claims, there is no time to waste, deadline is the 14th of September. The scheme is due to close on the 30th of September.
If your business has been closed due to Coronavirus, you can bring back your employees part time and claim furlough flexibly for them under the CJRS (Coronavirus Job Retension Scheme).
Claims for August and September are now open!
The fifth Self-Employment Income Support Scheme (SEISS) grant is different from the previous SEISS grants. If you think you may claim the fifth grant, this will tell you what you need to do now, to get ready to make your claim from late July 2021.
If HMRC think you’re eligible, they will contact you from mid-July to give you a personal claim date. Eligible customers can apply anytime from their personal claim date until 30 September 2021. The online claims service will open from late July.
What you should prepare now
The amount of the fifth grant will be determined by how much your turnover has been reduced in the year 2020-21 compared to before the pandemic.
Turnover includes the takings, fees, sales or money earned or received by your business.
If you choose to make a claim, you will need your turnover figures for:
- a pre-covid year, that represents normal trading. This should be 2019-20 or 2018-19
- your 2020-21 trading year.
If you are going to apply for the Self Employed Income Support Scheme (SEISS) done delay, the deadline is – Monday 31st May 2021.
The online service for claiming under the latest phase of the Self-Employment Income Support Scheme (SEISS) will open in the next few days. Here are the latest updates on the scheme and details of when HMRC will be contacting you.
Customers receiving their personal claim dates
HMRC have begun contacting eligible customers to give them a personal claim date, from which they can make their SEISS claim. HMRC will have contacted you either by email, letter or through the online service, depending on what contact details they hold.
You can make their claim from this personal claim date in late April, until the claims service closes at 11:59pm on 1 June 2021.
If you have not been contacted by HMRC
If you believe you are eligible for the scheme but are yet to hear from HMRC, their advice is to wait until the end of the month before contacting HMRC. They are inviting customers to claim on different days to ensure the system is fast and easy to use, so they can support millions of people quickly and easily.
Contacting ineligible customers
HMRC have also contacted self-employed people who have previously claimed SEISS support but are no longer eligible. There are several reasons for ineligibility, for example:
• not filing your 2019-20 Self Assessment return on or before 2 March 2021
• if the information on your 2019-20 Self Assessment return means you no longer meet the eligibility criteria,
• if you’ve permanently ceased trading.
The VAT deferral new payment scheme is open for all businesses who deferred paying VAT due between 20 March and 30 June 2020 and have been unable to pay in full by 31 March 2021.
You can apply now to spread these payments over several months –The sooner your business joins, the more instalments are available to you.
You can join the scheme quickly and simply online without needing to call HMRC. To find out more information, including the things you need to prepare before joining online, go to GOV.UK.
You need to apply by 21 June 2021 at the latest if they want to join the scheme online.