Weekly tax brief | 15 December 2020

Feeling threatened by HMRC’s reminders about self-assessment tax returns? Don’t be!
Sian King
In recent months HMRC has sent a plethora of letters to taxpayers asking them to check how they have completed past tax returns and, if errors were made, to disclose them now. Alongside these letters, HMRC sent educational reminders to taxpayers to ensure that 2019/20 tax returns are submitted with the correct information. What should you do?

What can you be doing this Christmas to file your tax return on time?
Jackie Hall
Although the 31 January tax return filing deadline is well known, many people still leave it until the very last minute to submit their return. Prepare now and minimise the risk of missing the deadline and incurring a penalty.

Having problems calculating your 31 January tax bill after the turmoil of 2020?
Alex Foster
Amongst the many other repercussions of the pandemic, personal tax return preparation may not be as straightforward as in previous years. Individuals may have been preoccupied with many other matters this year, and the 31 January deadline is just around the corner. 

How can I reduce my 31 January 2021 tax payment?
Sarah Saunders
This year, more than usual, making the upcoming 31 January tax payment may be a challenge. People may have chosen to defer the July 2020 tax payment which will now become due or have faced radical drops in income meaning that a 2020/21 payment on account, based on 2019/20 figures, may be far too high. 

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