{"id":2970,"date":"2021-01-21T04:00:00","date_gmt":"2021-01-21T04:00:00","guid":{"rendered":"http:\/\/im-21204"},"modified":"2023-01-11T11:10:23","modified_gmt":"2023-01-11T11:10:23","slug":"tax-returns-filing-deadline-is-fast-approaching","status":"publish","type":"post","link":"https:\/\/www.oneaccounting.co.uk\/tax-returns-filing-deadline-is-fast-approaching\/","title":{"rendered":"Tax returns filing deadline is fast approaching"},"content":{"rendered":"<p>The approaching deadline for submitting 2019-20 Self-Assessment tax returns online is 23:59 on Sunday, 31 January 2021. The filing&nbsp;deadline is not just the final date for submission of your Self-Assessment tax return but also an important date for payment off tax due to HMRC. This includes the payment of any balance of Self-Assessment liability for the 2019-20 plus the first payment on account due for the current 2020-21 tax year. The 31 January 2021 is also the payment date for any CGT due on residential property sales made during the 2019-20 tax year before the rules changed on 6 April 2020.<\/p>\n<p>HMRC has published a press release to remind taxpayers to submit their tax return as soon as possible and also shared the following little-known facts about Self-Assessment tax returns:<\/p>\n<ul>\n<li>96,519 people filed their tax return on 6 April 2020 (first day of the tax year)<\/li>\n<li>it&rsquo;s the 20th anniversary of Self-Assessment internet filing, the service began on 3 July 2000 &ndash; with 38,000 individuals successfully sending their digital tax return by 31 January 2001.<\/li>\n<li>in January 2011, 3.4 million taxpayers completed a Self-Assessment tax return online &#8211; this has increased to an estimated 5 million in January 2021.<\/li>\n<li>this year&rsquo;s deadline (31 January 2021) is on a Sunday. The last time the deadline was on a Sunday was in 2016.<\/li>\n<li>last year, the busiest filing day was 31 January with 702,171 returns completed.<\/li>\n<li>the peak hour for filing last year was between 16:00 to 16:59 on 31 January when 56,969 customers filed.<\/li>\n<li>HMRC has increased the self-serve Time to Pay threshold to &pound;30,000 to help Self-Assessment customers spread the cost of their tax bill.<\/li>\n<\/ul>\n<p>If you miss the filing deadline then you will usually be charged a &pound;100 fixed penalty although pandemic-related issues may count as a &lsquo;reasonable excuse&rsquo; for late filing.&nbsp;<\/p>\n<p>There are also options to defer payments due on 31 January 2021 and pay by instalments over 12 months. This includes a self-serve Time to Pay facility online for debts up to &pound;30,000 or by making an arrangement with HMRC. You will be required to pay interest on any outstanding balance from 1 February 2021.<\/p>\n<div style='font-size:smaller' class='im_source'>Source: HM Revenue &#038; Customs   Wed, 20 Jan 2021 00:00:00 +0100<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The approaching deadline for submitting 2019-20<\/p>\n","protected":false},"author":1,"featured_media":2971,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[134,1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tax returns filing deadline is fast approaching - One Accounting<\/title>\n<meta name=\"description\" content=\"The approaching deadline for submitting 2019-20\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oneaccounting.co.uk\/tax-returns-filing-deadline-is-fast-approaching\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax returns filing deadline is fast approaching - 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