We are now in the process of completing tax returns for the year to 5 April 2021. We would encourage you to provide us with the tax information as soon as practicable! There will be a second payment on account of 2020/21 tax due on 31 July. For many, this may well be far more than the actual liabilities due, and to aid cashflow it is advisable to have this figure quantified as accurately as possible.
When supplying us with figures, if you received Self Employed Income Support Grants from HMRC please let us have the 3 payments as separate figures together with the dates paid. This income needs to be disclosed on the tax return, and HMRC will be able to cross reference the figures to ensure the correct amounts have been shown! These payments are liable to tax and NI.
So – please do not delay – please supply us with the information as soon as it is available.
