2020 Tax Returns (and 2019 for those not yet filed...)

The deadline for completion and payment of any liability due is 31 January 2021, however given the current climate there may be a compelling reason to make a start sooner rather than later – reasons could include:

Repayments

If you are anticipating a repayment return for 19/20 (if you are a CIS contractor for example), HMRC usually process refunds within weeks of submission which may provide welcome cash-flow at the current time.

Coronavirus Self Employment Income Support Scheme (SEISS)

Calculation of SEISS is currently based on 2017, 2018 and 2019 tax returns, however some clients have noted that these are not necessarily representative of their circumstances (if, for example, they were self-employed for only part of the 2019 tax year).

Whilst we don’t yet have clarity on the full process to be undertaken by HMRC in determining eligible amounts, where the 2020 tax year shows a full period and a clear indication of a ‘normal’ trading year we can see it will only be beneficial for HMRC to have these figures on file as a point of reference when calculating a claim.

2018/19 Returns Not Yet Filed

One of the eligibility criteria for the SEISS is the filing of a 2018/19 tax return - if this isn’t yet the case you have until 23 April to file it.

If this applies to you (or indeed anyone you know) and our support is needed please contact us as soon as possible and we’ll do all we can to help.

If you have any questions regarding this or anything else please get in touch, and for regular updates, announcements and news please check our website (www.dsaprospect.co.uk) and make sure you’re following our LinkedIn page: https://www.linkedin.com/company/dsa-prospect-ltd