As you know the deadline for filing your self-assessment tax return is due on 31 January 2021. With just a few days to go before the deadline, HMRC has announced that they will waive any late filing penalties if the tax return can be completed and submitted before 28 February 2021.
There are lots of reasons why you may have to complete a Self Assessment tax return. For example, if you are self-employed, a company director or have high earnings. The HMRC uses Self Assessment as a method of collecting Income Tax.
If you run your own business, are a company director or a high net worth individual you will need to complete a self-assessment tax return each year. This can always be a stressful time, especially if you haven’t kept all your financial records in order.
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When you first start a business, your focus is usually on attracting customers, generating sales and building a successful company. Few business owners spend much time thinking about how or when they will eventually leave the business.
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