2020.21 Tax Returns can now be filed

The 2021.22 tax year has now begun and 2020.21 tax returns can be filed with HMRC with tax due by the 31st of January 2022. The personal tax allowance is similar to the previous tax year at £12,570.
It is important to remember that any grants and SEISS payments received in the last 12 months, are taxable. You have to include them as income otherwise your tax return will be wrong.
The fourth SEISS payment will be available towards the end of April to apply for, covering adverse trading results across the February 2021 to April 2021 period. The eligibility for this grant and the next one is different to previous SEISS grants so look out for more news on this in the coming weeks. This payment will be taxed in the current tax year, the 2021.22 tax year.
It is fantastic to see so many businesses being able to re-open again on Monday. HMRC is ramping up it’s effort to collect outstanding tax due so if you have any outstanding tax payments that you can not pay, please reach out to the HMRC debt management team to get a payment plan sorted with them.
If  2021 is the year you want to buy  a house, please bear in mind that mortgage lenders will want your tax return to be certified by a qualified accountant. Here at KFH Accounting, we prioritise mortgage return application requirements and as a result have helped many clients buy their dream home by being able to act quickly and sign off on all accountant certificates. To find out more about this service, please reach out via our Contact Us page.