CKLG BLOG

Can we help you file your 2021 Tax Return earlier?

23.07.2021

Private Client

Do you need to file a Tax Return this year?

The last year or so has been a challenging for many.  Knowing what you owe HMRC sooner rather than later can help you manage your cashflow and provide you with certainty.

There are many advantages to filing your tax return early - here are just a few:

• If you’ve already paid your 31 July 2021 tax payment and you know your 2020/21 income has fallen, file your 2021 Tax Return as soon as you can and HMRC will refund any tax overpaid soon after they have processed your Tax Return.  
• If you run a business which was severely impacted by Covid and made a loss in the year ended 5 April 2021, it could be set against your other income.  But, it might be more beneficial – to preserve your allowances – to carry it backwards against just trading income. 
  
  Alternatively, consider carrying it forwards if you know you could be liable to higher rates of Income Tax in subsequent tax years?

Don’t forget that, if you run your own business and have claimed the SEISS grant, the first three of these will need including on your 2021 Tax Return. 

If you are employed and have worked for part of the year at home, don’t forget to claim the £6 per week allowance if you have not been reimbursed by your employer.  

If you need help completing your Tax Return, determining how best to maximise losses and need certainty over tax liabilities, call one of our private client team members on 01223 810100.