6 April 2022 marks the start of the new tax year! We're offering 50% off per tax return throughout April 2022. Claim today, submit tomorrow!
January 10, 2022
January 10, 2022
Tax essentials

What to look out for in the 20/21 tax return

Earnr
Earnr
This year’s return is even more interesting as it will be the first tax year submission since the UK’s first lockdown.

HMRC likes to keep you on your toes when it comes to your Self Assessment each year. This year’s return is even more interesting as it will be the first tax year submission since the UK’s first lockdown in early 2020.

Some important things to keep in mind for your 20/21 tax return:

The Self Employed Income Support Scheme (SEISS)

SEISS grants are taxable and need to be reported in the tax year in which they were received. That means that grants one, two and three need to be included in your 20/21 tax return.

Rather than including them in your total income, HMRC has added a dedicated box on this year’s return for the SEISS grants.

COVID-19 Related Grants

Other COVID-19 related grants during the 20/21 tax year are also taxable. This includes self isolation payments, coronavirus statutory sick pay rebates, and grants you received from your local authority. HMRC has listed the most common grants on their website.

Relief for late submissions

HM Revenue and Customs (HMRC) is waiving late filing and late payment penalties for Self Assessment taxpayers for one month.

This means that anyone who cannot file their return by the 31 January deadline will not receive a late filing penalty if they file online by 28 February.

While you don’t get fined, HMRC will still treat any submission after 31 January as a late submission. It’s therefore better to submit your Self Assessment by 31 January if you can.

Earnr automates your day-to-day business and finance admin so you have more time to focus on growing and creating. Earnr can automate your tax return in just 17 minutes. Visit the app store to get started today.

Blog Home

Related blog posts

An OnlyFans Creator Guide to Tax
May 10, 2022
Tax essentials

An OnlyFans Creator Guide to Tax

Here’s the full tax guide to one of the fastest growing freelance roles out there: OnlyFans. We cover how OnlyFans creators can earn, what they can expense and how much they need to pay in tax. 

Read more
Do I have to I have pay tax on crypto?
April 18, 2022
Tax essentials

Do I have to I have pay tax on crypto?

Making a buck in the world of crypto? If you’re transferring crypto to cash you’ll need to pay tax on it. Here’s what you need to know about how crypto gets taxed, and how to pay it. 

Read more
What is a Unique Taxpayer Reference Number (UTR)?
April 4, 2022
Tax essentials

What is a Unique Taxpayer Reference Number (UTR)?

If you’re self-employed or side-hustling and doing your taxes, you’ll need to know about your Unique Taxpayer Reference Number, or UTR. Here’s everything you need to know.

Read more
Download earnr