Self-Assessment Countdown
October 2020

Self-Assessment Countdown

With just under three months until self assessments are due, find out what you need to take into consideration in our latest blog.

No items found.
No items found.
No items found.

It’s about that time of year… and with just under three months to go to complete your tax return for the 2019/20 tax year, now really is the time to get it sorted (if you haven’t already).

We know this is still a very difficult time for everyone, and we want to do what we can to help and support you every step of the way. 

Below we’ve captured some of the most important information you’ll need to help you get started. 

What’s the deadline for submitting my return?

23:59 on 31st January 2021, about three months away. 

What happens if I miss it?

You’ll receive an automatic £100 fine from HMRC (and no-one wants that). Plus, there are more penalties the longer you leave it, so best to get it done sooner rather than later, otherwise the fines and interest will just keep building up. 

Remember, this applies even if you don’t actually owe any tax. If you’re registered as self-employed and earned at least £1,000 within the tax year, make sure you complete your return.

When do I need to pay my tax bill?

You need to pay your tax bill by 23:59 on 31st January 2021, but you can also apply for an extension.

As part of the support measures announced by the UK government in response to Covid-19, you can now apply to spread the cost of your tax bill for the 2019/20 tax year over 12 months. Once you’ve submitted your tax return, you can use the online self-serve ‘Time to Pay’ service through HMRC to set up a direct debit to pay in monthly instalments.

To qualify, the total amount of tax you owe must be £30,000 or less, and you must have: 

  • No outstanding tax returns
  • No other tax debts
  • No other HMRC payments set up

Also, bear in mind that you must be able to maintain your ‘Time to Pay’ commitment - so commit to what you can afford. If, for whatever reason, your circumstances change after making the arrangement, you must contact HMRC as soon as possible.

What information do I need to submit my return?

  • Your Unique Taxpayer Reference Number (UTR)
  • Your National Insurance number
  • Any contributions to charity or pensions which might be eligible for tax relief
  • P60 or other records showing how much income you received which you’ve already paid tax on
  • Details of all your untaxed income, including income from self-employment, dividends and interest on shares
  • Records of any business expenses relating to self-employment

Tip: If you’ve been using Coconut to keep track of all your income and expenses, you’ll be able to get all the numbers you need straight from the app. 

Watch out for scams 

Sadly scams are on the rise so, now more than ever, you need to be on the ball. If someone gets in touch claiming to be from HMRC, saying that you have outstanding tax bills to pay, or that a tax refund is owed and asks you to click on a link or give away personal information please do not respond. And forward any suspicious emails claiming to be from HMRC to

We’ve got a thread on this over on Coconut Bite, so if you come across any, please share them here too so others can look out for them too.

Let us know if we can help

We always recommend speaking with an accountant or bookkeeper if you have any questions or feel unsure on anything. We're also happy to help too, so feel free to get in touch with us by leaving your questions in Coconut Bite, dropping us a line via the in-app chat or sending an email to


No items found.

Coconut helps you track income, claim expenses and sort your taxes. Start your free trial today.

Sign Up
Sign Up

Keep reading

How to Get the Right Numbers for Your Tax Return Using Coconut

We know that doing your Self Assessment can be a bit overwhelming. But it doesn't have to be that way! This guide will show you how to use the Coconut app to get to the right numbers for your tax return in six simple steps.


What Expenses Can I Claim As a Freelancer?

When you’re self-employed, you can deduct a wide range of business-related costs from your taxable profit. Here’s a handy list of the most common things you can claim for as "allowable expenses".


How to Register as Self-Employed with HMRC

So you've decided to become self-employed—great news! Here's what you need to know about registering as a sole trader with HMRC.

Coconut is the trading name of Coconut Platform Ltd, company number 09904418. Coconut is registered with the Financial Conduct Authority (FCA) as an Account Information Service Provider under the Payment Services Regulations 2017 (reference 931194).

Coconut provides some customers with a business current account, but is not a bank. The Coconut current account is an e-money account provided by Prepay Solutions (PPS), a trading name of Prepay Technologies Ltd, which is an electronic money institution authorised by the FCA under the Electronic Money Regulations 2011 (reference 900010) for the issuing of electronic money.

PPS holds all funds in a safeguarded account in accordance with the Electronic Money Regulations 2011 which protects customers against Coconut or PPS’s insolvency. The Coconut Mastercard is also issued by PPS pursuant to a licence by Mastercard International.