As we are coming to the end of the 2021-2022 Tax Year, it is worth taking note of some of the tax return deadlines for this year. The current tax year started on 6th April 2021 and is due to end on 5th April 2022. Here we look at some of the deadlines to be aware of. We suggest you put some of these dates in your diary to ensure you don’t incur any unnecessary fines for missing them
Why Is The Yax Year April To April?
The tax year can be confusing with it being different from the standard calendar year that runs from January to December. There is growing support from many UK businesses to change the tax year so it runs simultaneously with the calendar year. We have addressed this in a previous blog which you can access here. In the blog, we also explain why the tax year is the way it is.
In summary, it is actually a historical mistake, dating back to the Julian calendar. The Treasury adjusted the tax year in 1752 to ensure there was no lost revenue when Britain moved to the Georgian calendar (the move resulted in 11 lost days over the course of the year). The changes remain to this day.
Tax Return Deadlines for 2022
There are a number of deadlines to be aware of. We have included some of the deadlines that have passed for 2022 so you will be aware of them for 2023. Be sure to make a note in your diaries and calendars so you don’t miss them.
31st January 2022 – Online Tax Returns and 1st Payment on Account
All online tax returns for the previous tax year (in this year’s case, tax year 2020-21) must be submitted by midnight. If you don’t submit your return by this date you would normally receive a fine of £100. There is however an exception to this date, if you receive a notice from HMRC to submit your return after 31 October the previous. If this is the case, you have 3 months from the date of the notice.
HMRC extended the £100 late fine until the end of February for the last two years due to COVID.
You also need to pay your tax bill for the previous tax year by this date. If you are self-employed, you will need to make a balancing payment from 2020-2021 income, plus first payment on account for the 2021-2022 tax year. For January 2023, it will be the subsequent tax years.
28th February 2022 – Final Day to File Your Tax Return
The final day to submit or file you 2020-2021 tax return to ensure you don’t incur a £100 fine.
1st April 2022 – Time to Pay Arrangement
Final day to agree a Time to Pay arrangement if you can’t pay the tax owed for 2020-2021. If you don’t settle your tax bill, or finalise a Time to Pay arrangement you may incur a penalty of 5% of the tax that is owed. You will also need to pay any interest that has been accrued.
6th April 2022 – Start of 2022-2023 Tax Year
Many new rates and allowances that have been agreed in the Government’s Budget will start from this date. You can submit your 2021-2022 tax return from now.
31st July 2022 – 2nd Payment on Account Due
The second payment on account is due for self-employed people. This will be an estimate on what you earned in the tax year 2020-2021.
5th October 2022 – Self-Assessment Registration
If you haven’t registered for self-assessment, you must do so by this date to be able to submit a self-assessment tax return. This will enable you to obtain your UTR number (Unique Taxpayer Reference Number) and activation code. These are required so you can file your tax return.
31st October – Paper Tax Return Deadline
Today is the deadline for submitting a paper tax return, unless you have received notice from HMRC that you need to file a tax return after 31st July 2022. If this is the case, file your return within 3 months of the date of the notice.
If you do miss this deadline, you have the option to file your tax return online by 31st January the following year.
30 December 2022 – PAYE Opt-In
If you have earnings that are being taxed by PAYE and you are completing a tax return, you have the option to pay overdue tax through your tax code.
To apply for this, the amount of tax you pay must be less than £3,000 and you will need to file your return by this date. This will allow you to spread tax payments over the year, rather than a single payment by 31st January 2023.
If you would like advice on your tax affairs please contact us. Call us on 0800 471 4546 or you can contact us here
