Tax returns – just saying

Why beating the filing deadline is important

Although the filing deadline is 31 January 2022, on the same date you may also be required to pay any arrears of tax or NIC for 2020-21 and make a possible payment on account for the next tax year, 2021-22.

Until we have completed your return, we cannot provide you with an accurate estimate of these payments.

If you miss the filing deadline, you will also be subject to penalties and possible interest charges. See comments below.

Other planning considerations

If your income during these difficult times has reduced, this may mean that we can ask for any payments on account for 2021-22 to be reduced.

By preparing your return, you will also have time to consider how you are going to fund tax payments due 31 January 2022, and if you need support, time to contact HMRC’s payment helpline to agree a deferred payment scheme.

 

A reminder of late filing penalties

If you do not file your 2020-21 self-assessment tax return by 31 January 2022, you will have to pay a penalty. If you delay sending in your tax return by:

•        1 day – you will have to pay a penalty of £100

•        3 months – you may have to pay a penalty of £10 a day, for a maximum of 90 days (£900)

•        6 months – you will have to pay a further penalty of 5% of the tax you owe or £300, whichever is greater

•        12 months – you will have to pay a further penalty of 5% of the tax you owe or £300, whichever is greater – in some cases, you may have to pay up to 100% of the tax you owe.

These penalties are in addition to any penalties for paying your tax late.

 

Please get in touch

Please call if you have any problems providing information to complete your return. Otherwise, we look forward to receiving outstanding items to complete your return as soon as possible.