Self-Assessment 2021/22 – Deadlines & Penalties

This is the time of year when key tax deadlines start to loom large. Miss these, and the result is almost certainly heavy penalties. These dates apply for the tax year 2020/21, which ended on April 5th this year.

You can read about deadlines and penalties here.

5th October 2021 – register for self-assessment

Is the tax year 2020/21 the first time you need to submit a self-assessment tax return? Then, you need to register by 5th October this year.

31st October 2021 – manually prepared self-assessment

If you submit your tax return manually on paper, then it must arrive with HMRC before midnight on October 31st.

30th December 2021 – opt into PAYE

Do you file your tax returns online and also have earnings taxed under PAYE? Then, you can choose to have overdue tax collected via PAYE. But, for this to be allowed, your tax bill must be below £3,000, and you must file your online return by this date. The advantage of this is that any tax payable would be paid over 12 months from April 2022, rather than in a single lump sum by 31 January 2022.

31st January 2022

If, like most people, you submit your tax return online, then the deadline is midnight on January 31st 2022. Any tax due resulting from this return is payable on the same date.

31st July 2022 – payment on account due

Are you self-employed, and do you pay your tax through payment on account? In which case, 31 July 2022 is the deadline for your first payment on account. The amount you pay is an estimate based on your earnings for 2020/21.

What are the fines for being late with these tax return deadlines?

File your tax return late, or fail to pay the tax you owe on time, will almost certainly mean you face penalties and interest charges. Here are the charges you’ll face –

  • 1 day late £100 for one day after the deadline
  • Up to 3 months late £10 for each additional day (capped at 90 days), plus £100 initial fine – maximum of £1,000
  • 6 months late Either £300 or 5% of the tax due (whichever is higher), on top of the penalties above
  • 12 months late An additional £300 fine, or 5% of the tax due, plus the above penalties. In the most serious cases, you could be fined 100% of the tax due

How do I submit my 2020/21 tax return

If this is the first time you’ve submitted a tax return, you’ll need to register with HMRC. You can do this online. Once you’ve registered, you can choose from two ways to submit your tax return to HMRC –

  1. You can send a paper tax return
  2. You can fill in an online tax return.

Option 2 has numerous advantages, but the best way to find out what these are is to give us a call.
We’d be delighted to help.

Self-assessment tax return summary

October 5th 2021Register for first-time self-assessment
October 31st 2021Manually prepared self-assessment for 2020/21
December 30th 2021Opt into PAYE
January 31st 2022Submit your online annual return for 2020/21
January 31st 2022Pay tax due for 2020/21
July 31st 2022Pay tax due on account for 2022/23

Advice on self-assessment tax returns

Our services cover every aspect of tax support relating to company and personal tax.
To find out more, please get in touch.

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