The 2020-2021 tax year runs from April ’20 to April ’21, the last date for submitting returns for those who do self-assessment was 31st January 2022 – this is referred to as the tax return deadline. Will you find yourself in trouble with HMRC if you didn’t submit your return in time, along with any tax you owe?
Here’s what you need to know…
When was the tax return deadline?
We blogged about this a few weeks ago when the extension was first announced, the deadline for filing your tax return, along with any money you owe, was midnight on 31st January 2022 – last night!
Do I need to file a tax return?
If you fall into one of the catagories below, you will need to fill in a tax return:
- Self-employed with an income of more than £1000
- A partner in a business partnership
- You earn untaxed income from elsewhere for example dividend income or rental income
Be aware, if you earn untaxed income from elsewhere, such as renting out a property, or you have investments or dividend income, you received Covid grants, or receive an income from overseas, you may still be required to submit a tax return.
Check the Government’s website here as well as finding the form to fill out or file your tax return online, if you haven’t already or call our Tax Manager Amy Thompson on 01992 444466 who will be able to help you.
What happens if you miss the tax return deadline?
Due to the Covid pandemic, if you miss the tax return deadline of 31st January 2022 you will not receive the late filing or late payment penalty unless you file your return after 28th February 2022.
You will still be charged interest on any payments you make late after 31st January 2022.
Get in touch with HMRC and set up a Time to Pay arrangement if you need one – this gives you the opportunity to pay off what you owe in manageable instalments – you should do this no later than 1st April 2022.
We’ve been in the accountancy business for over 100 years and today we are here to help you. Our vast experience means you have access to practical information and support no matter your business size or sector. If you would like a no obligation discussion about how we can help you and your business, please feel free to contact the team on 01992 444466. We’re accountants for business and we’re here to help you grow.
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The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any errors or omission or for any person acting on or refraining from acting on the information provided in the above
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