Happy New Year from TN Accountancy! We hope you had a lovely Christmas break.
Once we have ushered in the new year, a lot of us turn our attention to the dreaded Self-Assessment tax return.
What about the 31 January deadline?
The self-assessment tax return for the 2020/21 tax year must be filed by midnight on 31 January 2022. If you miss this deadline, you will automatically receive a late filing penalty of £100, regardless of whether you owe any tax, unless you are able to convince HMRC that you have a reasonable excuse for filing your tax return after the deadline.
You must also pay any outstanding tax that you owe for 2020/21 by 31 January 2022.
Payments on account
If your total tax and Class 4 National Insurance liability was at least £1,000 for 2020/21 and less than 80% of your total liability is collected at source, for example, under PAYE, you will need to make payments on account for 2021/22. Each payment is 50% of the 2020/21 tax and Class 4 National Insurance liability. The first payment is due by 31 January 2022, along with any tax owing for 2020/21. The second payment should be paid by 31 July 2022.
Contact Us
Please contact us if you need any assistance with your Self Assessment tax return, and to find out how you we can help you to reduce your tax liabilities and maximise your tax efficiency.
Please note that the above is for general information only and does not constitute financial or tax advice. You should not rely on this information to make or refrain from making any decisions. You should always obtain independent professional advice in respect of your own situation.
