Tax Calendar for 2021/22: Key Dates for Self-Assessment Tax Returns
Tax. We all have to pay it! Nevertheless, recording financial information and submitting Self-Assessment tax returns yourself can be daunting. There are regulation changes to consider, calculations to make correctly, and of course, a calendar of important dates that you don't want to miss!
To help you stay compliant and avoid fines, we've put together a helpful tax calendar for 2021 with seven key dates. Some of these refer to the tax year 2020/21 and some refer to the tax year 2021/22.
It's important to note that the deadline for the first Self-Assessment tax payment for the previous tax year (2019/20) was on 31st January 2021. If you missed the January tax deadline, you may be fined by HM Revenues & Customs (HMRC) unless you have a justifiable excuse for not paying.
Tax calendar 2021: Important Self-Assessment tax dates
The deadlines in this 2021 tax calendar apply to individuals who received income outside of their PAYE during the previous tax year. This includes self-employed workers (who earned in excess of £1000) and anyone who entered a business partnership. You may also need to pay tax for the year 2020/21 if you make income from renting out a property.
5th April 2021
Final date of the 2020/21 tax year
The 5th of April is the final date of the 2020/21 tax year. This date remains the same every year and signifies the point at which you should start filing any earnings you made outside of PAYE during the previous tax year.
When you submit your Self-Assessment tax return for any income or expenses made during this year, you will record the earnings you made between 6th April 2020 and 5th April 2021.
6th April 2021
Start date of the 2021/22 tax year
The first date in the 2021/22 tax calendar is the 6th April, this is the official starting date of the 2021/22 tax year. When you submit your Self-Assessment tax return for any income made during this tax year, you will record any earnings made between this date and the 5th April 2022.
31st July 2021
Second tax payment due
If you pay your tax on account, you need to make your second payment by the 31st July. This is the date at which you must make your final contribution for the previous tax year, following your initial payment on the 31st January.
5th October 2021
Self-Assessment tax registration deadline
If you started earning money through sole trading or self-employment on or after 6th April 2020, you will need to register with HMRC and National Insurance by the 5th October 2021. Once you have registered, HMRC will be able to file tax notices reminding you to submit your Self-Assessment return for the 2020/21 tax year.
31st October 2021
Self-Assessment tax returns deadline (paper)
By midnight on the 31st October 2021, you need to have sent off your Self-Assessment tax return for the 2020/21 tax year. This only applies if you are posting a paper tax return to HMRC, as electronic submissions have a later deadline.
30th December 2021
Tax returns deadline for automatic collections (online)
If you pay Self-Assessment tax through your PAYE tax code, you must submit your Self-Assessment return online by this date. This only applies if you would like HMRC to collect the money you owe in tax from your wages and pension contributions.
You can check whether you are eligible to pay through your tax code on the Gov.uk website.
31st January 2022
Self-Assessment tax returns deadline (online)
The last date in our 2021/22 tax calendar is 31st January 2022, the deadline for online Self-Assessment tax return submissions for the tax year ending 5th April 2021. By midnight on the 31st January, you need to have recorded and shared your financial earnings for this year with HMRC.
If you made a mistake on your 2019/20 tax return, you also have up until this date to correct the information.
Do you need assistance with your Self-Assessment tax return?
Keith Graham Chartered Accountants is here to help!
We understand that filing personal tax returns can be stressful, which is why we offer hassle-free accounting services to take the weight off your shoulders. We'll advise when to pay your tax for 2021 and help with your returns to avoid penalties from HMRC.
To learn more about our Self-Assessment tax services in Hampshire, please don't hesitate to contact us today. We look forward to helping with your next personal tax return.