Filing your tax return is important. In fact, you need to file them before the deadline to avoid any penalties. As crucial as it is, however, it can be daunting to complete, especially when you already have a lot on your mind. If you haven’t filed your first Self Assessment tax payment for the previous tax year (2019/20), then you may be fined by HM Revenues & Customs (HMRC)—unless you have a justifiable excuse for not paying.
Knowing the particular self assessment tax dates are helpful for different individuals and businesses. Self employed workers (who earned more than £1000), and anyone who entered a business partnership, are required to file their self assessment within the tax dates. This also applies to individuals who received income outside of their PAYE during 2020. You may also need to pay tax for the year 2020/21 if you make income from renting out a property.
To avoid missing your tax payments, we created a tax calendar for 2021 with seven key dates that you need to remember. These calendars refer to the tax year 2020/21 and some refer to the tax year 2021/22. May this list help you in filing your taxes.
1. 5th April 2021 – Final date of the 2020-2021 tax year
Do note that you should file earnings before the 5th of April every year. This is the final date of the 2020/21 tax year and signifies the point at which you should start filing any earnings you made outside of PAYE during the previous tax year.
Remember that it is the same every year. So, when you submit your Self Assessment tax return, you will record the earnings you made between 6th April 2020 and 5th April 2021.
2. 6th April 2021 – Start date of the 2021/22 tax year
As mentioned earlier, the start of the 2021/22 tax calendar year is April 6. When you submit your Self Assessment tax return, you will record the earnings made between April 6, 2021, and April 5, 2022. For 2022, it will be April 6, 2022, to April 5, 2023.
3. 31st July 2021 – Second tax payment due
Your second payment should be paid on the 31st of July. This is the time to make your final contribution for the previous tax year, following your initial payment on the 31st of January. You can say that this is the last payment for the previous year.
4. 5th October 2021 – Deadline for self assessment tax registrations
Once you are able to start earning money through self employment or sole trading, it’s time for you to register with HMRC and National Insurance. This applies to self employed individuals or sole traders who are earning on or after April 6, 2020. Once you have registered, HMRC can notify you of the dates you needed to submit your Self Assessment return for the 2020/21 tax year.
5. 31st October 2021 – Deadline for self assessment tax returns (paper)
Don’t forget to send your Self Assessment tax returns for the 2020/21 tax year before October 31, 2021 midnight. This is an important date for those submitting on paper. However, if it is an electronic submission, it will be on a later date.
6. 30th December 2021 – Deadline for automatic collections (online)
If you want the money you owe in tax to be deducted from your wages and pension contributions, it is possible. You just have to submit your Self-Assessment return online by this date. You can check if you are eligible to pay through tax code through the Gov.uk website.
7. 31st January 2022 – Deadline for self assessment tax returns (online)
This is the last date for you to submit your Self-Assessment tax return for the tax year ending 5th April 2021. You must share with HMRC your financial earnings for this year. If you made a mistake on your 2019/20 tax return, you also have up until this date to correct the information.
Filing your personal tax returns can be stressful, especially if you are new to them. May this guide help you list the important dates you need to file your taxes and guide you through the next steps. It is still best to look for professionals to take the weight off your shoulders.
Are you looking for cheap accountants in London to help you out with your tax filing? We are one of the fastest-growing chartered accountancy services in the UK, recognized for state-of-the-art bookkeeping and taxation services at cheap rates for small businesses and individuals. Call us to know more about our services.