The 2021/22 self-assessment tax return deadline is less than a week away (31st of January, 2023)

If you are required to submit a self-assessment tax return for the 2021/22 tax year, the 31st of January 2023 deadline is approaching quickly. Failure to submit your tax return by the deadline will automatically result in a £100 penalty. Keep reading to learn more about self-assessment tax returns and advice to help you meet the deadline and avoid a fine from HMRC.

Who needs to submit a self-assessment tax return for the 2021/22 tax year?

The self-assessment tax return system is HMRC’s way of collecting income tax from those with additional earnings (outside PAYE). Employees receiving PAYE with no additional sources of income are not required to submit a tax return. However, with over 10.2 million professionals submitting their 2020/21 tax returns within the deadline last year, the number of annual tax returns is increasing, and many of these are being completed by employees with additional taxable sources of income.

If any of the following applied to you during the 2021/22 tax year, you may be required to submit a self-assessment tax return to HMRC by the 31^st of January 2023:

• You are self-employed, or a partner within a partnership business.
• You are a religious minister.
• You are the director of a limited company and receive income outside PAYE.
• You are a landlord who has buy-to-let properties.
• You received annual income from a trust or settlement.
• You inherited money or assets.
• You have a source (or sources) of foreign income which is subjected to UK tax.
• You are not a UK-resident but earn taxable income in the UK.
• You have investments of over £10,000 (before tax).
• You have savings of over £10,000 (before tax).
• You have made money investing in cryptocurrency.
• You have an annual income (before tax) greater than £100,000.
• You were benefitting from coronavirus support that you should not have.
• You have capital gains.
• You are looking to claim back tax, perhaps due to:
  • You work in construction (CIS).
  • You are claiming expenses.
  • You have donated money to charity.
  • You have made specific investments (for example, Seed Enterprise Investment Scheme, Enterprise Investment Scheme, Venture Capital Trusts).

If you are unsure whether or not you need to submit a self-assessment tax return for the 2021/22 tax year, please contact Churchill Knight’s dedicated Personal Tax Department by calling 01707 871622, or completing the form on this page.

What are the deadlines associated with submitting your 2021/22 self-assessment tax return?

Here are the self-assessment tax return deadlines that you should be aware of:

• 5th of October, 2022 – The deadline to register for self-assessment (if you are not self-employed or a sole trader, not self-employed, or registering a partner or partnership)
• 31st of October, 2022 (midnight) – The deadline for submitting a paper version of your 2021/22 self-assessment tax return.
• 31st of January, 2023 (midnight) – The deadline for submitting your online self-assessment tax return.
• 31st of January, 2023 (midnight) – The deadline for paying the tax you owe. For more information, please contact us or visit the government’s website.

What happens if you fail to submit your tax return for the 2021/22 tax year by the 31^st of January 2023?

If you miss the 31st of January tax return deadline, you will automatically be issued a £100 penalty from HMRC. This fine will apply for three months, with interest accruing. If you submit your tax return three months later (or more), you will be subjected to additional fines, and you can use a tool on the government’s website to calculate what this might be.

Contact Churchill Knight’s in-house Personal Tax Department today

If you are looking for support from professional accountants, you’ve come to the right place. Every year, our in-house Personal Tax Department helps thousands of professionals like you complete and submit their tax returns accurately and within the specified deadline.

To request a free tailored quotation, please get in touch with us using the form on this page, or call 01707 871622.