Make sure you don’t miss the deadline for…
- electronic filing of 2021/22 self-assessment returns for individuals, partnerships and trustees
- paying the balance of any tax and NI self-assessment liability for 2021/22
- paying the first payment on account of any tax and NI self-assessment liability for 2022/23
- paying any tax and NI self-assessment liability owing for 2019/20, to avoid a third fixed or tax geared penalty
- making amendments to 2020/21 self-assessment returns for individuals, partnerships and trustees
- making an end-of-year RTI submission (full payment submission) for IR35-related deemed employment pay (where off-payroll rules don’t apply) for 2021/22
- paying any outstanding PAYE tax and NI for 2021/22 in respect of IR35 liabilities on deemed employment pay.
The deadline for filing a self-assessment tax return for 2021/22 is 31 January 2023. Where a self-assessment liability is paid later than the normal due date HMRC will charge interest (currently at 6% simple per annum). HMRC can also charge late payment penalties equal to 5% of any tax outstanding for more than a year from the date that the balancing payment was due.
Normally, this applies if payment of the previous year’s tax liability is made later than 1 March. Where the self-assessment amendment deadline passes a return cannot be amended unless, following an enquiry, HMRC makes an amendment first. If you can’t accurately calculate the deemed employment payment by the end of the tax year to which it relates, you have until the following 31 January to submit final figures, using a full payment submission PAYE report and pay any balance of tax and NI due.
This article has been reproduced by kind permission of Indicator – FL Memo Ltd. For details of their tax-saving products please visit www.indicator-flm.co.uk or call 01233 653500.