31 JanUARY Self Assessment deadline
The deadline for sending your online 2021/22 Self Assessment tax returns to HMRC, and for paying the related tax, is 31 January 2023.
For those clients that prepare self-assessment personal tax returns, 31 January is usually tax payment day. This tax will primarily be based on your personal income for the tax year ended 5 April 2022, potentially made up of 2 components:
The balancing payment for 2021/22 (total 2021/22 tax less 31-Jan-22 and 31-Jul-22 payments on account).
If your 2021/22 tax bill exceeded £1,000, you will also be paying the 1st payment on account for 2022/23 (calculated at 50% of the 2021/22 year tax liability).
Due to the COVID pandemic, HMRC allowed taxpayers more time to file their tax return and pay the tax before charging penalties for the previous two years.
However, no relaxation of penalties is expected this year. You should therefore make sure you file your 2021/22 tax return online and settle any tax you owe by 31 January 2023 to avoid penalties and interest.
In the first instance please check your Government Gateway to ensure you have made all payments up to date. Please contact us asap if you need to clarify your payments due.
If you have any questions on how these updates could affect you and your business, please get in touch with Zyla Accountants and we'll be happy to assist with your query.