Bookmark this page so you have all the key dates for the UK tax year to hand and to avoid paying any dreaded penalties.
Deadlines can be stressful and very confusing. Don’t worry though, this handy guide can help, and you can always get in touch with us if you are unsure. We’ve picked out what we feel are the most important days and we hope you find it helpful!
6th April 2022: New tax year begins
The new tax year brings about some note-worthy changes that will impact most people. An additional 1.25% National Insurance Levy will apply to Employees, Employers and the Self-Employed. This is dubbed a “health and social care levy” and is a effectively a fund to support the NHS through the pandemic.
There is also an increase in Dividend tax rates from 7.5% to 8.75% which will clearly impact anybody that receives a large part of their income from dividends, namely owner operators of limited companies. It is important to plan carefully for the changes and ensure that you will be in a position to pay an increased tax bill. An increase in tax also has a double effect due to the way the payment on account is calculated and this should also be considered when planning ahead.
30th April 2022: Last chance to submit your tax return to avoid daily penalties
This is the last day to submit your 2020/21 self-assessments before daily £10 late filing penalties begin to be applied. These fines apply even if you do not owe any tax. Make sure you have your tax return submitted, because these fines will add up very quickly!
31st July 2022: Payment on account due
Your 2nd payment on account is due for the 2021/22 tax year. This was calculated as part of your previous tax return and the details will have been provided to you at that time. This is a payment in advance for next years tax return and is applied when calculating your next payment in January 2023. We know – complicated, right!
5th October 2022: Deadline to register for self-assessment
You must register for Self-Assessment if you have to send a tax return and did not send one last year. This could be because you are now self-employed or you now have income outside of PAYE (Dividends, Capital Gains, You earn over £100,000, Property Income etc.) There are fines if you miss this date, however you should still notify HMRC as soon as possible and if you file and pay your tax on time (by 31st Jan) then no fines will be payable.
30th December 2022
Submit your tax return by this date if you also have income via PAYE and apply to have your tax collected through your payroll (or pension). This allows you to pay later and spread the payments over the whole year. There are conditions including that your tax bill is below £3,000 and that you wouldn’t pay more than 50% of your income in tax.
31st January 2023: Self-Assessment deadline
The deadline for filing your digital tax return for the 2021/22 tax year. You must also pay the balancing figure (tax bill minus 2 x POA’s) for that year and your first payment on account for the following year. Sounds confusing, right? Don’t worry, we have your back! Get in touch if you get stuck.
1St Feb 2023: Contact your accountant if you haven’t already
If you haven’t spoken to your accountant recently, it is a good idea to contact them now to discuss your income and whether it might be a good idea to take some tax planning actions (capital purchase, pension contributions, Charitable donations etc) before then tax year ends.
5th April 2023: Last day of the tax year
This is the last chance you will get to make any final dividends or any tax planning steps as mentioned above. Speak to your accountant to ensure you are as tax efficient as you can be before you lose the chance.
Thank you for reading
We hope you found this useful list of key dates for the UK tax year helpful. The information could be overwhelming and we have tried to simplify what can be a complex subject matter as much as possible. If your accountant isn’t helping you maximise your income, then please get in touch and we can let you know how SMART are redefining accountancy.
