There is now one month left to file your 2021-22 Self-Assessment tax return. Last year over 12.5 million taxpayers were required to complete a Self-Assessment tax return, but over 2.3 million taxpayers missed the 31 January deadline.

The deadline for submitting your 2021-22 Self-Assessment tax returns online is 31 January 2023. The deadline for paper returns ended on 31 October 2022. Please be aware that payment of any tax due should also be made by this date. This includes the payment of any balance of Self-Assessment liability for the 2021-22 tax year plus the first payment on account due for the current 2022-23 tax year.

If you miss the filing deadline, you will usually be charged a £100 fixed penalty if your return is done within three months of missing the deadline, regardless of whether you owe tax or not. If you do not file and pay your tax before 1 May 2023, then you will face further penalties unless you have made an arrangement to pay with HMRC.

HMRC encourages taxpayers to complete their tax returns as early as possible to avoid unnecessary stress as the filing date approaches. If you choose to submit your returns early, you still have until 31 January 2023 to pay any tax due.

If you are filing online for the first time, you should ensure you register to use HMRC’s Self-Assessment online service as soon as possible. Once registered, an activation code will be sent by mail. This process can take up to 10 working days. 

If you would like more advice and help to file your Self-Assessment tax return, please contact us at info@gkaccountingservices.com or call us on 01269 508 081, where we will be more than happy to answer any of your questions.