The clock is ticking for taxpayers, as the countdown to submit online Self-Assessment tax returns has begun.
With less than 100 days to go, HM Revenue and Customs (HMRC) is reminding people that they have until 31 January 2023 to submit their forms for the 2021 to 2022 tax year.
Who needs to complete a Self-Assessment tax return?
You will need to file a Self-Assessment tax return if your income is not taxed at its source. For example, if you are not an employee on PAYE.
Furthermore, this will be a requirement if, in the 2021 to 2022 tax year, you were:
- Self-employed and earning over £1,000
- A new partner in a business partnership
- Obtaining any untaxed income
- Claiming Child Benefit but you or your partner earn over £50,000.
If you are a limited company director, you may need to file a Self-Assessment return to declare any dividend revenue.
Completing your returns in good time not only ensures you know what you owe, but also prepares you to make your first payment by 31 January 2023.
Additionally, if you are due a refund, this can be obtained sooner.
What happens if you miss the deadline?
If you fail to meet the Self-Assessment deadline, you will likely face a penalty.
As 31 January is also the first tax payment of the year, paying this late could lead to further penalties, with potential interest gained on outstanding payments.
Is there support available?
If it’s not possible for you to pay your tax bill in full, GOV.UK provides a range of support and advice online.
As well as this, HMRC may be able to assist by organising an affordable payment plan.
To find out if you need to send a tax return for the 2021 to 2022 tax year, you can use GOV.UK’s free online tool.
Looking for help on your Self-Assessment tax return or related matters? Get in touch with our team today.
