CKLG BLOG

New dates and deadlines for 2021 Tax Return

17.01.2022

Private Client

The pressure of Omicron has created a plethora of new dates and deadlines for the 2021 Tax Return 

Last week, HMRC rejigged the 2021 Tax Return filing date but in reality, the actual filing deadline of 31 January 2022 still stands.  What they have done is give taxpayers a reasonable excuse not to file until 28 February 2022.  However, any tax you owe for 2020/21 together with any payments of tax on account for 2021/22 should still be paid by 31 January 2022 otherwise interest will be charged at 2.75%.  However, if you know you’re going to struggle to pay your tax bill, contact HMRC and set up a repayment plan as soon as you can using their ‘time to pay’ facility. 

This is why CKLG is working hard to ensure all 2021 Tax Returns are still filed by 31 January 2022 and tax calculations for 2020/21 finalised. 

Your 2021 Tax Return will still be regarded as late if it is filed after 31 January 2022 but HMRC won’t levy the £100 late filing penalty unless it's filed after 28 February 2021.  From 1 April 2022, a £10/day late filing penalty will apply for the next 90 days and if it is still not filed by 1 July 2022, more penal penalties will be charged.   

Unpaid tax for 2020/21 will be liable to a 5% surcharge if, for one year only, it is not settled (or a "time to pay" arrangement organised) by 1 April 2022.  Normally this late payment "penalty" date is 1st March.  Further, late payment penalties will be levied if the amount owing is still outstanding in six months and again in twelve months.  

If your 2020 Tax Return needs amending, the deadline for actioning this is still 31 January 2022. 

If you’ve already filed your 2021 Tax Return and would like help and assistance preparing it in the future, please do contact us on 01223 810100.  As part of our service, we will review your 2021 Tax Return and if any amendments are required, we are able to carry out the necessary repairs (or guide you through what needs to be done).  If you believe you may have overpaid tax in any (or all) of the previous four tax years, please do call us to discuss your concerns.