The 2021/22 tax year ended on 5 April 2022 meaning anyone who is required to submit a Self Assessment will have already received communication from HMRC advising them to file their return.
If you receive a wage or a pension, your PAYE and National Insurance contributions are automatically calculated and deducted before you receive payment. These monies are then paid over to HMRC by your employer or provider. However, people with untaxed income must also complete a tax return. See below further reasons why you may be required to submit a tax return:
You are self-employed as a ‘sole trader’ and have gross earnings exceed £1,000;
You receive income from renting property
You are a partner in a business partnership;
You or your partner had an annual income of more than £50,000 and received child benefit
You receive foreign income
You receive income from a trust
Your total annual income exceeds £100,000;
You have Capital Gains exceeding £12,300; or
You receive any other untaxed income.
How do I go about registering with HMRC to complete a 2021/22 tax return?
If you are not already in the self assessment system and require to complete a tax return for the 2021/22 tax year, you must register with HMRC by 5th October 2022. If you fail to register by this date, you may be issued with a ‘Failure to Notify’ penalty from the HMRC. You can register with HMRC by following this link - https://www.gov.uk/register-for-self-assessment/self-employed
What is a UTR?
A Unique Taxpayer Reference, often referred to as a UTR or a UTR number, is a code used by HMRC to identify self-employed people and their companies for tax purposes. Once you have registered with HMRC for Self Assessment, you will be issued with a UTR – keep this number safe.
What is the deadline for submitting my Tax Return?
The submission deadline for the 2021/22 tax returns is 31 October 2022 for paper submissions or 31st January 2023 for electronic submissions. You can however submit your deadline any time after the 6th April 2022 as long as you meet the deadline dates. We would always recommend completing your tax return as soon as possible so you are aware of what taxes your are due to pay across to HMRC by 31st January 2023. No one wants hit with a surprise tax bill in January!!
Individuals who have a tax liability for the 2021/22 tax year of £3,000 or less can opt to have the liability collected via their PAYE tax coding notice for the 2023/24 tax year, to benefit from this the tax return must be submitted on or before 30th December 2022.
I received a ‘Notice to File’ from HMRC but I do not require to submit a Tax Return now
If you have received a notice to file and none of the above reasons apply to you for 2021/2022, a request can be made to the HMRC for the tax return to be withdrawn. If HMRC agrees that you no longer require to file a tax return, then they will formally write to you confirming their agreement to remove you from the Self-Assessment system.
Summary of Deadlines
Register for Self Assessment for 2021/22 | 5th October 2022 |
Paper tax return submission | 31st October 2022 |
Online submission to qualify for tax to be collected via tax code | 30th December 2022 |
Online tax return submission | 31st January 2023 |
Balancing tax payment for 2021/22 | 31st January 2023 |
1st Payment on Account for 2022/23 | 31st January 2023 |
2nd Payment on Account for 2022/23 | 31st July 2023 |
Need Help?
Contact us on solutions@apexpb.co.uk
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