When is the Self Assessment deadline? Do I need to file 2020/21 Self Assessment Tax Return? When do I need to register with HMRC? In this blog, we will highlight some important dates and deadlines if you are trading on Self-Employed basis or as CIS Subcontractor and what you’ll need to do to avoid penalties and interest charges!
Tax payment deadline – 31 January 2021
Tax payers who needed to file 19/21 Tax Return had to pay the tax by 31 January 2021. Forgot to make the payment? It’s advisable to make the payment as soon as possible to avoid interest charges on the payment due. There is some good news, for those unable to the make the payment, payment plan (12 Months) were available. But to apply for payment plan, the tax return needs to be submitted beforehand.
- To make the tax payment to HMRC online, click on the following link: Pay Self-Assessment Tax
- For more info on payment plan, click on the following link: HMRC Payment Plan
2018/19 Online Amendment deadline – 31 January 2021
If you needed to amend 2018/19 Self-Assessment Tax Return, 31 January 2021 was the deadline for any online amendments. You can still amend your previous year’s tax return but it needs to be printed and posted to HMRC directly.
Deadline for filing 2019/20 Self-Assessment Tax Return – 28 February 2021
In January 2021, HMRC decided to extend the Self Assessment Tax Return deadline to 28 February 2021. Although 10.7 millions tax returns were submitted by 31 January 2021, many tax payers still did not have the time to file it online or contact their accountants due to government lockdown. So it’s a good news for tax payers, however, HMRC will issue a £100 penalty for tax returns submitted after 28 February.
End of 2020/21 tax year – 5 April 2021
As tax year runs from 6 April to 5 April of the following year, 5 April 2021 is the last day of 2020/21 tax year and only after 5 April 2021, 2020/21 Self Assessment Tax Return or CIS Tax return can be submitted to HMRC.
Start of 2021/22 tax year – 6 April 2021
6 April 2021 is the start of 2021/22 tax year.
Second Payment on Account deadline – 31 July 2021
HMRC usually sends a reminder letter around May or June to inform the deadline for second payment on account which is due every year by 31 July. This payments relates to the second advance tax payment towards 2020/21 tax bill. Click here Payments on account to find more information on how payments on account work.
Register with HMRC deadline – 5 October 2021
If you started trading as Self-Employed after 5 April 2020, you need to register with HMRC by 5 Ocotober 2021. There are some exceptions though! Get in touch with us if you are unsure whether or not you’ll need to register for Self-Assessment.
Deadline for filing 2020/21 Self-Assessment Tax Return – 31 January 2022 –
When is the Self Assessment deadline for 2020/21? – 31 Jan 2022! This is the deadline for filing 2020/21 Self-Assessment Tax Return to HMRC and the deadline for any income tax due including the first payment on account for 2021/22 tax year.