Key deadlines on tax filing 2020-21 - Have you filed your tax return?

The UK self-assessment tax return for 2020-21 (year ended 5 April 2021) is due by 31 October 2021 for paper filings, and 31 January 2022 for electronic filings.

Due to Covid, HMRC has announced that the late filing penalty will be waived and has issued a one-month extension to the filing. Tax returns must now be filed by 28 February 2022. So if you are required to file an return but still haven't done so, you should act now.

Late filing penalties

Remember if you do not file the tax return by the deadline HMRC will issue you an automatic late filing penalty. Automatic £100 penalty if you file the return late, even by one day.

Additional penalties will apply if the return is submitted more than 3 months after the deadline.

Tax payment

The UK tax payment is due by 31 January 2022. You should allow up to 5 working days for the payment to clear HMRC bank accounts.

If the payment is late a 5% surcharge will apply when this remains unpaid for 30 days. HMRC will also charge interest from the date the payment is due.

However, HMRC has also waived the payment penalty for the 2020-21 tax return filings, if you enter into any payment plans before 1 April 2022. Note that Interest will still be charged from 1 February 2022 if you have any outstanding liability.

You should calculate your tax position well in advance of the deadline to ensure that all payments are cleared and avoid

late payment penalties.

How we can help you

Apex Consultancy offers a full range of personal tax return services from registering your UTR number to completing your tax return, so please feel free to contact us if you are interested.