Company directors, those who have untaxed income (such as rental, or dividends), self-employed, those with income over £100,000, those who need to repay child benefit, or have made a capital gain. More information can be found here.
If you have not already registered, please do so as soon as possible by clicking here.
Both the tax due and the return is due by 31 January 2022.
There is an automatic £100 penalty for a return up to 3 months late, then a daily £10 penalty should the return be later than this. More information can be found here.
Interest is payable at 2.25% on any outstanding balance. A penalty of 5% of the outstanding liability is applied if the tax remains unpaid after 30 days, with a further 5% penalty if still unpaid after 6 months.
Payments on account are payments made towards next year’s tax bill. The balance due is based on last years tax bill, with 50% payable on 31 January 2022, and a further 50% due before 31 July 2022.
Please see the checklist. Alongside your personal information, we require the details of any income you have received as well as any potential tax reducers.
As soon as possible, but by 31st August 2021 in order to meet the 31 January 2022 deadline. Please contact us as early as possible if you will not be able to meet this deadline.
A ‘unique tax reference’ to identify you as a taxpayer. We need this to file the return. HMRC will issue this when you register for self-assessment if you are not already registered.
Please try to provide as much information as possible, such as the amount of income received as well as the tax deducted at source. A final payslip received is a good indicator of this.
Student loan repayments could be due and if you earn over £50,000 and receive child benefit, some could be clawed back. Please highlight on your checklist should any of this be relevant.
Donations to charity and contributions to pension schemes can obtain tax relief.
Also, investments in certain companies can act as a tax reducer, such as EIS, SEIS, VCT and SI.
If you are expecting your income to be reduced or you are now receiving income through PAYE there is the possibility of reducing the payments on account. Please advise your accountant if you think this will be the case.
As a default, you will still need to complete a return but depending on your exact circumstances you may be able to contact HMRC to get taken off the list. Please speak with your accountant for more information.