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Tax Year Dates 2021

Whether you’re employed or self-employed, tax dates affect us all in some way. So, diaries at the ready, here are the tax year dates you need to know for 2021.

The tax year runs from 6 April to 5 April each year. So the tax year 2020/2021 starts 6 April 2020 and ends 5 April 2021.

31 January 2021: 2019/2020 Tax Return Deadline

The end of January signals the deadline for filing your tax return online, as well as paying any income tax, national insurance and student loan repayments plus a payment on account towards your 2020/2021 tax bill.

Update: The tax return deadline has been extended to 28 February 2021 for this year only. The tax return deadline extension has been made in response to the number of people struggling to file their tax return in these unprecedented times.

5 April 2021: End of the 2020/2021 Tax Year

Once the tax year ends, all the tax rates and allowances changes take effect the next day. Most commonly you’ll see changes to the personal allowance, national living wage and, if you’re self-employed, it’s the end of your financial year for tax purposes.

31 July 2021: 2nd Payment on Account for 2020/2021 Due

This is often a surprising tax year date! If you file a tax return, then you may need to make a payment towards your tax bill for 2020/2021 (which is due on 31 January 2022). You’ll need to pay this if you:

  • Your 2019/2020 tax bill was over £1,000;
  • Less than 80% of the tax you owe was deducted at source (through PAYE for example).

If you are new to self-employment, don’t forget to budget for your tax bill so you have money set aside to make this payment.

HMRC Payments on Account Explained

5 October 2021: Deadline to Register as Self-Employed with HMRC

If you haven’t registered with HMRC as self-employed, then you’ll need to do so by 5 October following the end of the tax year you started working for yourself. So if you started working for yourself on 1 January 2021 you’ll need to register as self-employed by 5 October 2021.

31 October 2021: Deadline for Filing Paper Tax Return

Whilst most taxpayers must submit their tax return online, a few in exceptional circumstances can file a paper version. Paper tax returns need to be filed slightly earlier than the online versions, by the end of October.

30 December 2021: Deadline for Tax Return To Pay Tax Through PAYE

If you are employed and self-employed, you can file your tax return early and elect for the tax you owe (up to a maximum of £3,000) to be paid through your tax code.

31 January 2022: 2020/2021 Tax Return Deadline

As before, the end of January signals the deadline for filing your tax return online, as well as paying any income tax, national insurance and student loan repayments plus a payment on account towards your 2020/2021 tax bill.

About Anita Forrest

Anita Forrest is a Chartered Accountant, spreadsheet geek, money nerd and creator of www.goselfemployed.co - the UK small business finance blog for the self-employed community. Here she shares simple, straight-forward guides to make self-employment topics like taxes, bookkeeping and banking easy to understand.