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 to file a tax return.
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 2022: 2021/2022 Tax Return Deadline
The end of January signals the deadline for filing your tax return online. This is in addition to paying any Income Tax, National Insurance and student loan repayments plus a payment on account towards your 2020/2021 tax bill.
5 April 2022: End of the 2021/2022 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. Also, if you’re self-employed, it’s the end of your financial year for tax purposes.
31 July 2022: 2nd Payment on Account for 2021/2022 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 2021/2022 (which is due on 31 January 2023). You’ll need to pay this if:
- Your 2020/2021 tax bill was over £1,000;
- Have 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. This will help you put money set aside to make this payment.
HMRC Payments on Account Explained
5 October 2022: 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 2022, you’ll need to register as self-employed by 5 October 2022.
31 October 2022: 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 2022: 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 2023: 2021/2022 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 2021/2022 tax bill.