Your Tax Planner for 2021-22

The first step to getting your tax right is knowing what needs to be done and by when. Sounds simple enough. But there are different HMRC deadlines for different things. And we all know about the late penalties …

As we’re into the new tax year, here’s a handy list of the main dates most of our clients are working towards. Just read down the list and pick out the ones that apply to your situation as employer, self-employed or employee under PAYE.

Then plan them into your yearly calendar. Maximum tax efficiency, minimum fuss.

5^th April 2021

• Last day of 2020-21 tax year.
• Deadline for 2016-17 PAYE tax rebate claims.

6^th April 2021:

• New 2021-22 tax year begins.
• You can send your 2020-21 self assessment tax return to HMRC from today.
• Submit your 2020-21 tax rebate to HMRC.
• New 2021-22 Personal Allowance (£12,750) and Basic Rate threshold (£12,571) applies in England and Northern Ireland.

31^st May 2021:

• 2020-21 P60s sent to your employees.
• If you’re an employee, make sure you have your 2020-21 P60 from your employer.

6^th July 2021:

• Pay your second payment on account for the 2020-21 tax year if you’re self employed.
• Deadline for 2020-21 payment settlement agreements.
• Make sure you have your P11d from your employer, for last year.

5^th October 2021:

• Deadline to submit your SA1 form to declare property income.
• If you’re newly self employed, you need to tell HMRC by getting a CWF1 form to them by this date.

31^st October 2021:

• Paper self assessment tax return for 2020-21 must be filed by 11.59pm.
• 2017-18 Tools Capital Allowances claim deadline.

30^th December 2021:

• Deadline to request to pay your 2019-20 self assessment tax bill through PAYE (if you’re both employed and self employed at the same time).

31^st January 2022:

• Deadline for 2020-21 online self assessment tax return is 11.59pm.
• Pay your 2020-21 tax bill.

5^th April 2022:

• 2017-18 PAYE tax rebate claim deadline.
• Last day of the 2021-22 tax year.

Forward planning your financial year takes the sting out of tax admin and bills simply by being ahead of the game.

Lots of tax liability tasks aren’t completely straightforward. And most need some preparation. That’s why you need to know what deadlines you’re working to and how long you need to meet them.

No one wants to step away from their clients, or life, to spend hours on tax paperwork. And if you work out what you have to do now, you really won’t need to. You can collect everything you need as you go through the year and be confident in the figures you’re reporting.

Use the information in our free guides to map out the details and plan them in against the final deadline. Things like self assessment tax returns are more complex than, for example, just checking your tax code. But HMRC’s online system is very clear and intuitive, we’ve laid it all out clearly here, and you can give us call at any time to make sure you’re keeping your books straight as you go.

Arm yourself with all the necessary info to keep your head out of tax worries and in your business.