Now that the calendar has ticked into October it’s an appropriate time to highlight the filing deadlines for the tax year ending 5th April 2021. Paper tax return must be filed by 31st October 2021, and electronic tax returns must be filed by 31st January 2022.
31st January 2022 is also the deadline for payment of tax liabilities arising from the year ended 5th April 2021.
We would advise all taxpayers requiring a Self Assessment Tax Return to submit their tax returns as soon as possible, and well before the HMRC filing deadlines. Here is a list of benefits of filing early:
- It allows you or your accountant to calculate the tax liabilities earlier, allowing you to plan and budget for the January 2022 tax payment
- Early completion may highlight a tax refund has become due, the earlier this is calculated the quicker you’ll be refunded by HMRC
- Early completion allows more time to consider and claim all relevant allowances and claims to minimize your tax liabilities
- Prompt preparation of the tax return may reveal tax planning opportunities in the current year that can be taken advantage of sooner than would otherwise have been the case
- And finally, prompt completion of your tax return means one less thing to think about in the busy run up to Christmas!
Please contact us at your earliest opportunity to make arrangements for your tax return to be completed well ahead of the HMRC filing deadlines.
Adrian Farrimond – Director