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Tax return deadline: 31 January 2022

The tax return filing deadline is fast approaching. It’s not too late for individuals to sign up to EY TaxChat, EY’s digital tax return service.

Whilst the tax return filing and payment deadline remains 31 January 2022, HM Revenue and Customs (HMRC) is waiving late filing and late payment penalties for Self-Assessment taxpayers for one month – giving extra time to taxpayers, if needed, to complete their 2020/21 tax return without fear of a penalty.  The waivers mean that:

  • anyone who cannot file their return by the 31 January deadline will not receive a late filing penalty if they file online by 28 February
  • anyone who cannot pay their Self-Assessment tax by the 31 January deadline will not receive a late payment penalty if they pay their tax in full by 1 April

Interest on any tax due will still be payable from 1 February, as usual, so it is still better to pay on time if possible.

Typical self-assessment tax return criteria include:

  • Individuals with over £100,000 of income
  • Rental income
  • Self-employed / partnership income
  • Significant investment income (e.g. interest, dividends)
  • Trust income
  • Property or share disposals
  • Pension contributions (exceeding the annual allowance)

HMRC will impose a late filing penalty of £100 if the tax return is filed after 28 February. Additional late filing penalties will apply if the tax return is over 3 months late.

EY TaxChat

To download and register for EY TaxChat click the links below:

Apple Version: Download iOS App
Android Version: Download Android App
Web Version: https://globaltaxchat.ey.com

 

To benefit from preferential rates, enter the following referral code when registering: XXX

For more information visit the website Introducing EY TaxChat™ | EY UK or e-mail the EY team at uktaxchat@uk.ey.com.

This article contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Member firms of the global EY organization cannot accept responsibility for loss to any person relying on this article.

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