Industry News - 17th January 2023
The deadline date to file your 2021-22 Self-Assessment tax return is fast approaching. Last year over 12.5 million taxpayers were required to complete a Self-Assessment tax return but over 2.3 million taxpayers missed the 31 January deadline.
The deadline for submitting your 2021-22 Self-Assessment tax returns online is 31 January 2023. You should also be aware that payment of any tax due should also be made by this date. This includes the payment of any balance of Self-Assessment liability for the 2021-22 plus the first payment on account due for the current 2022-23 tax year.
If you miss the filing deadline you will usually be charged a £100 fixed penalty which applies even if there is no tax to pay or if the tax due is paid on time. If you do not file and pay before 1 May 2023 then you will face additional daily penalties of £10 per day, up to a maximum of £900.
If the return still remains outstanding, further higher penalties will be charged after six months and again after twelve months from the filing date.
If you have any questions about Self-Assessment, please get in touch