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Self Assessment deadline: A guide to filing your tax return

Self Assessment deadline: A guide to filing your tax return
Dan Martin
Dan Martin
Freelance content creator & event host
Dan Martin Content & Events
 

Posted: Tue 25th Jan 2022

With the deadline approaching for 2020/21 Self Assessment tax returns, here's a guide to what you need to know.

When is the 2022 Self Assessment deadline?

The deadline for submitting Self Assessment tax returns for the 2020/21 tax year is Monday 31 January 2022.

Failure to meet the deadline usually results in a 5% late payment penalty but due to the impact of the COVID-19 pandemic, HM Revenue & Customs (HMRC) has announced it will not charge:

  • late filing penalties for those who file online Self Assessment tax returns by 28‌‌ ‌February 2022

  • late payment penalties for those who pay the tax due in full or set up a payment plan by 1‌‌ ‌April 2022

HMRC's Time to Pay service allows any individual or business the option to spread tax payments over time. Self Assessment taxpayers with up to £30,000 of tax debt can do this online once they have filed their return.    

If you owe more than £30,000, or need longer to pay, you should call the Self Assessment Payment Helpline on 0300 200 3822.

Be aware that interest will still be charged from 1‌‌ ‌February on any amounts outstanding so you should try and make the deadline.

HMRC will charge a 5% late payment penalty if you have tax outstanding, and haven't set up a payment plan, by midnight on 1‌‌ ‌April 2022. You'll face further late payment penalties at the usual six-month and 12-month points (August 2022 and February 2023 respectively) on any tax you owe for which you haven't set up a payment plan.

What does the 2022 Self Assessment tax return cover?

The Self Assessment tax return due on 31 January 2022 covers earnings and payments between 6 April 2020 and 5 April 2021.

You need to declare if you received any grants or payments from COVID-19 support schemes up to 5 April 2021 as these are taxable. They include the following:

  • Self-Employment Income Support Scheme (SEISS)

  • Coronavirus Job Retention Scheme

  • Other COVID-19 grants and support payments such as self-isolation payments, local authority grants and payments for the Eat Out to Help Out scheme

You do not need to report the £500 one-off payment for working households receiving tax credits.

HMRC has advised that you should check and make any changes to your tax return to make sure you've correctly reported any SEISS or other COVID-19 support payments.

Who needs to file a Self Assessment tax return?

You must send a tax return if, in the last tax year (6 April to 5 April), you were:

  • self-employed as a 'sole trader' and earned more than £1,000 (before taking off anything you can claim tax relief on)

  • a partner in a business partnership

You may need to send a Self Assessment tax return if you have any other untaxed income, such as:

  • some COVID-19 grant or support payments

  • money from renting out a property

  • tips and commission

  • income from savings, investments and dividends

  • foreign income

Check if you need to send a Self Assessment tax return

Where can I get help with filing my Self Assessment tax return?

 

Relevant resources

 
Dan Martin
Dan Martin
Freelance content creator & event host
Dan Martin Content & Events
 
I'm a freelance content creator and event host who helps small businesses and the organisations that support them. I'm also Enterprise Nation's Local Leader for Bristol. I have 20 years of experience as a small business journalist having interviewed hundreds of entrepreneurs from billionaires like Sir Richard Branson to the founders behind brand new start-ups. I've worked for a range of leading small business publications and support groups, most recently as head of content at Enterprise Nation where I was responsible for the prolific output of content on the company's blog and social media. I now freelance for Enterprise Nation including hosting the Small Business sessions podcast. I'm based in Bristol where I run and host regular events with the local small business community in my role as Enterprise Nation's Local Leader for Bristol. I also have strong connections with other major business organisations in the south west region. In total, I've hosted over 100 events including conferences with an audience of hundreds for international brands like Xero and Facebook and live web chats from inside 10 Downing Street. With my partner, I co-run Lifestyle District, a lifestyle blog focused on culture, art, theatre and photography.
 

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