The 31^st January 2023 deadline for submitting Self Assessment tax returns for the 2021/22 tax year is fast approaching. For those who need to submit a return it is important to do so before this deadline so as to avoid late filing penalties.

If you are unsure whether you need to complete a tax return for the period above, you can check your position using the government tool.

If you miss the deadline for submitting your tax return, you will typically be charged a penalty of £100 if the tax return is up to 3 months late. If you submit your return over 3 months late, you may be faced with a larger penalty.

For the last two years, HMRC has waived the £100 late filing penalty in light of the pandemic, but no waivers for late submissions have been announced this year.

Any tax due must also be paid and received by HMRC on 31st January 2023. HMRC will charge interest on any late payments of tax:

• If your tax payment is up to 30 days late, you may be charged a penalty of 5% of the tax due.
• You may also be charged with further 5% penalties when your payment is 6 months and 12 months late.

You can complete your Self Assessment tax return online here.

You can pay your outstanding Self Assessment tax bill online using this link.

For a fee, professional accountants can help you complete your Self Assessment, or complete it on your behalf, however they will require the figures to input. Please let us know if you would like recommendations of accountants we have experience working with.