Every week we take a look at what is trending in the accountancy and tax press and share items that we think will interest you. However, these are only outlines and where they relate to tax planning should not be acted upon without looking into them more completely as everyone’s circumstances are particular to them. You need to take specific advice appropriate to your own circumstances.

While every effort is made to deliver accurate, informative and balanced articles this content is general in nature and should not be used as the sole basis for making decisions.

Tax deadlines to look forward to in 2022

Here are some (not all) of the main highlights in tax in the year ahead.

31 January 2022

• Filing deadline for electronic income tax self-assessment returns.
• The last date for submitting amended 2019/20 self-assessment income tax returns.
• The payment date for all outstanding self-assessment income tax, national insurance and capital gains tax for 2021.
• The first payment on account for 2021/22 if applicable is due to be paid.
• Last day to provide final income figures for tax credits claims for 2020/21, if the renewal that was done by 31 July 2021 used an estimated figure.
• Businesses within the IR35 rules must make any corrections to the 2020/21 RTI returns and pay any further PAYE and class 1 NIC due.

1 February 2022

• A further 5% penalty applied to any self-assessment tax still unpaid from 2019/20.

2 February 2022

• Employers must submit Form P46 (Car) to report new cars provided during the quarter to 5 January 2022.

14 February 2022

• Last day for employees to apply for deferment of primary class 1 NIC for 2021/22.

2 March 2022

• 5 % penalty applied to any 2020/21 self-assessment tax still not paid.

1 April 2022

• The end of the 12.5% vat rate on supplies of hospitality, holiday accommodation and attractions.
• MTD for VAT extended to all VAT registered businesses in respect of VAT return periods starting on and after this date.

5 April 2022

• The end of the tax year and the deadline for making various historic tax claims including:
  • Utilise income tax personal allowances, annual ISA allowances and exemptions for CGT and IHT for 2021/22.
  • Catching up Class 2 or Class 3 NIC
  • Various loss reliefs.
  • Negligible value claims for assets for CGT for 2019/20.

19 April 2022

• Final RTI payroll report for 2021/22 using FPS or EPS.

30 April 2022

• Daily £10 late filing penalties start to apply to outstanding 2020/21 self-assessment returns.

3 May 2022

• Employers must submit Form P46 (Car) to report new cars provided during the quarter to 5 April 2022.

5 May 2022

• Last day for a 2022/23 tax credits claim to be backdated to 6 April 2022.

31 May 2022

• 2021/22 form P60 must be supplied to employees who were employed at 5 April 2022.

5 July 2022

• Letting agents acting for non-resident landlords must make a return of the rents paid to landlords and tax deducted in 2021/22 (form NRLY). If no letting agent is acting the tenant must make the return.

6 July 2022

• 2021/22 forms P11D and returns of Class 1A NICs (forms P11D(b)) must be submitted to HMRC.
• P11D information must be supplied to employees.
• Directors and employees must make good the cost of the following benefits provided in 2021/22:
  • cars, vans, road-fuel,
  • non-cash vouchers,
  • accommodation,
  • credit token and benefits treated as earnings.

19 July 2022

• Payment deadline for non-electronic payments of Class 1A NICs for 2021/22 on benefits returned on a declaration of expenses and benefits.

22 July 2022

• Payment deadline for electronic payments of Class 1A NICs for 2021/22 on benefits returned on a declaration of expenses and benefits.

31 July 2022

• Second payment on account of self-assessed income tax and Class 4 NIC for 2021/22 due.
• Tax credit claims for 2021/22 must be confirmed and renewed for 2022/23 if required.

1 August 2022

• A further 5% penalty will be applied to any remaining outstanding self-assessment tax for 2020/21.

2 August 2022

• Employers must submit Form P46 (Car) if appropriate to report new cars provided during the quarter to 5 July 2022.

5 October 2022

• Any person chargeable to income tax or CGT for 2021/22 must notify HMRC by this date.

31 October 2022

• Deadline for submitting paper income tax self-assessment returns for 2021/22 for individuals, trustees and partnerships.
• Deadline for submitting a paper tax return if you want HMRC to collect the tax due through your PAYE code.

2 November 2022

• Employers must submit Form P46 (Car) to report cars first provided during the quarter to 5 October 2022.

30 December 2022

• Deadline for submitting an electronic tax return if you want HMRC to collect the tax due through your PAYE code.

Questions?

If you have any questions about any of these, you know where to find us. If you prefer, just give me a ring on 07770 738770 or email me at alan.long@thelongpartnership.co.uk.