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We contributed a significant number of articles to the Accounting Niche. The post How to reduce company car tax in UK was one that we written not too long ago, and if you are considering whether or not it would be beneficial for you to read it, then you should check out our website. Thanks

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We contributed a significant number of articles to the Accounting Niche. The post "What is Zero Rated VAT Items" was one that we written not too long ago, and if you are considering whether or not it would be beneficial for you to read it, then you should check out our website. Thanks

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What is the Tax Return Deadline in the UK?

If you are self-employed and receive income that is not subject to taxation, such as income from rental properties, it is imperative that you file a self-assessment tax return each year by the applicable date. Should you fail to comply, there may be consequences in store for you. On this page, you will learn about the updated deadline for self-assessment in the UK, as well as the essential dates that you need to know for this tax year. You can also find out what may happen if you miss the deadline. In this guide we will learn about the uk tax year dates and tax deadlines.

When is the deadline for me to send in my tax return?

If you need to do a tax return, the deadline for submitting it for the UK tax year 2021/22 (6th April to 5th April) is midnight on the 31st October 2022 if you're submitting your return on paper, or the 31st January 2023 if you're submitting your return online*. If you need to do a tax return, the deadline for submitting it is midnight on the 31st October 2022. (When you file your tax return, don't forget that you could potentially be able to receive tax relief as well.)

If you receive a letter from HMRC requesting you to submit an online tax return beyond the 31st of October in 2022, this will be the sole occasion on which the deadline for filing tax returns in the UK will be extended. If this is the case, you will have three months from the date on which you were notified to submit your tax return.

The 31st of January 2021 is also the deadline for making payments on your tax bill for the 2021/22 fiscal year. When you make your first payment for the tax year 2020/21, you should settle any tax debt that remains from the previous year, if any.

What are the repercussions if I fail to submit my self-assessment in the UK on time?

If you miss the deadline for submitting your tax return, you risk having one or more of the following penalties applied to you:

If you pay your taxes even one day later than the deadline for self-assessment, you may be subject to a fine of one hundred pounds.

You could be subject to a fine of up to £1,000 if you make your payment more than three months after the deadline for your tax self-assessment.

If you pay your tax bill between six and twelve months late, you may be required to pay an extra £300 on top of the fines that you have already been assessed. In certain circumstances, you may be subject to a penalty equal to five percent of your total tax obligation, which might result in a much higher financial burden.

If your payment is overdue by more than a year, you will be liable to an additional punishment of £300 or 5% of your total tax obligation, in addition to any and all other penalties. In more severe instances, you may be required to pay an additional fine equal to one hundred percent of the tax that was originally due to be paid.

During the coronavirus pandemic, HMRC recognised the increased burden that was being placed on tax agents and business owners and as a result, they reduced the regulations for late submissions. Anyone who misses the UK self-assessment deadline for completing their return or paying any tax that is payable for 2021/22 will, nevertheless, be subject to the penalties that are typically applied in such situations.

#accounting #tax #vat #finance

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The accounting cycle is the process of recording, classifying, and summarizing financial transactions to provide information that is useful for making business decisions. In the UK, the accounting cycle is governed by a set of laws and regulations that all businesses must follow. This guide will provide an overview of the accounting cycle in the UK and the steps that businesses need to take to ensure compliance.

#Accounting Cycle #Accounting #Tax #VAT

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#double entry #double entry bookkeeping #accounting firms in uk #accounting services

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#double entry bookkeeping #double entry #bookkeeping #tax #accounting #accounting firms in uk

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 Tax evasion and tax avoidance are two entirely distinct practises, each of which is characterised by a unique set of characteristics and carries a unique set of repercussions.

#tax avoidance #tax evasion #tax #accounting #accounting services #accountants in london #accounting firms in uk