Tax calendar

January 2022

Monday 31 Deadline for submitting your 2020/21 self assessment return and paying the balance of your 2020/21 liability, together with the first payment on account for 2021/22

This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 NI, capital gains tax and High Income Child Benefit Charge liabilities.

The balance of any outstanding income tax, Classes 2 and 4 NI, capital gains tax and High Income Child Benefit Charge for the year ended 5th April 2021 is also due for payment by 31st January 2022. Where the payment is made late interest will be charged.

The first payment on account for 2021/22 in respect of income tax and any Class 4 NI or High Income Child Benefit Charge is also due for payment by 31st January 2022.

If we have already dealt with your self assessment return on your behalf you need take no action.

Please note that HMRC is waiving late filing and late payment penalties due to the pressure caused by COVID-19. The deadline to file and pay remains 31st January 2022. The penalty waivers mean that:

• anyone who cannot file their return by the 31st January 2022 will not receive a late filing penalty if they file online by 28th February 2022; and
• anyone who cannot pay their self assessment tax by the 31st January 2022 will not receive a late payment penalty if they pay their tax in full, or set up a Time to Pay arrangement, by 1st April 2022. However, interest is payable from 1st February 2022.

February 2022

Wednesday 2 Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5th January 2022

This deadline is relevant to employers who provide any employees with the use of a car. The form P46 (car) only needs to be completed where a car is first provided or an additional car is provided, or an employee ceases to have the use of a car without replacement. The completion of the form enables HMRC to amend the individual’s coding notice to reflect the change in benefit. This notification may be made by completing and printing off the relevant by paper or online forms. Where one car is merely replaced with another, this may be notified online. A change in car for car benefits which are being 'payrolled' should not be reported on a P46(car).

Saturday 19 PAYE, Student loan and CIS deductions are due for the month to 5th February 2022

This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of cleared payment is 22nd February 2022. In year interest will be charged if payment is made late. Penalties also apply.

March 2022

Tuesday 1 Advisory Fuel Rates

New Advisory Fuel Rates (AFR) for company car users apply from today. The rates can be found by visiting https://www.gov.uk/government/publications/advisory-fuel-rates

Thursday 3 5% late payment penalty on any 2020/21 outstanding tax which was due on 31st January 2022 and still remains unpaid

This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 NI, capital gains tax or High Income Child Benefit Charge liabilities.

The balance of any outstanding income tax, Classes 2 and 4 National Insurance, capital gains tax and High Income Child Benefit Charge for the year ended 5th April 2021was due for payment by 31st January 2022. Where the payment is made late interest will be charged. On 3 March 2022a late payment penalty of 5% will be added to the outstanding liability.

If we have already dealt with this matter on your behalf you need take no action.

Saturday 19 PAYE, Student loan and CIS deductions are due for the month to 5th March 2022

This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of cleared payment is 22nd March 2022. In year interest will be charged if payment is made late. Penalties also apply.

Thursday 31 Last minute planning for tax year 2021/22

The final deadline of 5th April 2022is relevant to individuals who have not considered year end tax planning issues. These issues include:

• utilising your annual capital gains tax exemption
• utilising your annual inheritance tax exemption for gifts
• utilising your annual Individual Savings Account investment limit (ISA)
• making additional pension contributions for 2021/22.

Please do get in touch if you would like any further advice on these or any other issues.