Tax Time – 2022
DECEMBER 2021
It’s that time of year when we write to our personal tax clients yet to send the information that we will need to prepare and complete their Self Assessment Return for the year ended 5 April 2021.
We have questionnaires available to help you set out the information for your return, which needs to be filed with HM Revenue and Customs (HMRC) by 31 January 2022.
We would always recommend that every effort is made to file your Return in good time and at as early a date as possible since this will enable us to consider if a reduction in any advance payment due on 31 July is possible; advise you about and reclaim any tax refund due for last year or give you early notice about any tax payments you will be required to make on 31 January and 31 July 2022.
As you are aware, we carry out Return filing online with HMRC which has several advantages over paper filing: firstly it extends the filing deadline from 31 October to 31 January; secondly we get an immediate filing acknowledgement from HMRC and, lastly, a typical processing timescale of 7-14 days and which is most welcome in repayment cases!
For those of you who are in business, whether as a sole trader; a partner in a partnership or a directorship of your own limited company, there is also the accounting process to consider and so, as well as hearing from your tax team member, you will also be hearing from your accounts contact.
Our deadline this year to guarantee completion of your return by the HMRC deadline is Monday 10th January. After that, return information will be processed per client in a date received order. Please get in touch if you would like to discuss timescales or any personal tax queries.
Ian Kelly, Tax Partner