When does the new tax year start? 2021/2022 tax dates

Rishi Sunak may have to break income tax promise says expert

When you subscribe we will use the information you provide to send you these newsletters.Sometimes they’ll include recommendations for other related newsletters or services we offer.Our Privacy Notice explains more about how we use your data, and your rights.You can unsubscribe at any time.

Anyone who is self-employed will be able to tell you how long the process of filling out a Self Assessment form can be, but luckily there’s enough warning time to fill it out as every January, the tax return for the previous year is the one which has to be filed.

However, there are a number of key dates you should remember, especially as the tax year starts at a different time to when your assessment is actually due.

When does the new tax year start in 2021?

The term ‘during the tax year’ or ‘following the end of the tax year’ is often thrown about when discussing dates in relation to self-employment.

So what does it actually mean and when does the new tax year start in 2021?

In the UK, a tax year runs from April 6 to the following year’s April 5.

This means that the previous tax year is counted as April 6, 2020, until April 5, 2021.

For this new tax year, known as 2021/2022, the date starts on April 6, 2021.

All this means is that your finances and bank statements, receipts, expenses and so on will need to be split following April 5.

What are other self-assessment key dates to remember?

January 31

January 31 is a date that everyone who has ever completed a tax return will be familiar with, as it’s the deadline day for submitting your forms.

For example, on this January 31, 2021, the tax return for 2019/2020 had to be submitted.

This means that all statements, payments, spending and so on between the dates of April 6, 2019 and April 5, 2020, had to be sorted in the self-assessment form and submitted by January 31st, 2021.

October 5

Another date you should be aware of is October 5.

This is the day you need to register yourself for self-assessment on the HMRC website or over the phone.

Again, you don’t need to stress about this too much, as the deadline to register for a specific tax year will be October following April where that tax year ends.

Using the 2019/2020 tax year once again as an example, you’d need to have registered for self-assessment by October 5, 2020, despite you having potentially been working under the self-employed bracket since 2019.

Key dates for 2020/2021 self-assessment

Below, we’ve included the key dates you’ll need to note if you’re currently self-employed or have been self-employed at some point between the dates of April 6, 2020, and April 5 2021.

April 6, 2020

Your tax year began here

October 5, 2020

Irrelevant to you at this point

January 31, 2021

Also irrelevant to you for this year

October 5, 2021

You’ll need to have told HMRC that you are registering for self-assessment before this date

January 31, 2022

The deadline day for submitting your tax return

Source: Read Full Article