2021 was a roller coaster year for all financial and business matters. The unforgiving second wave of the viral infection, the struggling companies and the coping laws; everything seemed to experience a shift to adjust well with the situation. Nevertheless, it’s a new year and a new beginning. Having optimism in thoughts and focusing on actions shall pave the way for better days.
Dates and taxes always go hand in hand. Being your income tax service provider, we take you through all important tax dates in the new year and everything that comes along!
31 January 2022
For the financial year 2020/21, all income tax paying self-assessment returns in electronic or manual form should be filed by the end of this date. This date is a threshold for filing self-assessment for the previous financial year. All due self-assessed income tax, capital gains for the year 2020/21, class 4 NIC must be paid for the financial year 2020/21. The original threshold date was 31 July 2021, but the government announced an extension till 31 January 2022.
1 February 2022
All the individual taxpayers who yet haven’t paid their NI liabilities and remaining tax amount for the financial year 20219/20 till the above-mentioned date would be subjected to an additional penalty of 5% along with another 5% penalty on due amounts for 1 March 2021 and 1 August 2021.
2 February 2022
Submission of Form P46 (Car) is a must in order to report new provided cars.
14 February 2022
For all applications pertaining to suspension of primary class 1 NIC for the year 2021/22.
2 March 2022
All the due taxes for 2020/21 will face a 5% penalty charge if the tax isn’t paid until the given date.
1 April 2022
This is a very important date for VAT payers. The VAT tax rate was reduced to 12.5% for various areas like Hospitality supplies, holiday attractions and others, looking at the situation. On this date, the tax rate would again go up to the initial rate of 20%.
Businesses registered for VAT are required to make an entry for the MTD for timely VAT returns.
30 April 2022
For all due self-assessment returns for 2020/21, the late fine of 10 Euros per day shall start. Filing ATED relief and ATED returns declaration for the year 2022/23 should occur. This is also the threshold date for ATED returns for 2021/22.
These were some important tax dates for the first half of the year 2022. FinBridge is your accounting partner enabling all timely and accurate paying of self-assessment tax returns.
We help you manage your business finances through our expert service. Contact us for all further enquiries!