0124 257 0888 OR +91 98997 41818
info@finconcile.com
1117-1119, 11TH Floor DLF Galleria Tower, DLF Phase IV, Gurgaon 122002, India
We have already bid adieu to 2021 and welcomed 2022, but is it all done and dusted?
Well, some instances from the past are still relevant. The taxes due from the last year are still pending, and all the legal formalities need a perfect closure for the financial year 2021.
The previous financial year started on 6 April 2020 and ended on 5 April 2021. The current financial year is reaching its climax; therefore, an insight into some important dates is crucial.
So, let’s look at the important dates for self-assessment 2021 and all the rules that need a religious follow-up.
Let’s look at the summary of last year’s tax and finance events
On 5 October 2021, all self-employed traders and partnership firms had to register for self-assessment.
During midnight 31 October 2021, the paper tax return was scheduled.
For 31 January 2022, midnight, Online tax return is scheduled.
The tax you owe needs to be paid on 31 January 2022.
HMRC is very clear with the rules, and all taxpayers need to appear for taxes on time.
In case you have made any advance payments, you can have an extended deadline of 31 July 2022.
There is a penalty for appearing late for the taxes. It can be questioned with a valid and justified reason as support.
What if the deadline is different?
In case you haven’t submitted your online return by 30 December, the HMRC might file you with a penalty.
By 31 January 2022, you need to file for a paper tax return if you are a non-resident firm’s trustee or registered pension scheme that cannot be done online.
You might receive an email or in writing concerning another deadline in different cases.
Partnership firms, in case you are a partner
In case your partnership accounting date lies between 1 February to 5 April of your limited partner company, the deadline for the same would be:
If the self-assessment for the financial year 2019-2020 is still due, it would be advisable for you to send that out as soon as possible or else there can be repercussions.
FinConcile is your finance and accounting partner helping you bridge the general and expert management gap. We are a UK-based outsourcer with a team of qualified professionals, including CA’s, CFO’s, accountants, bookkeepers and others, enabling a functional finance structure for your business.