Key UK taxation dates 

Those all-important birthdays, anniversaries, back to school dates, big sports matches or theatre trips are all safely in your diary, right? Well, there are some other important dates you may wish to add to your calendar or diary so they don’t whizz by. To make sure you don’t miss these key UK taxation dates, keep reading.

Key UK taxation dates for 2022-23:

July 31st 2022:

The second payment on account for the 2021-2022 tax year will be due. Payments on account are advance tax payments made twice a year by self-employed self-assessment taxpayers. They are in place to spread the cost of the year’s tax and are calculated based on your previous year’s tax bill, amounting to roughly half of the previous year’s tax bill.

October 5th 2022:

Register for self-assessment deadline. You must register by this date to submit for the 2021-22 tax year.

October 31st 2022:

The deadline for submitting a paper tax return for 2021-22.

January 31st 2023:

The deadline for filing your 2021-22 tax return online.

February 1st 2023:

If you miss the January deadline, you will incur 2.7 per cent interest on what you owe.

February 21st 2023:

Interest on what you owe rises to three per cent.

February 28th 2023:

If you submit your return after midnight, you will incur a £100 late fine. You will have to pay progressively more after this date, and will also be charged interest on these payments.

April 5th 2023:

Final day of 2022-23 tax year.

A History lesson…

Wondering why the UK tax year always ends on April 5th? Well, it can be traced back to 1752, when Britain introduced the Gregorian calendar which is still in operation today.

Under the old Julian system, the tax year began on New Year’s Day, which fell on March 25th in the Gregorian calendar. To ensure it did not lose any revenue, the Treasury decided to keep the 1752-53 tax year at 365 days, rather than readjusting it so that the tax year lined up with the calendar year. This meant the 1752-53 tax year ended on April 4th with the new tax year starting on April 5th.

Dates moved by a day in 1800 as it was not a leap year in the Gregorian calendar but would have been under the Julian system. The 1800-01 tax year ran from April 6th to April 5th, and it has remained on that schedule for more than two centuries since. That’s you primed for the next pub quiz!

Whatever the size of your business and whichever sector you operate in, SW&A’s friendly and experienced team can help guide you on your tax journey. They will ensure that you meet all HMRC deadlines without drama or delays.

Want to know more about the taxation system? Check out our ‘Paying too much tax?’ blog and find out more about the ‘tax gap’ by clicking here.

Need to speak to a member of our accounts team? Get in touch by calling 01905 622202 or email us on office@swanda.co.uk

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