The 2021/22 tax year ended on 5th April 2022, tax returns for that year can now be submitted.
It is highly recommended that returns are completed as early as possible in the year, that way nasty surprises are avoided. By leaving things later in the year, there is less time before the tax due for the year has to be paid on 31st January 2023. When the return is completed, you will know your tax liabilities through to July 2023.
Completing the return early has no disadvantages – if the 31st July 2022 payment on account can be reduced then it will avoid having to pay too much and then offset this later. Also, should the tax due have increased from 2020/21 then the 31st July 2022 payment on account won’t increase above the level set last year.
Many people struggle each year to find the tax return form itself – its official name is a SA100 form and can be downloaded from this link:
Tax return for Self Assessment – GOV.UK (www.gov.uk)
Should you require any assistance with your tax return, please do make contact – there is no charge for an initial short consultation online.