How To Avoid Late Penalties When Filing Your Tax Returns

File your tax return with confidence


With the online self-assessment deadline just around the corner, we’ve got some advice on how you can make sure you file correctly, confidently and on time.

When is the deadline?

The deadline is 31st January 2022, you might feel like that’s still plenty of time but we can guarantee it will creep up on you so it’s best to get organised now.

To help you file correctly and on time it is important to prepare well so that you’re not rushing close to the deadline, this way you can avoid mistakes.

Our Top Tips

Allow enough time on your first online return: If you didn’t send an online return last year, you must allow up to 20 extra working days as you’ll need to register first.

Have the required information in advance: Many often leave it too late to gather everything that is needed. E.g. bank interest certificates, annual rental/investment statements. Requesting these at the last minute can delay the preparation and submission of tax returns.

Inform any change of permanent or residential address and/or residency status if you’re moving back to the UK, or if you are going to spend time abroad

Report a sale or disposal of any assets which have tax implications, you may be able to pay less Capital Gains Tax.

There are also new changes to be aware of when filing your tax return:

Capital Gains Tax reporting

There is often the misconception among non-resident landlords that although HMRC have now extended the ‘report and pay’ deadline to 60 days for property disposals made on or after 27 October 2021, if a loss has been made on a disposal of a UK Property, it does not need to be reported. This is incorrect. For non-resident individuals, regardless of whether there is a Capital Gain or Loss, a Capital Gains Tax return must be submitted. We advise that you speak to your accountant for further detail.

Covid support measures

Self-employed businesses have received financial support such as Covid grants which would impact this tax year. This needs to be reported on your tax return. Whether included within the business profits or rental income, make sure your accountant is aware, so the correct disclosure is made.

You must send a tax return if, in the last tax year (6 April to 5 April), you were:

  • self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on)
  • a partner in a business partnership

Self employed? Check out our ‘3 Frequently asked questions about income tax for the self-employed’

When you cannot file a Self Assessment tax return online you must use commercial software such as Sage or Xero or download other forms available on instead. If you're looking for cloud based accounting software we can recommend and supply you with one that suits your needs.

For more information or to discuss your personal circumstances, get in touch with us today.


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