HMRC tax deadlines for 2021

HMRC tax deadlines for 2021

With 2021 around the corner, it’s a good idea to keep track of the tax deadlines that could affect you and your business next year.

The tax year runs from 6 April 2021 to 5 April 22. So, the current tax year will end on 5 April 2020.

Self Assessment tax return

A Self Assessment tax return is submitted to HMRC to pay your income tax. There are different deadlines depending on how you submit your Self Assessment tax return.

Self Assessment deadlines for the 2019-2020 tax year

  • Online submission and pay tax: Midnight 31 January 2021

It’s good to know that your National Insurance contribution is counted as part of your Self Assessment tax return.

Deadlines for the 2020-2021 tax year

  • Register: 5 October 2021 (if you started working as such between 6 April 2020 and 5 April 2021)
  • Paper submission: Midnight 31 October 2021
  • Online submission and pay tax: 31 January 2022

Find out more about Self Assessment tax returns

Corporation Tax deadlines

If your business is a limited company, then you will need to pay Corporation Tax.

  • Company Tax Return: 12 months after the accounting period it covers ends
  • Pay Corporation Tax: 9 months and one day after the end of the accounting period

Capital Gains Tax deadline

You pay Capital Gains Tax is when you dispose of an asset that has increased in value.

You need to report Capital Gains by 31 December 2021 for gains you had during the 2020-2021 tax year. You can also report in real time using HMRC’s system.

Find out more about Capital Gains Tax

VAT Return deadline

Businesses that earn over £85,000 will need to pay VAT on goods and services. You can also voluntarily register to pay VAT if your turnover is under this amount.

The deadline for submitting your return online and making your payment is usually 1 calendar month and 7 days after the end of your accounting period.

Making Tax Digital soft landing

As of April 2019, VAT-registered businesses with a turnover of more than £85,000 are required to use the Making Tax Digital (MTD) service to keep records digitally and use accounting software to submit their VAT Returns.

There’s a soft landing period for Making Tax Digital to allow businesses time to start using an MTD compliant software that gives them the right ‘digital link’ with HMRC.

When the soft landing period for Making Tax Digital ends, all businesses required to follow MTD will have to digitally submit for their first VAT Return period starting on or after 1 April 2021.

Find out more about Making Tax Digital

Manage your business finances with Bokio

Choosing the right accounting software can help make managing your finances simple.

With Bokio accounting software, you can do your bookkeeping, invoicing, and manage your finances. We have everything you need to help you prepare for your Self Assessment tax return, submit your VAT Return for Making Tax Digital and keep the right financial records. If you need an extra hand, we can help you find an accountant to work with.

Accounting is kept simple with Bokio, so you have more time to spend running your business.