If you need to file a self-assessment tax return for 2021\/22, you must do this online by 31 January 2023 if you want to avoid a late filing penalty. However, if you received your notice to file a tax return after 31 October 2022, a later deadline applies; you must file the return within three months of the date of the notice to file.<\/p>\n
You must also pay any remaining tax that you owe for 2021\/22 by 31 January 2023. If you are self-employed, this is also the deadline for paying Class 2 and Class 4 National Insurance for 2021\/22. Where your tax and Class 4 National Insurance liability for 2021\/22 is at least \u00a31,000, you must also make your first payment on account for 2021\/22 by the same date, unless at least 80% of your tax liability for the year is collected at source, for example, under PAYE.<\/p>\n
The need to pay any remaining tax and National Insurance for 2021\/22 plus the first payment on account for 2022\/23 by 31 January may present something of a financial challenge, particularly given the cost of living crisis. However, if you have a source of income that is taxed under PAYE, there is a way to spread the cost without the need to agree to a Time to Pay arrangement —\u00a0 by opting to pay your self-assessment bill through PAYE. However, there are certain eligibility conditions to be met, and you must also file your 2021\/22 tax return online by the earlier date of 30 December 2022.<\/p>\n
Am I eligible?<\/strong><\/p>\n You can pay your self-assessment tax bill for 2021\/22 through PAYE if:<\/p>\n However, you will not be able to choose this route if:<\/p>\n If you owe more than \u00a33,000, you cannot use this option \u2013 it is not possible for \u00a33,000 to be collected under PAYE and the balance to be paid by 31 January. However, if you are struggling to pay, you could consider setting up a Time to Pay arrangement to spread the cost.<\/p>\n Where you elect to pay your 2021\/22 self-assessment tax bill through PAYE, your 2023\/24 tax code will be adjusted to collect the tax throughout the 2023\/24 tax year. This effectively allows you to spread the cost over 12 months and pay in interest-free instalments. In a climate of rising interest rates, this is an attractive option (although on the downside, it will reduce your take-home pay each month).<\/p>","protected":false},"excerpt":{"rendered":" If you need to file a self-assessment tax return for 2021\/22, you must do this online by 31 January 2023 if you want to avoid a late filing penalty. However, if you received your notice to file a tax return after 31 October 2022, a later deadline applies; you must file the return within three…<\/p>","protected":false},"author":1,"featured_media":221224,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-219938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-3","description-off"],"yoast_head":"\n\n
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