Make sure to meet tax deadline this month or face £100 penalty

I know what you’re thinking - tax deadline? Not another one! How much do I owe now? But don’t worry, as it’s Spooky Season I wanted to scare you and hopefully it worked as now I have your attention! Let me give you the deets while you compose yourself.

This tax deadline only applies to those who are self-employed and submit paper tax returns only. This tax return will be where you declare your income and Capital Gains for a tax year with the information provided used to calculate how much tax you owe. The deadline to file the 20/21 paper tax return and pay anything owed is 11:59 pm on Sunday, October 31, 2021.

While it may seem like plenty of time, we all know how much the last year has been disrupted and HMRC understands that it may take people longer to gather the information needed. Especially if you were in receipt of SEISS payments to help you through the 2020/21 tax year. Documents needed could include your P60, P45, P11D or P9D. You might also need to provide a summary of any rental income and expenses or statement of earnings from savings and investments.

If you wish to submit a paper form you can download it and print it out from the GOV.UK website here. Self-employed people should use form SA100 for the 2021 tax year.

Once you have calculated what you owe the taxman, you can pay HMRC by bank transfer, cheque or an in-bank slip that HMRC can provide. If you need to spread your payments out overtime you can use a budget payment plan. If you search “time to pay” on GOV.UK you will find more information on how to spread your tax payments over a longer period of time to make it more affordable. However, a form and arrangement must be made between you and HMRC.

What happens if you miss the deadline?

Well it’s no trick-or-treat - if you miss the submission or payment deadline then you will be charged a penalty of £100. Happy Halloween. If it’s more than three months late you can be charged an extra £10 a day up to a maximum of £900.

The good news is, if you plan to submit your tax return online then the deadline is the 31st of January 2022 which gives you substantially more time but may not be suitable for everyone. Either way, it’s always best to get things ready and in order in ample time as much as you can, but it’s been a rough year and we get it! The last thing you need, however, is a fine as the cherry on top.


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Written by Aoibheann Byrne |BrightPay Payroll software



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