The UK 2021/22 tax year is upon us and small businesses need to be aware of upcoming important tax dates. No need to panic, at FastPay we want to help get you up to speed – giving you one less thing to worry about following a testing 2020/21 tax year in the UK.

Remember these important tax year dates

  • 5 April: Deadline for claiming your PAYE tax refund for the 2016/2017 tax year
  • 6 April: New 2021/22 tax year commences.
  • 6 April: Time to gather detailed documents for your 20/21 tax return and if you’re self employed or have income from property in the years ended 5 April 2021.

When is the new tax tax in 2021?

The new tax year for 2021/22 began on the 6th of April, meaning there are key dates you need to look out for with regards to your business in order to stay in the “good books” at HMRC.

Get set for the following upcoming tax year dates…

Key Tax Year Dates For Small Businesses

May 2021

  • 31 May: Final date to issue employees with their P60 for 2020/21

July 2021

  • 4 July: Issue copies of 2020/21 P11D documents to employee’s deadline.
  • 6 July: Deadline to submit P11D’s to any applicable employees, as well as filing P11D(b) deadline.
  • 22 July: Paying Class 1A NIC (applicable on benefits paid to employees) deadline.
  • 31 July: Deadline for second payment on account for tax year ending 5 April 2021.

October 2021

  • 5 October: Self-employment registration deadline with HMRC. Issue a CWF1 form for self-employment
  • Deadline to register with HMRC if started receiving money from property. You should submit SA1 for non-self-employed income to HMRC.
  • 31 October: Submission deadline for paper tax year end 2021/22 self-assessment returns.

December 2021

  • 30 December: Online submission of tax year 2020/21 self-assessment deadline – for HMRC to collect through PAYE tax codes where less than £3,000 is owed.

January 2021

  • 31 January: Online self-assessment tax returns deadline for 2020/21 tax year.
  • 31 January: Deadline for paying tax bill for tax year ending 5 April 2020/21

April 2022

  • 5 April: End of tax year 2021/22

What is Self-Assessment?

Her Majesty’s Revenue and Customs (HMRC) use the Self-Assessment scheme to gather income tax.

Wages, insurance, and investments are typically taxed automatically. Other sources of income must be reported on a tax return for individuals and companies.

How Much Money Can a Small Business Make Before Paying Taxes in the UK?

Companies that earn between £12,501 and £50,000 have to pay a basic income tax rate of 20%.

A sole trader doesn’t have to pay tax if they earn less than £12,500 a year.

Manage your Direct Debits with FastPay

Are you looking for one less thing to worry about? Allow FastPay to provide your small business with a customised Direct Debit Solution. We make your cashflow needs our priority.

Our specialist advisors help businesses across the UK to do just this. What’s more, we can get you set up and collecting via Direct Debit in as little as 24 hours.

Call 01617375290 to speak with a member of the FastPay team.

Alternatively, you can request more information about our services or get a quote by completing our quick contact form.

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