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Hello, I’m Sara, a Chartered Accountant who transitioned into running an online business. I understand just how daunting and confusing it can be to take the leap into self-employment. The questions, the uncertainties, and the steep learning curve are all challenges I’ve faced myself. Whether you’re in the early stages of planning to go self-employed, just dipping your toes into making money on your own terms, or already fully committed, this blog is dedicated to helping you every step of the way. Through detailed guides, expert tips, and practical advice, I aim to be your go-to resource. From mastering financial management and navigating tax obligations to setting up the foundations of your business, I’m here to provide you with the clarity and confidence you need to thrive in your self-employment journey.
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Whether you’re employed or self-employed, tax dates are important for everyone. So, mark your calendars! Here are the key tax year dates you need to know for filing your tax return:
Tax Year Overview
The tax year runs from 6 April to 5 April each year. For example, the 2020/2021 tax year starts on 6 April 2020 and ends on 5 April 2021.
31 January 2022: Deadline for 2020/2021 Tax Return
The end of January is the deadline for filing your tax return online. Along with this, you’ll need to pay any Income Tax, National Insurance, student loan repayments, and a payment on account towards your 2020/2021 tax bill.
5 April 2022: End of the 2021/2022 Tax Year
This date marks the end of the 2021/2022 tax year. After this, new tax rates and allowances come into effect. For the self-employed, this also signals the end of your financial year for tax purposes.
31 July 2022: 2nd Payment on Account for 2021/2022 Due
This date often catches people by surprise. If you file a tax return, you may need to make a payment towards your 2021/2022 tax bill, which is due on 31 January 2023. You’ll need to make this payment if:
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Your 2020/2021 tax bill was over £1,000.
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Less than 80% of the tax you owe was deducted at source (e.g., through PAYE).
If you’re new to self-employment, remember to budget for your tax bill to ensure you have funds set aside for this payment.
5 October 2022: Deadline to Register as Self-Employed with HMRC
If you haven’t already registered as self-employed with HMRC, you need to do so by 5 October following the end of the tax year in which you began working for yourself. For example, if you started self-employment on 1 January 2022, your registration deadline is 5 October 2022.
31 October 2022: Deadline for Filing Paper Tax Returns
While most taxpayers submit their tax returns online, those who are eligible to file a paper return must do so by the end of October.
30 December 2022: Deadline to File Tax Return to Pay Through PAYE
If you’re both employed and self-employed, you can file your tax return early and opt to pay any tax you owe (up to a maximum of £3,000) through your PAYE tax code.
31 January 2023: Deadline for 2021/2022 Tax Return
Once again, the end of January marks the deadline for filing your tax return online. You’ll also need to pay any Income Tax, National Insurance, student loan repayments, and a payment on account towards your 2021/2022 tax bill.