25.1.2022 | Tax

New year brings new deadlines

From crucial tax returns to lofty savings on electric vehicles. Andrew Diver, Head of Taxation at Beatons Group, looks at some of the key dates in 2022.

With so many important deadlines approaching, it is vital people stay on top of their taxes and accounts.

This is set to be a busy year – even before we begin considering any stand-out policies implemented in Rishi Sunak’s spring and autumn budgets.

Here are a few dates to consider when filling out your calendar this year.

Self-assessment
Self-employed workers and freelancers have already been granted an extra month to submit their self-assessment tax returns online, but the new February 28 deadline is fast approaching.

Those who fail to submit their return on time will face a £100 penalty should they not submit it by March 1, when further penalties are added – eventually reaching the thousands if not complete.

Remember, those filing returns for a partnership, a trust or an estate cannot submit theirs online via the HMRC website. Likewise, those who have lived abroad as a non-resident or need to report multiple chargeable gains should have submitted theirs on paper.

Save on going electric
Elsewhere on the calendar, households will have their last chance to claim grant funding for 75% of the cost of installing electric car chargers at their home.

The government incentive comes to an end on March 31, five days before the end of the 2021/22 financial year.

Last year was a record-breaker for the number of new electric vehicles registered in the UK, so this is a great time to make the switch.

Don’t forget dividends changes
As always, with the end of the year fast approaching, this will be the last time to make pension contributions and dividends to obtain tax relief in the year ended April 5, 2022.

This year’s deadline is particularly important as dividends are set to increase by 1.25% from April 5 onwards.

At Beatons, we understand staying on top of dates can be tricky for some, especially those submitting a self-assessment tax return for the first time.

There are also other dates which, if missed, could see businesses miss out on valuable incentives.

Our friendly team are only a phone call away for any in need of our support for all taxation, accountancy and audit support needs.

For more information on Beatons group, visit beatons.co.uk