extended tax deadlines

The Extended Tax Deadlines in 2022-2023

Do you know about the Extended Tax Deadlines in 2022 by the government of the UK? Most of you might have an idea about this already. This has a great factor to affect the practices of filing self-assessment tax returns. This extended deadline was great news to people, especially to those who do not like to file tax returns and know they are getting more time allowed from HMRC. The fact is common among people is that not a single individual enjoys the process of filing tax returns. Extended deadlines ways have the power of working like a bonus.

As 2023 is approaching within a period of a few months, this has got people wondering whether the new year will bring the Extended Tax Deadlines once again in 2023. Especially the people who have a due for filing self-assessment tax returns are way more interested in getting their queries about the Extended Tax Deadlines in 2023 answered as swiftly as today. So this guide has got you covered here catering to the frequently asked questions. We will delve into the discussion of the usual tax deadlines, why tax deadlines were extended in 2022, and what are the chances in 2023.


Get in touch with one of our young and clever experts to learn more about the new extended tax deadlines. We will try our best to provide the best possible solutions to your queries.


The Usual Tax Deadline

For beginners who are newly associated with the world of tax, here are a few basics listed about filing self-assessment tax returns and relevant deadlines in the usual practices. Especially focus on the two key factors about the tax deadlines which invades the following:

  • The deadline for self-assessment tax returns is the end of the month of January, which means you have to pay till the last date, which is 31st of the January after the year that you want to pay tax. Let’s take the example of an individual who aims to pay tax for the tax year 2022-23, he will need to do it until 31st January 2024.
  • When you have to register for the self-assessment, the deadline for doing so is in the month of October. 5th October is considered the exact day of the deadline. In the case you have not done the process of self-assessment tax returns before, bring it to HMRC’s knowledge that the income was untaxed before this phase.

Moreover, the extended deadlines for the year 2022 are making people wonder whether this deadline will be considered in 2023 as well.


What was the Need for the Extended Tax Deadlines in 2022?

As this is a popular practice HMRC that it decided to waive the penalties and fines for all the late payers at the beginning of 2022. People got more time for filing tax returns for the tax year 2020-21 without having to struggle with any kind of late filing penalties and hefty fines. This means instead of the last date 31st January, people who are paying self-assessment tax returns did not receive:

  • Any kind of late filing penalties or fines from HMRC if they were able to file through an online medium by the date 28th February.
  • The late filing penalties if they decided to make arrangements to set up the time before the month of April begins. This case was only applicable when the individual had paid the tax in full.

By now you must be wondering why there was a need for the new tax deadlines in the year 2022. HMRC’s main reason to consider this deadline is due to the situation of the COVID pandemic as this had affected the taxpayers so much that made them fail to meet the deadlines and relevant tax obligations. This was the prime reason for HMRC to give people more time and take them out of the deadlines issues and fine troubles.


What are the Chances of Extended Tax Deadlines in 2023 Again?

As far as the regular practices are observed, there are no chances of this to be reconsidered in 2023 as the situation is totally under control and the pandemic is a gone case. Unless something big really changes in this last phase of the year, HMRC will not likely consider any extended deadlines in 2023.

As per the instructions given on the main website of HMRC that they will only consider the filing of tax returns if that is received until the midnight of 31st January for the tax year 2021-22. Even if you have a source of income that is untaxed between the time of 6th April 2021 to 6th April 2022, you are eligible to file for tax returns and pay before the usual practice of the tax deadlines.


File Tax Returns in 2023 – Who Will Need It?

You should be self-assured about whether you need to file self-assessment tax returns in 2023 or not.  You must have a clear idea of the untaxed income that you have earned from 6th April 2021 to 6th April 2022. There are multiple possibilities to earn untaxed income. Some of the popular sources are listed below:

  • A claim for the relief of pension tax.
  • You have earned a profitable amount after you have sold out an asset.
  • You have capital gains from the source of different investments.
  • You are playing the role of a landlord.
  • You earn from a sided gig while maintaining your full-time job.
  • The amount of your earnings exceeds the limit of £100,000.
  • You are a self-employed individual.


The Bottom Line

Now that you have gathered a fair amount of information about the new extended tax deadlines, we can say that the extended tax deadline sounds like a factor of joy for the taxpayers, however, the chances of reconsidering the extended tax deadline are low in 2023. So you should prepare accordingly.


Are you stuck with the tax implications of your business and looking for professional help to get through it? Give us a call on 02034411258 or request a callback


Disclaimer: The information about the new extended tax deadlines provided in this blog includes text and graphics in general. This does not intend to disregard any of the professional advice.

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