End of financial year 2020-2021

Today is the last day of the UK tax year. It’s also the deadline for using your ISA allowance. After today your tax-free ISA allowance for 2021/22 is gone.

If you must fill out a tax return, HRMC should send you a notification.

The deadline for filing your 2021/22 tax return online will be 31 January 2023, or 31 October if you submit a paper return.

Payments on account are advance tax payments made twice a year by self-employed self-assessment taxpayers to spread the cost of the year’s tax.

They are calculated based on your previous year’s tax bill and amount to roughly half of the last year’s tax bill.

The first payment on account will be due on 31 January 2023, while the second will be due on 31 July.

From tomorrow several changes come into force that we mentioned recently, including a UK-wide 1.25% increase in national insurance contributions.

If you need any help preparing for the new financial year, our team is on hand to support you.