Hampshire accountancy firm HWB warns of January tax deadline

According to HWB Accountants, based in Chandler’s Ford, returns for the 2021/22 tax year need to be filed by the end of January to avoid the risk of penalties.

While fines for late filing have been waived in the past two years, the firm says HM Revenue and Customs (HMRC) haven’t implied the same leniency will be offered this year.

HWB director Michaela Johns said: “The clock is rapidly counting down so if you are among those required to file a self-assessment tax return, we urge you not to let the deadline slip.

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“HMRC is likely to apply late-filing penalties even in situations where there is no tax to pay.

“Across our client base, our tax team have so far filed returns on behalf of around 70 per cent of those required to self-assess having worked with them to collate all the necessary information.

“Our team will do everything we can to help with last minute demand, but our message is always that the earlier you prepare, the easier and less stressful the filing process is.

“People can also receive any refunds due more quickly if they have put in thier return earlier rather than later. That could be a very welcome boost during the cost-of-living crisis.”

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The accountancy director added that there is a range of tax reliefs available through the self-assessment process including claims for working from home, making pension contributions, donating to charities through higher-rate gift aid and incurring self-employed trading expenses. 

Last year, across the county nearly half of the people required to file a tax return for 2021-2022 were still yet to do so by the start of January.

HMRC said around 5.7m returns out of approximately 12m remained undone by the expected January 31 deadline.