Make sure you understand the key tax and pension dates for the year ahead in order to claim all the support you’re entitled to, and to avoid penalties for late submissions.
With the health system under so much pressure, it is easy to see how doctors and other members of the NHS Pension Scheme could lose track of record keeping and financial administration in the months ahead. But missing some deadlines could be costly for your tax bill or your pension rights. Here are the key dates to keep in mind for 2022.
31 January 2022. This is the final day by which you would usually need to file your self-assessment tax return for the 2020-21 tax year that ended on 5 April 2021. However, HMRC is waiving late filing and late payment penalties for Self Assessment taxpayers for one month – giving them extra time, if they need it, to complete their 2020 to 2021 tax return and pay any tax due.. HMRC recognises the pressure faced this year by Self Assessment taxpayers and their agents. The penalty waivers give taxpayers who need it more time to complete and file their return online and pay the tax due without worrying about receiving a penalty
The deadline to file and pay remains 31 January 2022. The penalty waivers will mean that:
- anyone who cannot file their return by the 31 January deadline will not receive a late filing penalty if they file online by 28 February
- anyone who cannot pay their Self Assessment tax by the 31 January deadline will not receive a late payment penalty if they pay their tax in full, or set up a Time to Pay arrangement, by 1 April
Interest will be payable from 1 February, as usual, so it is still better to pay on time if possible.
11 February 2022: GPs in England who want to make use of the 2019/20 Pension Annual Allowance Charge Compensation Scheme – enabling them to limit their exposure to annual allowance tax charges on pension contributions – must have their application form endorsed by Primary Care Support England (PCSE) before it can be processed by the NHS Business Services Authority (NHSBSA). PCSE’s third window for GP applications opened on 13 December and closes on 11 February.
Importantly, this is the final application window for GPs to get their forms into PCSE for processing ahead of the deadline for applications to the scheme, which is 31 March 2022. If you’re a GP in Wales, you can apply direct to the scheme: follow the instructions on the application form and get it back to the NHSBSA by 31 March.
31 March 2022. This is the Scheme Pays deadline for the 2019-20 tax year (extended because of the Covid-19 crisis). If you want the NHS Pension Scheme to pay your annual allowance tax bill for that year, you must apply by this date in England and Wales.
Note that to apply for the 2019/20 Pension Annual Allowance Charge Compensation Scheme, you need to use Scheme Pays to pay your tax charge. To use Scheme Pays you must make an application using the Scheme Pays election (SPE2) form. If you’ve already submitted a SPE2 form for 2019-20 you will not need to submit a new scheme pays election. Again, this is only applicable to England and Wales.
1 April 2022. This date will also see new rules introduced in the light of the McCloud judgement, the landmark legal case on age discrimination.
On this date, all NHS Pension Scheme members will join the 2015 section of the scheme, irrespective of their age. Those members affected by the judgement will be restored to membership of their legacy schemes by October 2023, with respect to their membership from 1 April 2015 to 31 March 2022. The effect will be to retrospectively change the pension benefits they have built up in each tax year during this period. Note that for members at risk of having to pay annual allowance charges, this could change their liability to the charges for the tax years in question.
1 April 2022. On this date, the Government proposes to introduce a new tiered contribution rate for the NHS Pension Scheme, as well as new rules about how part-time workers’ contributions will be calculated. However, the consultation period on these proposals did not close until 7 January 2022.
5 April 2022. This is the final day of the 2021-22 tax year; the 2022-23 tax year begins on 6 April 2022.
6 July 2022. Employers must send pay and membership data from the previous scheme year to the NHS Pension Scheme administrators.
31 July 2022. This is the deadline to submit Scheme Pays applications for the 2020-21 tax year. Note that unlike with applications for the 2019-20 tax year (see 31 March above), this deadline has not been extended at the time of writing – though that could change.
31 July 2022. For those who need to make payments on account as part of the self-assessment tax system, this is the deadline for your second payment on account for the 2021-22 tax year.
6 October 2022. By this date, those whose benefits have increased in value by more than £40,000 over the 2021-22 tax year should have received their annual allowance statements (pension savings statement), giving them the precise figures. Note that these figures only apply to your NHS Pension Scheme membership – you may have other pension contributions of which to take account. It should be noted that if the NHSBSA do not receive your membership information prior to the 6 July 2022 they have 3 months from receiving this to send a statement.
31 October 2022. Anyone still making paper-based self-assessment tax returns, rather than filing online, needs to get their 2021-22 return in by this date.
Content correct at the time of writing and is intended for general information only and should not be construed as advice.