What are the tax year dates?
The UK tax year is different to the normal calendar year and is often referred to as the financial year.
The tax year lasts for a period of 12 months and needs to be used when dealing with your tax affairs for both employed and self employed income tax payers.
The UK tax year starts on the 6th April each year and ends on the 5th April the following.
For example: the 2023/2024 tax year runs from the 6 April 2023 and ends on the 5 April 2024.
Why is the UK tax year end important?
Knowing the tax year dates will help you plan your own financial budget and make sure that you meet any tax deadlines. If you miss deadlines you can easily miss out on money that you are owed or incur penalties. For example if you are employed under PAYE you can only claim back overpaid tax for the last four tax years.
Employed tax year dates
If you are entitled to a PAYE tax rebate it’s very important that you make a claim before the UK tax year end. In most cases if you are owed a tax rebate you will miss out if you don’t make a claim within four tax years.
Self Assessment filing dates
The deadlines for submitting a tax return under Self Assessment are different and not to be confused with the end of the tax year. A tax return has to be completed by the 31st January after the end of the tax year if you are submitting it online, or by the 31st October if you file using a paper tax return. If you are issued a tax return from a previous tax year a different timescale applies of 3 months from the date the tax return is issued by HMRC.
Self employed tax year dates
As a self employed person you will need to complete a personal Self Assessment tax return each year. If you don’t complete your tax return on time HMRC will impose late filing penalties which will increase depending on how late the tax return is. Other dates are important for the self employed and are variable for example:
- VAT tax returns every quarter.
- RTI payroll submission if you have employees.
- Corporation tax if you run a limited company.
If you are unsure of what tax year dates are important to your business you should ask your accountant or tax adviser. Just give us a call on 01228 520477/0845 094 0005, or drop us an email, if you would like to discuss your business with our expert accountants.
Good to know
When checking the important tax year dates it’s a great time to consider if you have paid too much income tax. The reasons for overpaying are many, with a combination of factors deciding whether you are entitled to a tax rebate.