Tax Year Dates, What Are They & Why Are They Important?

The tax year in the UK is the period during which taxpayers must report their income to Her Majesty’s Revenue and Customs (HMRC) and pay taxes on their earnings. In this blog, we will discuss what tax year dates are in the UK, why they are important, and what you need to know to stay compliant.

The UK tax year runs from April 6th to April 5th the following year, also known as the fiscal year. This means that any income earned during this period is subject to tax.

The tax year dates are important for individuals and businesses as they determine the deadlines for submitting tax returns and paying taxes. It is important to note that tax returns must be filed for each tax year, even if there is no tax to pay or if the individual or business has not earned any income.

For individuals, tax year dates are important as they must file their self-assessment tax return by the relevant deadline, which is usually January 31st the following year. This means that for the tax year 2023/24, the deadline for filing a self-assessment tax return is January 31st, 2024. Failing to file the tax return on time can result in penalties and interest charges.

For businesses, the tax year dates are important as they must pay their corporation tax and file their company tax return by the relevant deadline. The deadline for paying corporation tax is usually nine months and one day after the end of the accounting period, while the deadline for filing the company tax return is usually 12 months after the end of the accounting period.

It is important to note that the tax year dates may vary for individuals or businesses with non-standard accounting periods. In such cases, the tax year dates will be determined based on the accounting period.

Individuals and businesses must ensure that they stay compliant with the tax rules, file their tax returns and pay their taxes on time to avoid penalties and interest charges.