HM Revenue and Customs ( HMRC ) must receive your tax return and any money you owe by the deadline. The last tax year started on 6 April 2020 and ended on 5 April 2021. There’s usually a second payment deadline of 31 July if you make advance payments towards your bill (known as ‘payments on account’).
Is the tax year the same as the calendar year?
You must figure your taxable income on the basis of a tax year. A “tax year” is an annual accounting period for keeping records and reporting income and expenses. Calendar year – 12 consecutive months beginning January 1 and ending December 31.
When is first day of UK tax year 2018 / 19?
6th April 2018 – First day of the 2018/19 UK tax year The first day of the new UK tax year 2018/19 is when any of the aforementioned changes come into effect, but it can also function as the perfect starting point for better income tax and national insurance practices.
When do I need to submit my tax return 2018 / 19?
You’ll also need to submit your first Payment on Account for the 2018/19 tax year on this date, with the second to follow six months down the line. If you owe any money for the previous tax year, the balancing payment will also be due on this date. There are several ways to complete and submit your Self Assessment tax return.
Why is it important to know tax year 2018 / 19?
The 2018/19 tax year draws to a close, and you’re ready to do it all over again! Keeping a close eye on all the key tax year start dates is extremely important when you’re self-employed. Successful business owners have more money to invest in their companies because they meet all their tax obligations and keep their accounts organised.
Why is it important to know date of UK tax return?
A lot happens during a typical UK tax year. And more often than not, the big dates have a habit of creeping up on you without warning. That’s why it’s crucial to have a list of all the most important tax deadlines on hand.
