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What Are The Important Dates In The UK Tax Year?

tax year dates

Whether you’re a sole trader, part of a partnership or the director of a limited company, there are a few key dates in the UK tax year that you need to be aware of. Understanding these tax year dates will help you to stay on the right side of HMRC and make sure your taxes are paid and accounted for on time.

In this article, we’ll take a closer look at the key dates in the UK tax year, as well as answering some of the most commonly asked questions on this topic.

What are the UK tax year dates?

The UK tax year runs from 6th April – 5th April the following year. This means that your business accounts should be updated to reflect the expenses and revenues earned in this period.

For example, the 2023/4 tax year begins on 6th April 2023 and ends on 5th April 2024.

These dates reflect the UK tax year whether you are a sole trader, part of a partnership or director of a limited company.

However, there are many other dates that you should be aware of within the UK tax year. We’ll take a look at some of the key dates below.

6th April – This date marks the beginning of the tax year in the UK. So, you should begin your accounting for the tax year on this date.

31st July – This is the deadline for making a payment on account for self assessment.

31st October – This is the deadline for filing your self assessment tax return by post.

31st January – This is the deadline for filing your self assessment tax return online and paying any income and National Insurance Contributions that are due.

5th April – This date marks the end of the tax year in the UK. So, you should end your accounting for the tax year on this date.

When is the self assessment tax return deadline?

If you are a sole trader, part of a partnership or director of a limited company then you must complete and submit your annual self-assessment tax return by the 31st January each year. This deadline applies regardless of when you ran your business in the tax year.

Any income tax and National Insurance Contributions that are due will also need to be paid by the 31st January. We’d always recommend submitting your self assessment tax return as early as possible so that you know exactly how much tax you owe and have time to get the payment together before the deadline.

The penalty for not submitting your self-assessment form on time is £100, so it’s important to make sure you file it before the deadline.

What are the 2022-23 tax year dates?

The 2022/23 tax year runs from 6th April 2022 to 5th April 2023. So, your business accounts should be updated to reflect the expenses and revenues earned in this period.

You’ll need to submit your self assessment tax return for this period by 31st January 2024, and any income tax and National Insurance Contributions that are due should be paid by this date as well.

What are the 2023-24 tax year dates?

The 2023/24 tax year begins on the 6th April 2023 and ends on 5th April 2024. This means that your business accounts will need to be kept to reflect your earnings within this time period.

You will then need to submit your self assessment tax return for the 2023/24 tax year by 31st January 2025, and any income tax and National Insurance Contributions that are due should be paid by this date too.

What are the UK VAT dates?

VAT (Value Added Tax) is a tax that is payable when you supply goods or services to customers. If your business has an annual turnover above the VAT threshold- which is currently £85,000- then you may be required to register for and charge VAT.

The key dates for UK VAT are:

1st January – the date when VAT returns and payments are due for previous quarter ending on 31st December.

1st April – the date when VAT returns and payments are due for previous quarter ending on 31st March.

1st July – the date when VAT returns and payments are due for previous quarter ending on 30th June.

1st October – the date when VAT returns and payments are due for previous quarter ending on 30th September.

It is important to note that there may be additional payment deadlines depending on your individual circumstances, so make sure you check with HMRC before submitting any returns or making any payments.

uk tax year

What are the important dates for PAYE?

PAYE (Pay As You Earn) is the system used by employers to deduct tax and National Insurance contributions from their employees’ pay.

The key dates for PAYE are:

6th April – this marks the beginning of each new tax year, so you’ll need to start your accounting from this date.

19th April – this is the deadline for submitting your online PAYE return and making any payments due. This date applies to all UK employers, regardless of their size or sector.

31st May – This is the date when final payments are due on PAYE liabilities.

It’s important to note that these dates may vary depending on your individual circumstances, so it’s always best to check with HMRC if you have any questions.

When is the P60 deadline?

If you are an employer, you must provide each of your employees with a P60 form by the end of May following the end of the tax year. This document includes all relevant information about the employee’s earnings and deductions, so it’s important to ensure that you provide this in a timely manner.

Failure to do so could lead to penalties, so make sure you check with HMRC if you have any questions.

By following these important dates and filing your self-assessment tax return on time, you can ensure that your business complies with all relevant regulations. This will help to protect your business from unnecessary penalties, fines, or other legal issues.

What are the corporation tax dates?

Corporation tax is a tax paid by companies on their profits. The key dates to remember when it comes to corporation tax are:

12th month after your company’s financial year-end – this is the deadline for filing your company’s corporation tax return.

9 months and 1 day after your company’s financial year-end – this is the deadline for making any payments due on your corporation tax liability.

It’s important to note that these dates may vary depending on your individual circumstances, so it’s always best to check with HMRC if you have any questions.

Why is it important to know these dates?

It’s important to know the various UK tax dates in order to keep your business compliant with all relevant regulations. Filing your self-assessment tax return and making any payments due on time can help protect you from fines or other legal issues. Additionally, understanding the key PAYE, VAT and corporation tax dates can help you to plan ahead and ensure that your business is on track with all its financial obligations.

By following these important dates and filing your returns correctly, you can help keep your business compliant and up-to-date. This will ensure that everything runs smoothly, so you can focus on growing your business.

What is a personal allowance?

The personal allowance is an amount of money that you can earn each year before you start to pay income tax. Each year, the Government sets a personal allowance for all UK taxpayers, which changes depending on your age and other factors. This allows individuals to keep more of their hard-earned money in their pocket and helps to offset the cost of living.

For most people, the personal allowance for the 2022/23 tax year is £12,570. This means that most people won’t pay any tax on the first £12,570 of their earnings.

However, if your earnings reach the higher earning cap of £100,000, your personal allowance will then reduce by £1 for every £2 of income over this £100,000 limit, until it reaches zero.

It’s important to keep up-to-date with any changes to the personal allowance each year, as this can have a major impact on your financial situation.

Will tax brackets change in 2023?

The Government sets different tax brackets each year, based on how much you earn. These are used to calculate how much income tax and National Insurance Contributions (NICs) you need to pay annually.

The tax brackets are currently as follows:

  • Personal allowance – up to £12,570 (0% income tax rate)
  • Basic – £12,571 to £50,270 (20% income tax rate)
  • Higher – £50,271 to £150,000 (40% income tax rate)
  • Additional – Above £150,000 (45% income tax rate)

At the moment, there are no plans to change these rates for the 2023/24 financial year. However, it’s important to stay up-to-date with government announcements, as this is subject to change.

By keeping up-to-date with the various tax dates and understanding your personal allowance, you can ensure that you remain compliant with all regulations and ultimately keep more of your hard-earned money in your pocket!

What is marriage tax allowance?

Marriage tax allowance is an optional scheme that allows some couples to transfer part of their personal allowance from one spouse to the other. This means that if one partner doesn’t use all of their personal allowance, the unused amount can be transferred to their partner. This means that the earning partner will have a higher personal allowance, enabling them to pay less tax on their earnings.

This scheme is only available for couples who are married or in a civil partnership, and it’s only available for those earning less than £12,570 a year. It’s also important to note that the partner receiving the allowance must be earning between £12,571 and £50,270 a year in order to benefit from this tax break.

Who needs to file a tax return?

If you earn money outside of employment, you will need to file a tax return. This could be through self-employment, as a landlord or from other sources of income such as investments.

HMRC will also send self-assessment tax returns to those who are required to file a return, such as company directors and higher rate taxpayers.

It’s important to remember that you must submit your tax return online before the deadline or you could face fines and penalties. The deadlines for filing your tax return for the 2022/23 financial year are as follows:

31 October 2023 – Paper submission deadline

31 January 2024 – Online submission deadline

If you’re in any doubt, it’s important to speak to a qualified accountant who can help you understand what needs to be done and when. This will ensure that you remain compliant with all regulations and avoid costly fines.

Final thoughts

The UK tax year runs from 6 April to 5 April of the following year and there are several key dates to remember throughout the year. It’s important to be aware of the various tax deadlines, as well as understanding your personal allowance, so you can make sure you stay compliant with all relevant regulations. By knowing these dates and understanding how taxes work, you will be better able to safeguard your finances and ensure that you’re making the most of your money.

Hopefully, this article has helped to clarify any questions you may have about the UK tax year and the various tax dates. If you’d like further advice on taxes or other financial matters, please don’t hesitate to get in contact with a qualified accountant. They will be able to answer any questions you may have about the UK tax year dates and provide advice tailored to your individual circumstances.

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