The tax year end of 2022/2023 has now ended.
Understanding What ‘The Tax Year’ Means
It is important to understand what the tax year end means. In the UK, the tax year runs from 6th April to 5th April the following year.
This means that any income earned or expenses incurred within this period must be reported to HM Revenue and Customs (HMRC) by the appropriate deadline.
For individuals, the deadline for submitting a self-assessment tax return is 31st January following the tax year end. However, there are several important deadlines leading up to this date that individuals need to be aware of.
Important deadlines to be aware of
The deadline for registering for self-assessment is 5th October following the end of the tax year. If you have not previously submitted a tax return, or if your circumstances have changed, you must register with HMRC by this date.
If you are self-employed or have income from rental properties, you will need to make payments on account towards your tax bill. Payments on account are usually due in January and July and are based on your estimated tax bill for the year. Ensure your payments are accurate, by keeping track of your income and expenses throughout the year.
If you have income from investments, such as dividends or capital gains, you will also need to report this to HMRC.
The deadline for reporting this income and paying any tax due is 31st January following the end of the tax year.
As the personal tax year end of 2022/2023 approaches, individuals should start thinking bout their tax obligations. This may include registering for self-assessment, making payments on account, and reporting income from investments.
Avoid penalties, by staying on top of deadlines and keeping accurate records of income and expenses.