Can someone explain how the United Kingdom tax year works? I’ve heard it runs from 6 April to 5 April, but I’m not sure why these dates are used or how it affects income tax and filing deadlines.
The United Kingdom tax year runs from 6 April to 5 April of the following year. Income tax, National Insurance, and capital gains tax are calculated using this period, which differs from the calendar year used by many other countries.
The United Kingdom tax year runs from 6 April to 5 April the following year. Individuals and businesses use this period to calculate income tax, capital gains tax, and national insurance liabilities for HMRC reporting.
The UK tax year or fiscal year for individuals is from April 6th of one year to April 5th of the next. The reason for this strange date, which doesn't match the calendar year, is due to the historical changes to the calendar in the 18th century.
The UK tax year starts on 6th April until 5 th April of the next year. During this time, income tax, national insurance and other forms of personal taxes are calculated.
