The UK tax year runs for twelve months beginning on the 6th April each year. You must file a self assessment tax return for the previous tax year by the 31st January following the end of the tax period. If you fail to do this, HM Revenue & Customs (HMRC) will send you a reminder notice about it.
If you want to know what you need to do next year, check out our guide to filing your tax returns.
Why is the end of the UK tax year significant?
The UK tax year runs from April 5th to April 4th of the next year. So, it’s very important to note that the deadline for filing your tax return is 31st March. You’ll want to make sure you’re aware of how much tax you owe, and when you need to file your tax return.
Also, if you work throughout the entire calendar year, you should consider submitting your tax return on 31st March. This way, you won’t miss out on any deductions or credits that might apply to you.
Employed tax year dates
The UK tax year runs from April 5th to April 4th the next year. This means that if you are employed during 2018/19 and paid wages up until April 4th 2019, your employer must withhold enough income tax and national insurance contributions for the whole of the current tax year. However, if you do not receive payment until later in the tax year, it could mean that you are entitled to a refund.
If you are claiming a refund, make sure you file your claim well before the UK tax end dates. These are set out in the table below. You can find out more about how much you can reclaim here.
UK Tax End Dates – 2019/20
April 5th 2019
April 10th 2020
April 15th 2021
April 20th 2022
Self Assessment filing dates
The deadline for submitting a self assessment tax return is 31st Jan every year. But there is another deadline for paying any taxes you owe. If you pay an amount of money in April 2018, you won’t actually have paid it until 31st Dec 2019. You’ll still owe Income Tax until then.
Self employed tax year dates
The self-employed are eligible to file returns under different rules compared to salaried employees. For example, a VAT return must be filed every quarter while the annual filing deadline for salaried employees is July 31st. Self-employed taxpayers are also required to submit a monthly payroll report to the employer. However, there is no requirement to pay corporation tax annually. Instead, it is due once a year on April 30th.
Do you need to check your tax code with HM Revenue & Customs?
A tax refund is money that we receive after paying all our taxes. If you are owed a tax refund, it is yours to keep. However, what is a tax rebate? And how does it work?
What is a Tax Rebate?
The government uses the term ‘rebate’ to describe the difference between the amount of tax you pay and the amount of tax charged on certain goods and services. For example, if you buy a car, you might pay £1,500 in excise duty. This is the tax you pay on the vehicle itself. In addition, there is VAT applied to the price of the car. You could end up paying £2,000 in total – £1,500 for the car plus 20% VAT added onto the cost.
If you get a tax rebate, you will usually get some of the money back. This is because the government calculates the amount of tax you owe based on the value of the goods and services you bought. So, if you paid less than the full amount of tax, you will still get some of the money you paid back.
How Does a Tax Refund Work?
Tax refunds are calculated according to the following formula:
Total tax payable Total tax paid + Amount of rebate claimed
Frequently Asked Questions
How to use your P60 to get a UK Tax Rebate
If you are a sports person, it could be worth considering getting a P60 form. This is because people working in sport receive a rebate on their National Insurance contributions. There are different rules depending on whether you work full-time or part-time, or whether you are self-employed, employed by a club or charity, or employed by a governing body.
The P60 is a document you must complete every month if you earn over £2,500 per annum. You can claim up to £1,100 per annum, which is 50% of your NI contribution. If you are a professional athlete, you can claim even more. However, there are some conditions.
You cannot claim if you earn less than £5,000 per annum. Nor can you claim if you earn less if you are a professional athlete. And you cannot claim if you are earning more than £150,000 per annum, unless you are a professional footballer, cricketer, rugby player, tennis player, golfer, equestrian, or boxer.
There are also limits on how much you can claim based on the number of hours worked. For example, if you work 40 hours a week, you can claim £200 per month. But if you work 60 hours a week, you’ll only be able to claim £400 per month.
What are the 2021-22 ISA/SIPP deadlines?
The last day of the 2021/22 tax year is Tuesday, 5 April. This means that you must open or pay into an investment ISA, Self Investing Personal Pension (SIPP), or Plan & Invest account before that date if you want to benefit from the annual allowance and use it during the current tax year.
Below you’ll find our tax-year end opening and payment deadlines. If you’re unsure about what you need to do, please contact us for further advice.
ISA – Opening deadline: Monday 31 January 2020
Payment deadline: Thursday 4 February 2020
SIPP – Opening deadline: Wednesday 30 June 2020
Payment deadline Friday 3 July 2020
Plan & Invest – Opening deadline: Tuesday 27 September 2020
Payment deadline Thursday 28 October 2020