Taxation – general
1. When does the tax year start and finish in the UK and what are the tax payment dates/deadlines?
The tax year runs from 6 April to the following 5 April.
Tax returns must generally be submitted by the following date after the end of the tax year:
- 31 October (for paper tax returns).
- 31 January (for online tax returns).
There are penalties for late returns.
For employees, tax is deducted at source from their salary. Any additional tax liability (for example, on investment income) is generally payable by 31 January after the end of the tax year. Interest accrues if payment is late and penalties can also apply.
Self-employed taxpayers pay tax in instalments. The first instalment (50% of the previous tax year's liability) is due on 31 January in the relevant tax year. The second instalment (the second 50% of the previous tax year's liability) is due on 31 July after the end of the tax year. On the following 31 January a final adjustment is made, based on the actual income for the relevant tax year. This can result in a refund or an additional tax payment.