I’ve been taking a look at how a small group of game developers in their early twenties launched one of the most lucrative and successful franchises of all time without any market research or focus testing. The pound rose against 48 of the 54 most popular holiday currencies in the 10 weeks since his inauguration, making an Easter break cheaper. Also, among the chancellor’s tax reforms were changes to stamp duty, making it more expensive for many buyers. GTA III would revolutionise the industry once again, removing separate levels from the game and expanding the world into huge, interconnected, 3D cities.

Updates to State Pension & Benefits

Work is ongoing within the government regarding what percentage this could be. Data released by the Bank of England on Monday showed that households deposited an additional £3.6bn into ISAs in February. That includes the individual savings account (ISA) allowance, which allows savers to shelter up to £20,000 a year tax-free, in cash or investments, such as stocks. Ms Reeves said she had also heard concerns from countries that have double taxation conventions with the UK, such as India, that they could be required to pay inheritance tax.

Tax year dates and deadlines for employers (PAYE and payroll)

Working-age benefits will also rise by 1.7%, reflecting changes in the Consumer Price Index (CPI). Understanding these updates is essential for accurate payroll management, tax planning, and ensuring compliance with HMRC regulations. It will also ensure that you don’t miss deadlines and risk financial penalties, and help you to put your attention on running your business without having to worry about filing your tax return. Submitting your tax return early means you can avoid having to compile your accounts in a panic with a deadline looming. This means you can earn up to £1,000 worth of interest before having to pay tax. Additional rate taxpayers – so those with a salary higher than £125,140 – receive no tax break at all.

Effective tax planning involves making the most of available allowances, reliefs, and deductions within the tax year. For businesses, this might include capital allowances, R&D tax credits, and other incentives. For individuals, it could involve utilising personal allowances and reliefs to reduce taxable income. Businesses that are VAT-registered must submit VAT returns, typically on a quarterly basis, aligning with the tax year.

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Investment in AI is expected to improve the targeting of compliance work and help make HMRC staff more productive. At the beginning of the week, we asked Yahoo Finance UK readers if they had maximised their allowances before the tax-year end. We received 316 votes, with 39% of respondents saying that they had, while 52% had not and 9% were unsure. Meanwhile, 7% said that they forget about deadline and then rush to top up their ISA before it’s too late. If nothing changes over the course of the next tax year, then next April you could put in another £20,000, giving you a total of £60,000 in there. This money is then protected going forward, so you could have hundreds of thousands in a cash ISA, and not pay any tax on it whatsoever.

The Treasury said the non-dom reforms are still expected to raise the £33.8 billion of tax revenue forecast by the OBR with the change taken into account. In January, after facing criticism from analysts who claim the additional taxes have prompted an exodus of millionaires, the Chancellor was forced to defend her decision. According to the government, they want to make it so that everyone who is long-term resident in the UK pays their taxes here. If you have a tax-based problem, get in touch with us for some simple, one-off tax advice from our accredited accountants.

What we do as accountants for small businesses

In summary, knowing the tax year end is not only important for meeting obligations and deadlines but also for making informed financial decisions. By understanding the tax year, individuals and businesses can effectively manage their finances, reduce tax liability, and eliminate unnecessary stress during tax season. Tax laws and regulations can change from year to year, so it’s essential to stay updated and informed about any new rules that may affect your tax liability. Failing to consider changes in tax rates, deductions, or credits could lead to erroneous calculations or missed opportunities for savings.

Key Highlights

• Statutory family-related leave, such as maternity and paternity pay, will rise to £187.18 per week, providing slightly higher financial support for eligible employees.
• Failing to register on time can lead to unexpected tax demands and delays in processing returns.
• If you have a tax-based problem, get in touch with us for some simple, one-off tax advice from our accredited accountants.

Tax admin changes to mean up to 300,000 taxpayers will no longer be required to file a tax return. If you need to complete a tax return and have not sent one before, you must tell HMRC by the 5th October after the tax year ends. There are a number of reasons that you might need to submit a Tax Return which mainly arise when you have other income that isn’t taxed through the PAYE system such as salaries and pensions. Examples might be having income from a rental property or being self employed. Once you have your Unique Taxpayer Reference you are ready to look at filing your Tax Return, which we are always happy to help you with. Back then, people used to settle their debts and rents the day before each of these key dates.

Taxes for the 2022 tax year will be filed in the 2023 tax year, regardless of how you define your tax years. When we talk about tax rates, we typically use things like “during the tax year” or “after the end of uk tax year tax year’s finish. A tax year in the United Kingdom runs from April 6 to April 5 of the following year.

Self Assessment Tax Return Deadline Outlined

• You must submit these to Companies House no later than 9 months following your year-end date.
• The last date to finish paying your Self Assessment tax bill is 31st January following the end of the tax year that you owe money for.
• The Capital Gains Tax (CGT) rate for Business Asset Disposal Relief is increasing from 10% to 14% in April 2025.
• Because of this difference, income earned in overlapping periods might be reported in different tax years for US and UK tax purposes, which could potentially affect tax filings and foreign tax credits.
• These were annual payments, so to keep the tax period at 365 days people were given 11 extra days to settle their bill.
• A registered business collects, holds and then pays this tax to HMRC on a (usually) quarterly basis.

By the mid-18th century England was 11 days behind the continent, creating scope for confusion in trade and diplomacy. To catch up it made a one-off excision of a week and a half from September 1752. The tax year in the United Kingdom goes from April to April, unlike in several other nations where the tax year coincides with the calendar year. This is because everyone is to a certain amount of tax-free income each year. The fiscal year is used by corporations to disclose their financial results.

Also known as the fiscal year, this is the period during which any calculations, assessments and financial reporting will be based. Send online invoices as soon as the job’s done and set automatic reminders to get paid faster. Simplify financial year-end with Xero apps – manage your business in one place and start the new financial year strong. Keep payroll simple this financial year by following these steps to meet year-end payroll requirements. The UK’s most important stock index started the day negatively on Friday, falling more than 0.6% in response to Donald Trump’s sweeping trade tariffs. The lower rate of the Soft Drinks Industry Levy is going up from 18p per litre to £1.94 per 10 litres (the equivalent of 19.4p per litre).

One of the key benefits of understanding the tax year end is the opportunity to take advantage of available deductions and allowances. By being aware of the upcoming tax year, individuals can strategically plan their financial activities to maximize tax savings. This could include making additional pension contributions, utilizing tax-efficient investments, or making use of personal allowances to minimize tax liability. As a new tax year approaches, it is important to stay informed about the changes that could impact your finances. Each tax year brings about updates to tax rules, rates, and allowances, which can affect your overall tax liability.

The bank relaxed affordability rates by 0.75%, which refers to stress tests that check if borrowers can afford their loans if interest rates were to rise. Sterling surged 6.3% against the US dollar, and rose 13.2% and 6.6% respectively in holiday hotspots Turkey and Egypt. The car tariff could be problematic because the US is the British car sector’s largest single market by country (18.4% of the total), accounting for £6.4bn worth of car exports in 2023.

If you need to make payments on account towards next year’s Self Assessment tax bill, the second payment is due 31st July. The general rule is that the deadline for claiming depends on the tax year in which the overpayment occurred. A taxpayer needs to claim the refund within 4 years from the end of the tax year in which they overpaid tax. Being aware and prepared of any changes for the new tax year is extremely important for managing your finances and avoiding any unexpected payments. If you are self-employed, freelancing, or have made over £2,500 in untaxed income (including tips). Or have over £2,500 by renting out properties, you will almost certainly be able to file a tax return.

The corporation tax year may align with the accounting period of a company, which is typically the financial year chosen by the business. However, it is crucial for businesses to understand the standard tax year to ensure compliance with HMRC deadlines and reporting requirements. Corporation tax returns must be filed within 12 months of the end of the accounting period, and payment is due nine months and one day after the end of the accounting period.

Make sure you pay taxes owed by the deadline for filing to avoid penalties. VAT registered businesses must make regular Making Tax Digital VAT submissions to HMRC. The VAT payment to HMRC must also have cleared by that date too, so make sure you give yourself enough time! If your business uses the VAT Annual Accounting Scheme you’ll send a submission once a year, but you’ll need to make regular advance payments (either monthly or quarterly) towards your expected VAT bill. To file a tax return, first organise and reconcile your financial records, making sure all your income and expenses are accurate. Sole traders, partnerships, and the self-employed need to submit a Self Assessment tax return through HMRC’s online portal.

“So, countries like India, non-doms from India will not be affected by the inheritance tax changes,” she said. From April 6, the current rules for the taxation of non-UK domiciled individuals will end. The concept of where someone lives as a relevant factor to in the UK tax system will be replaced by a system based on tax residence. If you’d like a little help to keep on top of your accounting, get in touch with us and see what we can do for you. This document shows how much tax they paid on their salary in the previous tax year (6th April 2024 to 5th April 2025).