Tax Period UK - Key Tax Year Dates and Deadlines
The tax system in the UK follows strict timelines, and understanding tax periods is essential for individuals and businesses. Missing deadlines can lead to penalties, interest charges, and cash flow issues. Whether you’re an employee, self-employed, or running a business, knowing your tax period helps you file on time and stay compliant. This guide explains tax periods for income tax, corporation tax, VAT, and PAYE, along with key tax year dates and deadlines to remember. What is a Tax Period in the UK? A tax period is the timeframe set by HMRC for reporting and paying taxes. It determines when income, profits, and business transactions are assessed for taxation. Tax periods vary depending on the type of tax, such as income tax , corporation tax , or VAT . The most common tax period is the standard tax year, running from 6 April to 5 April of the following year. Different tax periods apply to: Individuals (employees, self-employed, and landlords) Bus...