[ˈfɪskəl jɪə]
The Fiscal Year runs from 6th April to 5th April the following year. It is used in accounting to calculate the amount of taxed owed to HMRC.
The Fiscal Year, also know as the Tax Year, is the twelve month period that is used for accounting purposes in order to calculate how much tax an individual or business owes. In the United Kingdom, the Fiscal Year runs from 6th April to 5th April of the following year.
After the Fiscal Year ends, everyone is given some time to calculate tax obligations and pay what they owe to HMRC. For example, if paying online, a Self Assessment must be submitted by 31st January the year following the Tax Year that the Self Assessment assesses.
The Fiscal or Tax Year is different from the Financial Year. The Financial Year is the timeline that the UK government uses to assess the financial health of the economy, and implement changes they set out in the Autumn Budget.
There are loads of different tax laws in the United Kingdom. IR35 is very important to freelancers and contractors but can be a little confusing. Here, we explain simply what IR35 is and who it can affect.
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Self-employed individuals can use two different methods to expense business vehicle costs. Here, we investigate the positive and negatives for both methods and which one might be right for you.
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