Working out when all of your tax submissions are due can be a daunting task. Generally speaking most UK tax returns for self employment purposes are due on the 31st January following the end of the tax year. So a tax year that ends on 5th April 2023 will be due on 31st January 2024. As such, when you’re self employed you need to have a handle on 3 different tax years at any one time:
- Current Tax Return Year (2022-2023)
- Current Tax Year (2023-2024)
- Next Tax Year (2024-2025)
Current Tax Return Year in the UK
The current tax return year for self assessment purposes runs from 6th April 2022 to 5th April 2023. Your tax return and any outstanding tax payments are due by the deadline of 31st January 2024.
Current Tax Year in the UK
The current tax year in the UK is the tax year that you’re in at the moment i.e. 6th April 2023 to 5th April 2024. The tax return for the current tax year won’t be due until 31st January 2025 but you always need to know how much tax you might have to pay.
Next Tax Year in the UK
Although the tax return for the next tax year won’t be due until 2026 it starts much sooner than that – on 6th April 2024. It’s useful to have a handle on tax rates and thresholds for the following tax year as it can sometimes have quite a major impact on your business. This all gets announced in the budget – something that will become immediately relevant to you as a self employed person!
Historic UK Tax Rates for Small Businesses
2023/24 Tax Rates for Self Employed in the UK
2022/23 Tax Rates for Self Employed in the UK
2021/22 Tax Rates for Self Employed in the UK
2020/21 Tax Rates for Self Employed in the UK
2019/20 Tax Rates for Self Employed in the UK
2018/19 Tax Rates for Self Employed in the UK