Working out when all of your tax submissions are due can be a daunting tax. 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 2021 will be due on 31st January 2022. 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 (2020-2021)
- Current Tax Year (2021-2022)
- Next Tax Year (2022-2023)
Current Tax Return Year in the UK
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 2021 to 5th April 2022. The tax return for the current tax year won’t be due until 31st January 2023 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 2024 it starts much sooner than that – on 6th April 2022. 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!