What you Need to Know About the New Tax Year

tax year 2018

In the UK, the tax year runs from April 6th until April 5th the following year. If you haven’t done so already, you will need to fill in a tax return. If you haven’t created a return yet, you will be notified by the HMRC that you need to do so. If you are unsure on if you need a tax return, you can check on the government website. In general, you will need to create a tax return if you are self-employed, or if you earn an income part time away from your full-time job.

Who needs to file a Tax Return?

Tax Returns are not just for those who are self-employed. You will need a tax return if you fall under any of the following:

  • Your taxable income is above £100,000
  • You have an income from abroad
  • If you have earned money from selling a second home, shares or other assets
  • You or your partner’s income exceeded £50 000 when claiming Child Benefit
  • Your income from any savings is £10,000 or more before tax

There are other factors that contribute to whether you will need to fill in a self-assessment for the HMRC. If you are still unsure of whether you’re eligible to file a tax return, call the HMRC Helpline, where a member of staff will be able to help you further. If you are in full-time employment and do not earn money outside of your contracted job, any tax you owe will be automatically deducted each month from your pay. You will not have to set this up, as it is automatically put in place by your employer. If you believe you are on the wrong tax code, if you have been paid too little tax, or if you believe that the HMRC owes you money from emergency tax, we suggest calling the HMRC Tax Code Contact Number.

Important Dates for the 2018 Tax Year

  • January 31st – The first payment of the tax year
  • April 5th – This is the end of the previous tax year, and means that if you need to file a return, that you should do so before this date. This might be different if you are newly self-employed, as you may only need to file a return the following April.
  • July 31st – The second payment of the year
  • October 5th – This is when you need to speak to the HMRC about your capital gain and further income aside from your regular income. You also need to register as self-employed by this date.
  • October 31st – You will need to send your paper tax return by this date. Sending your paper tax return after this date might mean that you are charged a penalty fee
  • December 31st – When filing a tax return online, this is the date in which it will need to be submitted.