End of the 2017/18 tax year, what does this mean?
Today (6th April 2018) marks the start of the new tax year for 2018/19 and the end of the previous financial year 2017/18.
The end of one tax year and the start of another also means certain changes to the tax system and allowances. To keep updated stay tuned for our next post by subscribing via email to our blog updates here.
What does this mean?
Well, if you are required to submit a self-assessment you are now able to file this for the 2017/18 year. The period for this self-assessment is from 06/04/2017 to 05/04/2017 and the deadline for submissions is 31st January 2019.
So why should I file my self-assessment now?
Filing your self-assessment now has two excellent benefits that many do not know, these are as follows:
- If you are usually due a rebate or refund on your tax return, filing now means your refund from HMRC will be processed much quicker, plus the cash will be available to you rather than sat with HMRC!
- If you are due to pay tax on your tax return, filing now enables you to understand your tax liability, whilst giving you up to the 31st January 2019 to pay your tax bill! That's right, even if you file your self-assessment now, you still get up to 9 months to pay any tax due. What's not to love?
Filing your self-assessment is down to us, get in contact so we can get the ball rolling. With our commitment to helping you file in a timely manner, whilst also keeping you compliant and tax efficient.
If you have any questions then we would love to hear from you, simply comment on this post or message us on social media.