April 6th marks the start of a brand-new tax year, running through to April 5th the following year. So what does that actually mean for you?
Unlike the calendar year, the UK tax year runs from April 6th to April 5th. Everything you earn and spend in that window belongs to one tax year — so it's the perfect moment for a clean slate.
Once April 5th passes, the previous tax year has ended. If you're registered as self-employed, HMRC will ask you to submit your tax return covering your income and expenses from April 6th through to April 5th.
Paper return: 31st October. Online return: 31st January. The 31st January is also the deadline to pay anything you owe, whichever way you file.
1. It's fresh. Everything you'll declare is still clear in your mind, so you're far less likely to miss income or expenses.
2. Pay when it suits you. File now and you'll see exactly what your tax and N.I. bills are — then pay any time up to 31st January. That's up to 10 months to plan.
3. Zero stress. Get it done and forget about it for the rest of the year. Jo's took 16 minutes — one of our App users did theirs in 10!
Your income and expenses reset to zero for the fresh tax year. Your personal allowance — the amount you can earn before paying any tax — is £12,570.
Class 4 is the main one for us. You pay 6% on profits between £12,570 and £50,270, then 2% on anything above £50,270. It's worked out automatically through your Self Assessment.
Class 2 is no longer compulsory. If your profits are £7,105 or more, it's treated as paid for free — so your State Pension record keeps building without you handing over a penny. Earning less? You can pay it voluntarily at £3.65 a week to protect your record.
A new tax year is a fresh start. Maybe this year you won't leave your return until the last minute? Read up on this site, then record your income and expenses like a pro from day one — and the rest falls into place.
New graduate? Your first tax year out of college is free on the SansDrama Web App. Email us at hello@sansdrama.com with your graduating year evidence (certificate / I.D.) and we'll send you your registration link.
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