In the UK, the tax year starts anew every April, unlike many other countries where it begins on January 1 or New Year’s Day.
The rules are dictated by the Government-run HM Revenue and Customs (HMRC) to help it calculate how income tax is collected.
When does the new tax year 2018/19 start and end?
The UK tax year runs from April 6 until April 5.
This has been observed for around 150 years, since Britain began using the Gregorian calendar system of accounting.
How does the tax year affect me?
If you are an employee at a company whether it big or small, then you do not need to worry about the financial deadline.
This is because tax is automatically taken off people’s wages, as shown on payslips.
What about self-employed people?
Self-employed people need to fill out their own tax returns and so need to keep an eye on their incomings and outgoings for record purposes.
Anyone who needs to file a tax return for will soon receive a letter from HMRC to get their records ready for the year that has just passed.
But do not worry as the deadlines are not just yet.
People must register first with HMRC, submitting a paper tax return by October 31, 2018 or online by January 31, 2019.
Tax returns for 2017/18 should have already been filed otherwise individuals risk receiving a fine.
The second payment for the 2016/17 year is due by July 21.
To find out full information, visit the Government’s income tax section on its website.