Dates, dates, dates.
The idea of a tax year is pretty straightforward. It’s only when other factors are introduced it becomes a little confusing.
A standard self-employment tax year runs between the 6th of April to the 5th of April the following year.
Let's see it in action
When do I file my tax return?
Tax you owe for the tax year, April 6 2017 to April 5 2018 must be paid by January 31 2019. So payment is due in the following calendar year and 10 months after the tax year ends. January 31st is the tax return filing and payment deadline. File or pay and later and you’ll have to pay a late filing fee. [Insert crying emoji here]
Whilst you have a cool 10 months to file your tax return, a new tax year has begun. So you’ll need to begin saving to pay for the current tax year.
How does TAXO’D handle it?
We save in one tax year, then pay within the next 10 months of the following tax year. TAXO’D has a simple progress bar in the Control Panel. This reminds you when the filing period opens and a countdown to the deadline. And of course, we’ll also so send you plenty of reminders. No excuses.