The New Tax Year is almost here!

The current tax year is ending on April 5, while the new tax year of 2022/2023 starts the following day, on April, 6.

Here’s everything you need to know about it!

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What does it means and how does it affect you?

When the tax year ends, you should be notified by HMRC if you are required to fill out a tax return. Also, if you are newly self-employed, you will need to register with HMRC for tax and national insurance (NIC) for this to happen.

Who should file a tax return?

Everyone that, in the last year, was self-employed as a sole trader and earned more than £1,000 (before taking off anything you can claim tax relief on) or were a partner in a business partnership must file a tax return.

You can check if you need to fill out a tax return using this government tool.

If you think you might be due a tax refund, don't forget to use our free tax refund calculators, so you know how much you could get!

What is the deadline to file my tax return?

The deadline for filing your 2021/22 tax return online will be 31 January 2023. But please note that it's always best for you to do it as soon as possible, as you'll get your money back much faster!

Be aware that if you miss this deadline, you will incur 2,7% interest on what you owe from 1 February, rising to 3% from 21 February. If you submit your return after midnight on 28 February, you will incur a £100 late fine.