Tax Returns for year ending 05/04/2018
The new Fiscal Year has already begun for HMRC (Happy New Year) and they will be preparing to send out reminders to everyone who must submit a Tax Return also known as an SA100 for the year just gone, year ending 05/04/2018.
Here are a few basic things you should know for the year ahead.
The current tax year is from 6 April 2018 to 5 April 2019
How much Income Tax you pay in each tax year depends on how much of your income is above your Personal Allowance and how much of your income falls within each tax band
Your tax-free Personal Allowance:
The standard Personal Allowance for the current Fiscal Year is £11,850.00 - which is the amount of income you do not have to pay tax on.
Your personal Allowance is less if your income is over £100,000.00.
Current Income Tax rates and bands:
The table below shows the Income Tax rates you pay in each band if you have a standard Personal Allowance of £11,850.00 between 06/04/2018 and 05/04/2019.
Income Tax Bands are different if you live in Scotland