The short version: The fiscal year (or tax year) in the UK runs from 6th April to 5th April the following year. It’s the period HMRC uses to calculate what you owe.
Why those dates?
Historical reasons going back centuries. The important thing is knowing that when someone says “the 2024/25 tax year”, they mean 6th April 2024 to 5th April 2025.
How does it affect your tax?
Your tax bill is based on what you earn during each tax year. But confusingly, you don’t pay that bill until the following January. So earnings from the 2024/25 tax year are due by 31st January 2026.
This catches people out. You might have a great year of self employment income, spend freely, then get a shock when the tax bill arrives months later.
Is it the same as the financial year?
No. The UK financial year runs 1st April to 31st March. That’s what the government uses for its own budgeting. Companies can also choose their own accounting year end, which might be different again.
For personal tax purposes, it’s the fiscal year (6th April to 5th April) that matters.
Confused about which tax year your income falls into? Ask us and we’ll help you get it straight.
