What is the Importance of the Tax Year in UK?

The Tax Year is an important element in UK since it dictates when the taxes are to be declared and when tax is to be paid. It has an impact on income tax, capital gains tax and National Insurance and the rest. Earnings of the employees during this period are also reported by the employers. To pay any due tax, to claim a refund or to file tax time frame in right time, people must be aware of the tax year. Penalties are possible when tax deadlines are missed. This is because the maintenance of proper financial records during the tax year keeps individuals and businesses organised allowing them to be in accordance with the laws of tax in the UK.

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