Covid-19 Update: We are continuing to provide our usual services whilst maintaining the safety of clients and colleagues. Read our latest update here.

Complete the form below to ask us a question or make an enquiry. We’ll get back to you via phone or email as soon as possible.

Insights

Moving the tax year boundaries

Posted on 10th June 2021 in Later Life Planning

Posted by

Rachael Morley

Partner & Solicitor
Moving the tax year boundaries

Many of us are aware of the UK’s unique tax year, which for historical reasons runs from 6th April in a given year to the following 5th April.

A recent report published by the Office for Tax Simplification has suggested that the tax year instead moves to synchronise with the calendar year, so from 1st January to 31st December, or else to end on 31st March, in line with a number of other countries. The aim here is to tie in the tax year with many business’s accounting year dates, to make reporting smoother and more efficient.

But of course the upheaval from the changes would be rather great, especially if the move to the calendar year were the chosen option. Taxpayers, employers, businesses, advisors and government bodies would all need to deal with the changes in theory and practice and so the OTS will look at the pros and cons of the move in a fuller report, due in the summer.

And are there any precedents for this? Well, aligning with the introduction of the euro in 2002, Ireland moved from the traditional tax year to a calendar year model – without too much upheaval. Will we be next?

 

How can Tozers help?

For further advice on personal or business tax please contact our expert lawyers in our Later Life Planning team, or Corporate & Commercial team.

Contact our legal experts


 

Paper plane

 

Get the latest news straight from our legal experts.

Subscribe to our newsletter to recieve current, dedicated, suppport and guidance from our solicitors straight to your inbox, wherever you are.

Company & Industry

Related Insights

Insights

HMRC warns of errors in property disposal reporting

Posted on 19th November 2021 in Probate & Wills, Later Life Planning

HMRC have identified potential errors regarding the declaration of residential property disposals for Capital Gains Tax (CGT) purposes when completing self-assessment tax returns for 2019/20.

Posted by

Sue Halfyard

Senior Associate and Chartered Legal Executive
Insights

Deprivation of assets and care funding

Posted on 12th November 2021 in Later Life Planning

Many people find the prospect of paying for care rather daunting, especially as they continue to increase. If you have care needs and are considering putting care in place, or moving into a care home, you may be wondering whether there is any way to avoid paying the fees yourself so that they are met by the local authority. 

Posted by

Emma Ruttley

Solicitor