Tax Year

The US Internal Revenue Service defines a tax year as “an annual accounting period for keeping records and reporting income and expenses”. The UK’s HMRC says: “the tax year lasts for a period of 12 months and needs to be used when dealing with your tax affairs for both employed and self-employed income tax payers”. The UK tax year starts on the 6th April each year and ends on the 5th April the following year.

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