Taxes. Not many people like to pay them. But it is a regulatory requirement for every individual who earns income to pay tax on it. After all, tax is the price you pay for living in a civilised society.
Every year, self employed individuals – as well as any person earning money outside their job – needs to fill out a Self Assessment (SA) Tax return.
This SA return covers the amount of money you owed over a 12 month period, from 6 April of one year to 5 April of the next. So for the tax year 2017/2018, you need to include all taxable items (monies earnt) between 6 April 2017 and 5 April 2018. For 2018/19, the period covers 6 April 2018 to 5 April 2019.
The due date for a Self Assessment tax return is 31 January following the end of the relevant tax year. Any SA returns submitted after this date will insure late fling penalties.
So for the tax year 2017/2018, you need to complete your SA return by 31 January 2019.
For the tax year 2018/2019, you need to complete your tax return by 31 January 2020.
Tax returns are easy to complete these days and you can do it online at ‘https://www.gov.uk/log-in-file-self-assessment-tax-return‘.
And if you want help filling out your SA return, have a look at my post Easy Step By Step Guide For Completing Your Self Assessment Tax Return Online.