All persons generating income in the UK must know about the dates of the tax year. These are employees, self employed persons, landlords, investors as well as pensioners. The tax year is also an aspect that the businesses must observe during the preparation of the payroll and the financial statements. These dates are used to determine the time of income appraisal and time to pay or file the tax returns. Knowing about a deadline like 31 January when self-assessment needs to be submitted is important in helping to avoid the charges and penalties. Being familiar with the tax year would make an individual financially orderly, and in compliance.
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