Review to Look at Moving the End of the Tax Year
- June 14, 2021
- Posted by: Hansen_Sweeney
- Categories: News, Tax
The Office of Tax Simplification (OTS) has announced a review of the potential for moving the end of the tax year from its current date of 5 April.
Alternatives to be considered are 31 March and 31 December, and the report will be published this summer. The OTS will conduct a high level review of the benefits, costs, and wider implications of moving the end date of the UK tax year for individuals by 5 days, to 31 March. Most businesses and other countries use 31 December or 31 March as a financial year end date. It will also look at 31 December as a possible alternative. Considerations will include the implications for compliance and practical implications for HMRC. It will also look at international comparisons, including Ireland, which moved its tax year end from 5 April to 31 December in 2002. The final report is due to be published this summer.
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