What is tax?
Tax is money that the government collects from individuals and businesses to fund public services, like healthcare, education, and infrastructure. If you live in the UK and you earn money or make a profit, you’ll likely need to pay tax on it. The amount of tax you pay depends on your income, gains, and other factors.
When is the tax year?
In the UK, the tax year is a 1-year period that runs from 6 April to 5 April of the following year. For example, the 2024/25 tax year runs from 6 April 2024 to 5 April 2025. The income and gains you receive during these dates are used to calculate your tax liability. Each tax year has its own tax rates and thresholds, which are applied when calculating how much tax you owe.
