When does the new tax year start 2024? What to check before the deadline

The tax year is made up of 12 months — but it doesn’t run from January until December. Instead, the tax year begins and ends each April.

While many people won’t need to worry about the tax year ending, it’s an important deadline for some.

Find out below when the tax year ends and if there’s anything you need to do ahead of time.

When does the tax year start 2024?

This tax year ends on April 5, 2024, and the new one will begin today, April 6, 2024.

What do I need to do before the tax year ends?

Self-employed

If you’re self-employed, the end of the tax year is a chance to calculate your self-assessment taxes.

ISA

If you have an Individual Savings Account (ISA), the personal allowance for 2023/24 is £20,000, so you may want to consider how much you can save before the end of the tax year.

Junior ISA

If you choose to open a Junior ISA for your children to access when they turn 18, the personal allowance for 2023/24 is £9,000.

Pension pot

The annual allowance for pension contributions for 2023/24 is around £60,000, though this will depend on personal circumstances.

Capital gains allowance

The capital gains tax allowance for 2023/24 is £6,000, which means that you won’t be taxed on profits below £6,000 when selling things such as property and stocks.