WE all know that the tax year runs from 6 April to 5 April. And we also know there are more important issues facing our country at the moment than thinking about changing the dates of our tax year. But, when would be the right time? Or should we leave things as they have been for hundreds of years?
On 1st April I shared an April Fools announcement suggesting that 2019 would be the last time the tax year would end on 5 April. My 'announcement' included some April Fools related acronyms and pointed readers to a page on my website that revealed it was an April Fool. I also added a full explanation there as to the reasons why our tax year runs from 6 April to 5 April.
The responses I received to my 'announcement' surprised me. Lots of people admitted to having been caught out initially and along with many other respondents all suggested I should campaign for the change!
I'm curious as to what AccountingWeb readers think. Please let me know. Would you, in principle, welcome a change in the tax year so that it runs from 1 April to 31 March each year?