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Tax Year / Calendar year ?

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  • April 2, 2003 at 2:29 pm #19738
    Julian Hobson
    Participant

    What a pile of “Stuff” ?

    Is there a difference between the Tax Year and the Calendar year ?

    The TC Guide in Section 13 refers to the Tax Year as being 366 days (presumably because its a leap year in 2004) but it isn’t (is it) 06/04/03 to 04/04/04 is not 366 days its 364 inclusive so if I’m right all our calculations so far are wrong. That is both proforma 1’s and even more so for 2’s what are we to do.

    Is it a 366 or 364 year ?

    April 2, 2003 at 3:20 pm #866
    Julian Hobson
    Participant

    I think I’ve answered my own Q in that the Tax Year always runs 06 to 05 april inclusive which means in 2004 (does it not) that 2004’s TC will run effective 06/04/04 (a tuesday) affecting hb and ctb from 12/04/04?

    oh joy !

    April 2, 2003 at 3:24 pm #867
    Mark
    Participant

    Julian – stop panicking! The Tax year runs from 6th April 03 to 5th April 04 and this is 366 days.

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