The Office for Tax Simplification (OTS) has launched a review to consider moving the end of the tax year from 5 April to 31 March.
This potential move should be “welcomed given the confusion the current system presents to taxpayers,” urged Julia Rosenbloom, a tax partner at accountancy firm Smith & Williamson.
31 March was chosen as an alternative date as it is both the end of a calendar quarter and the nearest month end date to the end of the current tax year.
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