At the close of each tax year another self assessment tax return becomes due for that income period. We have now crossed into April 2025 so, for those who are required to file, income for the period April 2024 to April 2025 needs to be declared via a tax return.
To help estimate what you could owe without having to go through the entire process, each year we produce a quick calculator to allow you to enter a mixture of income types and have the various allowances, rates and thresholds automatically calculated to give you an estimated tax bill amount.
A hastily added change in the Autumn Budget last October meant there was a mid-year change to capital gains taxes. The Chancellor decided to align the CGT rates for residential and non-residential gains, but the change was in effect from October 30th, 2024. For this, rather than complicate the calculator with added inputs for disposal date, please enter the non-residential disposal gains (from October 30th) as residential gains. They will then use the correct rates.
For a general guide to completing your tax return much of last year's tax return guide still applies. You can also read about completing your first tax return.
