Dates for your diary

IT'S THE PERFECT TIME TO GET YOUR CALENDAR IN SHAPE FOR THE NEW YEAR. ELLA WALKER LOOKS AT KEY TAX YEAR AND FINANCIAL DATES TO KNOW FOR 2026

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WHILE the end of the calendar year and the end of the tax year do not align, the start of a new 365-day cycle round the sun is still an excellent time to get your head around your finances - and prepare for what the new year will bring.

In recent years, "the tax regime has become far more complex," says Praveen Gupta, UK head of tax at Azets, so it's understandable that people can find things confusing.

"There have been lots of changes, and even in the latest budget, there are changes which are going to take effect in 2026, 2027, and 2029," adds Praveen. Knowing key dates to keep track of means "you've got a better chance of planning for when you might have to pay your tax liabilities".

This is especially the case when your tax position can change without you expecting it to, for instance, as a result of fiscal drag, tax thresholds being frozen and your salary falling into a higher tax band, "which then effectively means that you've got a higher tax liability". Praveen says another thing which can catch people out is "if you sell a residential property in the UK, you need to make a return and pay the tax due on the residential sale of that property within 60 days".