Is There Any Advantage To Me Leaving My Current Employment Before The 5Th Of April

RATTER15 | 12:02 Thu 02nd Apr 2020 | Business & Finance

8 Answers

I am leaving my current employment to become self employed on the 6th of April, I was just thinking that if I leave on the 4th, before the end of the financial year I may be due to a tax rebate?
Or is that only applicable if I become unemployed?

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fiction-factory

If you leave a day before the end of the tax year I doubt it'll make more than a pound or two difference

Zacs-Master

If you leave on 6th April it will still be before the end of the financial year (?).

If you haven’t already done so, I’d recommend setting up your Government Gateway account where you can see tax owing/owed as well as shortfalls is NI contributions etc. Oh, and a good accountant!
https://www.gov.uk/log-in-register-hmrc-online-services

RATTER15

Question Author

Thank FF, I was thinking that if I leave after that date and into the new tax year I wont be entitled to anything as it only applies to the current tax year. I may be totally wrong here and entitled to nothing, im just checking.

RATTER15

Question Author

Thanks Zacs, all that is done and its all set up.

Zacs-Master

Good man. And good luck!!!

RATTER15

Question Author

Tax year ends on April 5th

Zacs-Master

Apologies, of course it does. It’s a while since I’ve been a sole trader.