New Year Celebrations
For all our Personal Tax Specialists, New Year has come at last.
All personal tax returns if filed electronically must be submitted by 31st January. Once the button is pressed, that concludes the Tax Year 2024/25.
Submissions for all personal tax clients for the current tax year of 2025 / 26 must be made by 31st January 2027.
At Nicholsons, we celebrated New Year with an update training workshop and pies all round!! We know how to let our hair down!!
Napoleonic Wars
Income tax has become the largest source of government tax revenue, accounting for over 25% of all taxes collected.
It was first introduced in 1798 by Prime Minister William Pitt the Younger to fund preparations for the Napoleonic War. It was abolished in 1802, reintroduced in 1803, abolished again in 1816, one year after defeating Napolean at the Battle of Waterloo, then finally reintroduced in 1838.
It has been in force ever since.
31st January
It is fitting that personal tax returns must be submitted by the 31st January, the month named after Janus, the Roman God of beginnings, transitions, time, doorways and endings.
He is nearly always depicted as having a double-sided head with two faces, one looking backwards and one forwards. In ancient Rome, Janus presided over the beginning and ending of conflicts, hence being known as the God of War and Peace.
Any personal tax specialist knows that, as one tax year closes, another continues. The only certainty in life is death and taxes. Janus had a hand in both.
Year of the Horse
As we pass the New Year for Personal Tax submissions, we approach another significant milestone in New Year celebrations. The Chinese Lunar New Year – Tuesday 17th February 2026. The Year of the Horse.
This coming year is a special and quite rare event in the lunar calendar. It will be a Fire Horse Year, the first since 1966. A good omen for England in the coming World Cup?
The Fire Horse represents courage, bravery, momentum and confidence. Astrologers predict it will be a year of change and upheaval, possibly followed by a period of renewal and rebuilding.
Whatever the predictions, a New Year is always a good time for reflection, refocusing and preparation for the year yet to come.
Happy new Year – Kung Hei Fat Choy