Under the UK taxation system, a tax month runs from the 6th day of one month to the 5th day of the following month. This ensures that there are 12 complete tax months in the fiscal year.
The span of time covered by a value added tax (VAT) return, usually encompassing three calendar months. VAT returns must be completed and submitted to HM Revenue and Customs within one month following the end of this tax period.
A taxable year is a period, usually 12 months, during which the tax liability of an individual or entity is calculated. In the case of certain nontaxable entities, it is the period for which tax information is provided.
