While the new tax year isn't usually rung in with champagne and fireworks, it's a major milestone for your finances. A raft of changes will take effect today, from how much is in your pay packet to what your heirs can inherit.
As the start of a new tax year, the 6 April is the date most previously announced tax reforms take effect. April is also when prices tend to go up, and when new laws often come into force.
Read on to find out everything you need to know about the 2019-20 year and how it's likely to impact on your finances.
Employees may find a pleasant surprise in their next pay cheque, as their tax bill is set to decrease.
The higher-rate threshold is also rising, up to £50,000, so that you can earn more before the 40% tax rate kicks in.
Below earnings of £8,632, you won't pay any National Insurance at all. Last year, this threshold was £8,424, meaning most people will look forward to a slightly smaller bill.
Between £8,632 and £50,000, you pay National Insurance at 12%. Above £50,000, you pay 2%.
This upper threshold is substantially higher than last year, when it was £46,350. People earning more than this amount might see their bill creep up, as more of their income is taxed at 12% rather than 2%.
In the short-term, this means you may see your monthly earnings fall slightly, with Hargreaves Lansdown estimating the average earner will lose £30 a month.
Pensioners are in for a pay rise from today, with the state pension going by £221 a year.
When you sell assets worth more than £6,000, you may face a capital gains tax bill.
But this year, you'll be able to keep more of your profits. The tax-free allowance is rising from £11,700 to £12,000, and married couples can pool their allowances, potentially giving them up to £24,000 tax-free.
Remember that you don't pay CGT when you sell your car or your main home.
When you leave your home to a direct descendant, such as a child or grandchild, you benefit from an additional tax-free allowance. This will rise in 2019-20 to £150,000, up from £125,000 last year.
This is layered on top of the standard tax-free allowance of £325,000, so you could potentially leave up to £475,000 behind without paying tax.
Married couples and civil partners can inherit from one another tax-free and apply one another's allowances to their estates. So, a couple theoretically could pass on up to £950,000 tax-free.
While not strictly tax-related, April tends to be the time when household bills go up.
You'll be able to earn £6,365 without paying any NI, up from £6,205 last year. And you won't need to start paying Class 4 rates until you earn £8,632, up from £8,424.
However, between £6,365 and £8,632, you'll pay a higher amount - £3 a week instead of £2.95.
And like employed people, you may be caught out by the higher limit for the 9% rate, which has risen from £46,350 to£50,000.
If your business needs to pay VAT (if your turnover tops £85,000) you'll also have to start reporting your tax more regularly. This initiative, known as , will apply to more than 1.4m businesses UK-wide, so check whether you need to register.
Editor's note: a previous version of this article misstated the state pension increase.