UK Tax Dates for 2023/24 and 2024/25: A Complete Guide
In the complex landscape of tax seasons, navigating with finesse is not merely a goal but a necessity for financial success. Below guide explores the key tax dates in UK and the important scenarios each business or a self-employed person must be aware of.
Key Tax Dates in the UK for Self Employed, Freelancers and Businesses
April 5, 2024: End of the 2023/2024 Tax Year
As we approach the end of the tax year, take the time to reflect on your financial performance, ensuring that all transactions are accurately recorded before the fiscal year concludes.
April 6, 2024: Start of the 2024/2025 Tax Year
If your company employs other people each tax year you should ideally choose to payroll benefits provided to employees and directors by registering them online with HMRC before the start of the tax year. The advantage of doing so is that employees pay tax on their benefits real-time.
May 31, 2024: P60 issuance deadline for 2023/24
If your company employs other people, or you are an employee of the company yourself, this is the deadline for issuing the P60 – the document that provides employees with information on the tax that they have paid on their salary.
July 6, 2024
If the benefits were not payrolled by April 6, then employers must report them to HMRC by submitting Form P11D. If the P11Ds are not submitted on time or correctly HMRC can charge penalties and interest where Class 1A NIC on the benefits are paid late.
July 31, 2024: Second Payment on Account for the 2023/2024 Tax Year (If Applicable)
July 31, 2024, holds significance for those with a tax liability exceeding £1,000, as it marks the deadline for the second payment on account for the 2023/2024 tax year. Timely compliance is imperative to avoid interest charges that could impact your cash flow.
October 5, 2024: Deadline for Registering for Self-Assessment
For individuals venturing into self-employment or starting a small business, October 5, 2024, is a critical date. Registering for Self-Assessment by this deadline is essential, as failure to do so may result in penalties. You need to inform HMRC by October 5 if you are required to file a tax return and have not done so previously.
October 31, 2024: Paper Filing Deadline for Self-Assessment Tax Returns (Tax Year Ending April 5, 2023)
Small business owners and freelancers opting for paper filing must submit their tax returns by October 31, 2024, for the tax year ending April 5, 2024. Late submissions can lead to penalties.
November (exact date TBC) – Autumn Statement
The Autumn Statement, often considered a mini-budget, is where the Chancellor gives an update on the Government’s plans for the economy. There is currently no set date, but it is expected to take place in November.
December 30, 2024: Online filing of Self-Assessment tax returns
For the upcoming tax year (2023/24), individuals have until 30th December to file their Self-Assessment tax return online if they opt for HMRC to collect owed taxes directly from wages and pensions. Eligibility for this option varies, requiring individuals to confirm their qualification status. Additionally, specific deadlines tied to individual company circumstances should be considered.
January 31, 2025: Online Filing Deadline for Self-Assessment Tax Returns (Tax Year Ending April 5, 2024)
31st January 2025 – Deadline for online self-assessment tax returns for the 2023/24 tax year and for paying any tax owed for that tax year.
Also first on account payment will be due for tax year 2024/25 (if applicable).
April 5, 2025: End of the 2024/2025 Tax Year
5th April 2025 – The final day of the 2024/25 tax year, closing off the financial year.
Each of these dates carries its own set of responsibilities and implications for both individuals and businesses.
Companies House deadlines
All companies must file an annual confirmation statement and annual accounts even if they’re not trading (dormant companies can file an abbreviated set of accounts known as dormant company accounts).
The due date for each of these is connected to the incorporation date:
Confirmation statement filing deadline: 12 months after the date of incorporation or previous confirmation statement
Annual accounts deadline: A company’s first accounts are due 21 months after the date of incorporation. The following accounts are due 9 months after the end of the company’s financial year.
Corporation Tax and Company Tax Return deadlines
Corporation Tax is the tax that limited companies pay on their profits. The Company Tax Return, which must be delivered to HMRC, is used to calculate how much Corporation Tax you must pay.
Registering for Corporation Tax deadline: Within 3 months of any business activity starting
Paying Corporation Tax bill deadline: 9 months and 1 day after the end of your accounting period for Corporation Tax unless a large company
Filing your Company Tax Return deadline: 12 months after the end of the accounting period for Corporation Tax
VAT deadlines
If a company’s taxable turnover for the previous 12 months exceeds £85,000 (or is expected to exceed this amount in the next 30 days), you must register for VAT. As you would expect, there are deadlines connected to this.
Registering for VAT deadline: Within 30 days of becoming aware that you will surpass the £85,000 VAT threshold in the coming month
Registering for VAT deadline if the threshold was exceeded in the previous 12 months: Within 30 days after the end of the month in which you exceeded it
Filing a VAT return deadline: 1 calendar month and 7 days after the end of the accounting period
Paying VAT owed deadline: 1 calendar month and 7 days after the end of the accounting period
Remember:
This is just a general overview, and specific deadlines may vary depending on your situation.
Always refer to the official HMRC website for the latest information and guidance: https://www.gov.uk/personal-tax-account: https://www.gov.uk/personal-tax-account
For complex tax affairs, consider consulting a qualified accountant or tax advisor.
Stay Informed, Stay Compliant:
By staying informed about key tax dates and deadlines, you can avoid unnecessary stress and penalties. Bookmark this blog, set reminders, and remember, the earlier you tackle your tax obligations, the smoother the process will be!
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