Staying on top of tax deadlines is crucial for any UK business. Missing a deadline can lead to penalties and unnecessary stress. If you’re self-employed, a small business owner, or part of a limited company, marking these key dates in your calendar will help you stay ahead. This blog post outlines the key tax deadlines for UK businesses in the 2024-25 tax year (which runs from April 6, 2024, to April 5, 2025).
Key Tax Deadlines for UK Businesses
Self-Assessment Tax Return Deadlines:
- 5 October 2024 – Deadline to register for Self-Assessment if you are a new sole trader or have other untaxed income.
- 31 October 2024 – Deadline for paper Self-Assessment tax returns for the 2023-24 tax year.
- 31 January 2025 – Deadline for online Self-Assessment tax returns and payment of any tax due for 2023-24.
Corporation Tax Deadlines :
- For Limited Companies – Corporation Tax is due 9 months and 1 day after the end of the accounting period.
- Example: If your accounting period ends on 31 March 2024, your Corporation Tax payment is due by 1 January 2025.
- Annual Accounts Filing – Companies must file their annual accounts with Companies House 9 months after the end of their financial year.
- Corporation Tax Return Filing: You have 12 months from the end of your accounting period to file your Company Tax Return online. Using the example above, your return would be due by December 31st of the following year.
VAT Deadlines:
- Quarterly VAT Returns – VAT-registered businesses must submit VAT returns and payments one month and 7 days after the end of each VAT period.
- Example: If the VAT quarter ends on 30 June 2024, the deadline for submission and payment is 7 August 2024.
- Monthly and Annual VAT Accounting – Some businesses may have different reporting schedules, so it’s essential to check with HMRC.
PAYE and National Insurance Contributions (NICs) Deadlines
- Monthly PAYE Payments – Employers must pay PAYE and NICs to HMRC by the 22nd of each month (or the 19th if paying by cheque).
- Quarterly PAYE Payments – Small employers paying quarterly must make payments by 22nd of July, October, January, and April.
Other Important Considerations:
- Making Tax Digital (MTD):
Most businesses are now required to keep digital records and submit their returns using MTD-compatible software. This applies to VAT and will be extended to other taxes in the future. MTD for Income Tax Self-Assessment (ITSA) is scheduled to begin in April 2026 for some businesses, but early compliance is recommended.
- Penalties:
Failing to meet tax deadlines can result in penalties, so it’s essential to stay organized and submit your returns and payments on time.
- Bank Holidays:
If a deadline falls on a bank holiday or weekend, it’s usually moved to the next working day.
How to Stay on Top of Deadlines
- Use accounting software like QuickBooks, Xero, or Free Agent to automate reminders.
- Set calendar alerts for key dates to avoid last-minute filing.
- Work with an accountant to ensure compliance and efficient tax planning.
- Check HMRC updates regularly to stay informed of any changes.
Tips for Managing Tax Deadlines:
- Create a Tax Calendar: Mark all your important tax deadlines on a calendar or use accounting software with built-in reminders.
- Use Accounting Software: Accounting software can help you track your income and expenses, generate reports, and submit your returns digitally.
- Stay Organized: Keep all your financial records organized and easily accessible.
- Seek Professional Advice: If you’re unsure about any aspect of your tax obligations, consult with a qualified accountant or tax advisor. They can provide personalized guidance and ensure you stay compliant.
- HMRC Website: The HMRC website is a valuable resource for tax information and guidance.
Conclusion
Meeting tax deadlines is crucial for UK businesses to maintain compliance and avoid penalties. By planning ahead and using accounting tools or professional services, businesses can manage their tax obligations efficiently. It’s crucial to consult with a qualified accountant or tax advisor for advice tailored to your specific business needs. Let CBM accounting be your trusted partner!
