Has 2024 brought a plethora of dates and bookings in your calendar?
Did you include important tax and financial deadlines as part of that?
Amid the excitement of plans and goals, it can be easy to overlook some of the more mundane but important items. As the saying goes, 'fail to plan, plan to fail!' It's for this exact reason why we've put together this blog post to inform you of all the significant dates in 2024 that could have an impact on your finances.
These dates are vital when it comes to UK tax deadlines, submissions, payments, and staying updated on changes in the tax system and their implementation. Whilst extensive, and there are many items to consider, it's essential to keep track of them. We recommend reviewing this post carefully and adding the relevant ones to your diary. After all, forewarned is forearmed!
|Personal tax and key financial items
|Business tax and key financial items
|National Insurance cut
|Spring Budget 2024
|Self assessment tax return deadline
|Temporary cut in fuel duty ends
|First payment on account, balancing payment
|Customs declaration service
|Capital Gains Tax payment deadline
|Annual Tax on Enveloped Dwellings returns
|Deferral of National Insurance Contributions
|Research & Development Tax relief
|Increase in rail fares
|End of the tax year
|Spring Budget 2024
|Temporary cut in fuel duty ends
|Tax changes coming into effect, new tax year
|Increase in National Living Wage
|Construction Industry Scheme
|Review of household and other bills
|Final payroll report
|Free childcare for 2 year olds
|End of the tax year
|Pay as You Earn Form P60
|Deadline for making pension contributions
|Married couples allowance
|Form P11D submission
|Capital Gains Tax exemption
|Employee share schemes
|Class 2 National Insurance Contributions
|Deadline for submitting PSA calculations
|Tax changes coming into effect, new tax year
|Autumn statement announcements
|Basis period reform
|Cash basis of accounting for self-employed
|Increase to state benefits & pensions
|Class 1A National Insurance Contributions
|Second payment on account
|Free childcare for babies from 9 months old
|Register for self assessment deadline
|Postal self-assessment tax return deadline
|Autumn Statement announcements
|Opt into Pay As You Earn
Energy price cap announcements:
The energy regulator, Ofgem, sets a new price cap at the turn of the New Year. It reviews and sets this every 3 months.
The main rate of Class 1 employee National Insurance Contributions (NICs) will be cut from 12% to 10%. It's reported that the average worker on a salary of £35,400 salary will save around £450 a year. Anyone earning more than £50,270 will save the maximum of £754 a year.
This is the final date for those that are required to complete and file a self assessment tax return online. HM Revenue & Customs (HMRC) must receive your tax return by midnight.
This is also the deadline for amending your 2021/22 tax return.
Payment on account in relation to your self assessment tax return means the first payment, and balancing payment, are due by midnight on 31 January. If you're late making payment then you'll incur an interest charge on the amount due, calculated based on the Bank of England base rate plus 2.5%.
Capital Gains Tax may apply if you're selling or have sold assets. The amount you owe will form part of your balancing payment. However, if you've sold residential property that isn't your main home then the gains must be reported and paid to HMRC within 60 days of the sale.
The deadline to request a deferral of class 1 NIC for the 2023/24 tax year if you're employed is 14 February. After this date, any applications made before 6 April 2024 will only be entertained by HMRC if the employer(s) agrees to it. Of note for the self-employed, the deadline for this is 31 January.
The government have frozen rail fares for January and February meaning a rise of 4.9% will take place in March.
The Chancellor, Jeremy Hunt, has confirmed this date for the Spring Budget, likely to be the last before a general election is called. The budget statement summarises economic performance, projections for the years ahead, as well as proposed tax and spending announcements.
An end to the 5 pence fuel duty cut that was originally introduced in March 2022 for a year and then extended again in 2023.
All businesses need to shift to using CDS for export declarations by 30 March.
Deadline for amending ATED returns and settling any outstanding tax for the period from 1 April 2022 to 31 March 2023.
The hourly rate for the National Living Wage of £10.42 will increase by 9.8% to £11.44. Those in the 18 - 20 age bracket will see a rise from £7.49 to £8.60 per hour.
Given the end of the tax year is approaching, this is usually the date when broadband and mobile phone provisions, water supplies, TV licence fees, and Council tax are reviewed and price changes announced.
In the case of broadband and mobile phone suppliers, usually any increases are linked to inflation. In certain regions of England and Wales, there is a possibility of water bill increases being lower than initially anticipated. This is due to the fact that 12 water companies have faced a combined penalty of £114m for failing to meet pollution and leakage targets.
Councils can raise Council tax by 3% and also add another 2% for social care. Above this, they have to hold a referendum. Colour TV licence fees will increase by 6.7% to £169.50 per year.
Vehicle Excise Duty rates, also referred to as car tax, will be adjusted in line with inflation.
The energy price cap for the second quarter of 2024 will be implemented.
Reform to provide 30 hours of free childcare to all children under the age of 5 (for eligible working parents), and not just 3 and 4 year-olds, means 15 free hours of childcare for working parents of 2 year-olds.
For accounting periods beginning on or after 1 April, a new merged R&D tax expenditure credit scheme replaces R&D tax relief for SMEs and the RDEC. Also, the threshold for being an R&D-intensive company reduces from 40% to 30% for accounting periods beginning on or after this date.
This date marks the end of the tax year for 2023/24. Prior to this deadline you would be wise to review your financial matters and tax affairs, from a personal and business planning perspective (where relevant). Doing so can reveal if there are any tax breaks, allowances, or reliefs that you can, or should, be making use of.
It also highlights the tax changes that may be coming in for the following fiscal year and what, if any, opportunities you can make use of now that may then be closed off. In short it could potentially improve your tax profile, reduce your tax liability, and thus save you money. Click on the link above to find out more.
This is the deadline for making pension contributions that then qualify for tax relief in the 2023/24 tax year.
Last chance to decide whether to transfer (part of) the married couple's allowance from the husband to the wife, or withdraw such a decision, for the 2024/25 tax year.
This is the last day in which you can make disposals and thereby make use of the 2023/24 CGT tax free annual allowance.
This is the final opportunity to take advantage of IHT tax-free gifting for the 2023/24 tax year along with any additional exemptions from 2022/23.
Deadline for voluntary Class 2 NICs for 2017/18.
Deadline to register for payroll benefits, classed as benefit-in-kind, from 2024/25.
The start of the new tax year means various tax changes are implemented and these include:
From 6 April 2024 basis period reform means income tax for the self-employed is taxed on the trading profits that arise within the tax year.
The cash basis becomes the default method by which the self-employed and partnerships record revenue and expenses. Turnover, interest and loss relief restrictions are removed.
Changes to the gross payment status test will take effect from this date. Additionally, HMRC will have the authority to immediately revoke gross payment status in instances of severe non-compliance.
There will be increases to state benefits and pensioners will see a 8.5% rise in their state pension income. This will rise from £203.85 per week to £221.20. The full basic state pension will increase to £169.50 per week from £156.20.
The deadline for submitting a final payroll report for the 2023/24 tax year using a full payment submission (FPS).
The deadline for submitting ATED returns and making tax payments for the period from 1 April 2024 to 31 March 2025. If you are eligible, it is also the deadline to submit a relief declaration return.
The final deadline for providing each relevant employee, who was working for you on 5 April 2024, with a form P60, along with the necessary details regarding benefits-in-kind.
The energy price cap for the 3rd quarter will come into effect.
Final date for applying for a 2023/24 PAYE settlement agreement.
Deadline for submitting forms P11D and P11D(b), to report the value of various benefits you've provided to employees and directors. This is for benefits that aren't covered by a payrolling arrangement with HMRC, or not dealt with under a PAYE Settlement Agreement (‘PSA’). You also have to provide the forms P11D to your relevant staff.
You must register a tax advantaged employee share scheme that was active during the 2023/24 tax year and self-certify the scheme if it qualifies for tax advantages.
It is important to note that this date also marks the final deadline for submitting transactions in the Employee Related Shares (ERS) return. If you have a share plan in place and there have been any equity transactions involving employees or directors in the UK, it is necessary to report them annually.
Deadline for making payment of any outstanding class 1A NIC for the tax year ending on 5 April 2024.
This is the deadline for the self-employed to make the second, and therefore final, payment on account based on your earnings in the 2022/23 tax year.
Phase 2 of the government's free childcare is introduced for working parents of babies aged 9 months and over.
The energy price cap for the 4th quarter will come into effect.
If you have never completed a tax return before and need to do so, or have income, outside of employment, that breaches a threshold of £1,000, or you've sold assets at a gain, then you need to register for self-assessment.
In instances where your second income exceeds £1,000 then the 5 October deadline is following the end of the tax year in which you breached this threshold, namely the 2023/24 tax year. Doing so informs HMRC so that you can then get a Unique Taxpayer Reference (UTR) number and an activation code which are needed to file a tax return.
Last chance to settle PAYE settlement agreement tax and class 1B NIC liabilities for the 2023/24 tax year.
Apparently 500,000 taxpayers still complete their tax return by paper and through the post. This is instead of filing it online. If you prefer the paper method then this must be submitted by 31 October. If you fail to file it on time, then you'll have to complete an online tax return instead, due by 31 January.
If applicable, it is necessary to provide HMRC with a calculation of the income tax and Class 1B NIC that is owed on an annual basis by the end of October. HMRC will carefully assess the calculation and provide confirmation if the basic calculation is deemed to be accurate.
Whilst not yet confirmed, and the fact that a general election could impact on the date of this event, the Autumn Statement is often delivered in November. It can be a condensed version of the budget with more reporting on the state of the economy and government finances, as well as potential tax changes.
If you choose to file your tax return online and have earnings that are subject to PAYE, you have the option to have any outstanding tax collected through your tax code over the course of the following year.
To be eligible for this option, your tax bill must be under £3,000 and you must file your online return by the specified date. The benefit of this is that any tax owed will be spread out over 12 months starting from April 2025, instead of having to pay a single lump sum by January 31, 2025.
Corporation Tax deadlines and the filing of limited company accounts depend on your company's accounting period. Usually these are for 12 months but can extend up to 18 months for when you commence trading.
The Corporation tax return is for a 12 month period and the deadline dates that apply are as follows:
In the first year of your trading, the deadlines are different and both Companies House and HMRC will notify you of them.
Finally, being a general election year means the date of 19 December 2024 is the last possible day by law that the government can call a general election. This is because that will be 5 years exactly since the last parliament met for the first time since getting elected. This means the election would be held on 28 January 2025.
The content of this post was created on 22/01/2024.
Please be aware that information provided by this blog is subject to regular legal and regulatory change. We recommend that you do not take any information held within our website or guides (eBooks) as a definitive guide to the law on the relevant matter being discussed. We suggest your course of action should be to seek legal or professional advice where necessary rather than relying on the content supplied by the author(s) of this blog.