As 2024 comes to an end, are you starting to focus on dates for your 2025 diary?
As part of this, have you thought about including crucial tax and financial deadlines in your planning?
In the midst of setting goals, it's easy to overlook what might seem like mundane yet equally crucial events. As the saying goes, 'fail to plan, plan to fail!' That's precisely why we've created this blog post to keep you informed about all the important dates in the coming year that could impact on your finances.
This is vital when it comes to UK tax deadlines, submissions, payments, and updates on changes in the tax system. Whilst extensive, and there are many items to consider, it's essential to keep a track of them. We recommend reviewing this post carefully and adding the relevant ones to your calendar. After all, forewarned is forearmed!
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 typically for a 12 month period and the deadline dates that apply are as follows:
In the first year of your trading, the deadlines are often different and both Companies House and HMRC will notify you of them.
The way VAT works means you're organisation is responsible for collecting VAT from your customers, only to then pay it to HMRC. Charging and then paying these taxes mean you have to submit regular VAT returns.
If you have employees and therefore run a payroll, you have to meet Pay As You Earn (PAYE) obligations, some of which are referenced later in this post. You have to withhold Income tax and National Insurance Contributions (NICs) from your employees' salaries for remittance to HMRC.
The dates for doing this are:
The Construction Industry Scheme (CIS) requires contractors to make tax deduction on behalf of their subcontractors. As a contractor you need to:
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 bus fares cap will increase by £1 to £3 on single bus fares. For routes included in the scheme, single fares can't exceed £3. For routes where fares are less than £3, the increase will be in line with inflation.
Education and boarding services provided by Independent schools, or connected persons, will be subject to VAT at the standard rate of 20% as the VAT exemption comes to a close.
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 2022/23 tax return.
Payment on account in relation to your self assessment tax return means the first payment on account for 2024/25, along with any balancing payment for 2023/24, 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 and made gains. 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 completion of the sale.
Alcohol Duty rates on non-draught products will rise in line with Retail Price Index. Draught duty on the other hand will be cut by 1.7%.
The deadline to request a deferral of class 1 NIC for the 2024/25 tax year if you're employed is 14 February. After this date, any applications made before 6 April 2025 will only be entertained by HMRC if the employer(s) agrees to it.
In instances where people have missed the deadline for paying their self-assessment tax bill, HMRC provide what is called a grace period that lasts until 1 March 2025. After this date, penalties will be applied based on a percentage of the unpaid tax liability.
You have until 1 March to avoid further penalties however, interest is still applied to any overdue tax amount commencing from 1 February 2025.
Commuter train fares for England look set to increase by 4.6%. Expect London Underground ticket prices to also rise by a similar amount depending on a decision yet to be made by the London Mayor, Sadiq Khan.
The temporary stamp duty thresholds of £425,000 for first-time buyers, and £250,000 for everyone else will revert back to their old levels. This means £300,000 for first-time buyers and £125,000 for non first-time purchasers.
Tax planning is likely to see buyers and sellers rush to get transactions through before the thresholds drop.
The National Living Wage (NLW) will rise to the following levels:
| Rate from April 2025 (£ Per hour) |
Prior 2024/25 rate (£ Per hour) |
Increase (£ and %) |
|
| NLW for 21 years of age + | 12.21 | 11.44 |
0.77 |
| 18-20 Year olds | 10.00 | 8.60 | 1.40 16.3% |
| 16-17 Year olds | 7.55 | 6.40 | 1.15 18.0% |
| Apprentice rate | 7.55 | 6.40 | 1.15 18.0% |
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. The average water bill is set to rise by £27.40 to £473.
Councils can raise Council tax by 2.99% and also add another 2% for social care in some local jurisdictions. Above this, they have to hold a referendum.
Colour TV licence fees will increase by £5 to £174.50 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 2025 will be implemented.
A 40% business rates discount commences for businesses in the retail, hospitality, and leisure sectors. This is up to a cash cap of £110,000.
The small business multiplier is frozen at 49.9p for 12 months, whereas the standard multiplier is set to increase to 55.5p.
The 5th of April marks the end of the 2024/25 tax year. This is the final day in which to review your personal and business financial affairs, implement strategies, and make use of opportunities in terms of tax breaks, allowances, and available reliefs to help reduce your tax bill(s).
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.
This is the deadline for making pension contributions that then qualify for tax relief in the 2024/25 tax year.
You have until 5 April to make voluntary National Insurance (NI) contributions for any gaps in your record between April 2006 and April 2016, which can give your state pension a potential boost. After 5 April 2025, you will only be able to voluntarily contribute for the last 6 years.
This opportunity was originally set to end in April 2023, but due to high demand and overloaded phone lines at the Department for Work and Pensions (DWP), the deadline was extended to July 2023 and then again to 5 April 2025.
Last chance to decide whether to withdraw the married couple's allowance for the 2025/26 tax year. This is also the last chance to make a claim to transfer the allowance for the 2020/21 tax year.
This is the last day in which you can dispose of qualifying business assets and thereby make use of the 10% CGT rate before it rises to 14% from 6 April 2025.
This is the final opportunity to take advantage of IHT tax-free gifting for the 2024/25 tax year along with any additional unused annual allowances from 2023/24.
Deadline for voluntary Class 2 NICs for 2018/19.
Deadline to register for payroll benefits, classed as benefit-in-kind, from 2025/26.
The start of the new tax year means various tax changes are implemented and these include:
There will be increases to state benefits and the basic, and new, State Pensions will see a 4.1% rise. The Pension rates for 2025/26 tax year will be as follows in the table below.
| 2025/26 Tax year | 2024/25 Tax year | |
|
New State Pension |
£230.25 |
£221.20 pw |
| Basic State Pension (Men born before 6 April 1951 and women born before 6 April 1953) |
£176.45 |
£169.50 pw |
The interest rate for late tax payments will be increased to 4% above the Bank of England's base rate. It's a considerable increase from the current rate, which is 2.5% above base rate.
The deadline for submitting a final payroll report for the 2024/25 tax year using a full payment submission (FPS).
The deadline for submitting the Annual Tax on Enveloped Dwellings (ATED) returns and making tax payments for the period from 1 April 2025 to 31 March 2026. 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 2025, with a form P60, along with the necessary details regarding benefits-in-kind (if reported through a payroll).
The government guarantee to lenders who offered 95% mortgages to people (who had 5% deposits) on homes worth up to £600,000 comes to a close.
The energy price cap for the 3rd quarter will come into effect.
Final date for applying for a 2024/25 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 for the 2024/25 tax year. 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 supply the forms P11D to your relevant staff.
You must register a tax advantaged employee share scheme that was active during the 2024/25 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 2025.
This is the deadline for the second, and therefore final, payment on account based on earnings in the 2023/24 tax year. This payment will be credited against the 2024/25 tax liability.
Tuition fees for undergraduate degrees in England rise in line with forecast inflation. This means current fees for full-time students will increase to £9,535, and £7,415 for part timers. This is the first rise since 2017.
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, 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 2024/25 tax year.
Doing so informs HMRC so that you can then get a Unique Taxpayer Reference (UTR) number and an activation code which you need to file a tax return.
Last chance to settle PAYE settlement agreement tax and class 1B NIC liabilities for the 2024/25 tax year if paying electronically (otherwise payment is due by 19 October).
If you prefer the paper method of filing your tax return 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.
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, instead of having to pay a single lump sum by 31 January.
The content of this post was created on 21/11/2024 and updated on 16/12/2025.
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.
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