Navigating the world of taxes can be a daunting task, especially with the ever-changing deadlines and regulations. To ensure you stay compliant and avoid penalties, it’s crucial to stay informed about important tax dates. This guide provides a comprehensive overview of key tax deadlines for the 2024-25 tax year, so you can plan ahead and stay on top of your obligations.
Understanding the Times of Year for Tax Deadlines
Tax deadlines occur throughout the year, and understanding their seasonal timing can help you stay prepared:
-
January: A critical month for self-assessment tax returns and payments.
-
March/April: The end and beginning of the tax year, requiring businesses and individuals to finalise their accounts.
-
July: Commonly associated with corporation tax payments.
-
October: Deadlines for paper self-assessment returns and second payments on account.
-
December: Final reminders for preparing digital self-assessment submissions.
With this structure in mind, let’s dive into the specific deadlines for the 2024-25 tax year.
Key Tax Deadlines for 2024-25
Individual Tax Dates
-
Individual Income Tax Filing Deadline: April 15, 2025 (for the 2024-25 tax year).
-
First Payment on Account (POA) Due: January 31, 2025.
-
Second Payment on Account (POA) Due: July 31, 2025.
-
Self-Assessment Tax Registration Deadline: October 5, 2024 (for individuals who need to register).
-
Paper Self-Assessment Tax Return Submission Deadline: October 31, 2024.
-
Digital Self-Assessment Tax Return Submission Deadline: January 31, 2025.
Limited Liability Partnership (LLP) Tax Dates
-
LLP Income Tax Filing Deadline: April 15, 2025.
-
First Payment on Account (POA) Due: January 31, 2025.
-
Second Payment on Account (POA) Due: July 31, 2025.
-
LLP Annual Statement of Accounts Due: October 31, 2024.
-
LLP Confirmation Statement Deadline: November 30, 2024.
-
LLP Annual Return Due: December 31, 2024.
Company Tax Dates
-
Corporation Tax Payment Deadlines: Quarterly instalments are due on April 14, July 14, October 14, and January 14.
-
VAT Return Submission Deadlines: The 7th of each month (for VAT-registered businesses filing quarterly).
-
Company Annual Accounts Filing Deadline: 9 months after the company’s financial year-end.
-
Corporation Tax Return (CT600) Filing Deadline: 12 months after the end of the accounting period.
Additional Important Dates
-
PAYE (Pay As You Earn) Tax Return Due: January 31, 2025 (following the 2024-25 tax year).
-
Annual Tax on Enveloped Dwellings (ATED) Return Due: April 30, 2024.
-
Pensions Annual Allowance Statement Deadline: April 6, 2025 (for the previous tax year).
Stay Informed and Abreast of Changes
Tax deadlines and regulations can change, so it’s essential to stay up-to-date. The HMRC website is a valuable resource for the latest tax news and updates. You can also subscribe to HMRC notifications to receive alerts about any changes that may affect your obligations.
Seek Professional Guidance if Needed
If you have complex tax matters or need assistance navigating tax deadlines, consulting a qualified tax advisor can provide invaluable support. They can help you ensure compliance, minimise penalties, and optimise your tax position for better financial health.
Contact Our Expert Tax Accountants
If you have any questions or concerns about your tax obligations for 2024-25, our Accounting Team in Leeds & Ilkley will help you find your way. Get in touch with our accounting team here.