Dates and Deadlines

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Here are some important dates and deadlines for the 2024-25 tax year.

The following dates and thresholds will guide you on when to register or file for different taxes. Here at Blyth, our team can help you with all types of tax registrations. We will work with you to meet the required filing dates and deadlines. Contact us to find out more.

VAT Threshold – £90,000 Turnover

For financial year starting April 1st, 2024, companies must register for VAT once their sales exceed £90K. If sales are expected to exceed the threshold in the next 30 days, the company must register for VAT. Sales turnover is calculated over a 12-monthly rolling period. Some companies choose to voluntarily register for VAT if they will be in a repayment situation, or if their intention is to exceed the VAT threshold in the following 3-6 months.

April 1st, 2024 – Start of the New Financial Year

If the company was registered with Companies House in March, then April 1st, 2024, is the first day of the new financial year. The FYE (financial year-end) date will be March 31st, 2024. The company deadline to submit annual accounts to Companies House is within 9 months and 1 day, of the FYE date. A second set of accounts will be submitted to HMRC, along with the accompanying corporation tax return (CT600), within 12 months of the FYE date. We submit annual accounts within 2-3 months following the financial year end date.

April 6th, 2024 – Start of the Fiscal Tax Year

This is the first day of the new tax year if you operate a sole trade business and unincorporated partnership. Follow the links to read about rate changes for the 2024/25 tax year, such as the new National Living Wage and current year income tax rates for Scotland, and UK.

April 19th, 2024 – Payroll Dates and Deadlines

You have until April 19th, 2024 to submit your final PAYE payment for the 2023/24 tax year ending on April 5th, 2024, to HMRC, indicating that you’ve completed your last filing for the year. This also applies to you if you operate under the Construction Industry Scheme (CIS).

May 31st, 2024 – P60

Make sure your employees’ files are in good order. By May 31st, you must send a P60 to all of your employees. The P60 is their official record of pay and tax deductions for the year. We send all P60’s as soon as the final submission has been entered.

July 6th, 2024 – P11D

Employers must submit a P11D form to HMRC by July 6th for all applicable employees. This is a declaration of all costs and benefits, such as car allowances or private health cover.

July 19th, 2024 – Payment of NI

Any Class 1A National Insurance owed oncosts and benefits for the 2023/24 tax year must be paid to HMRC by July 19th if paying by cheque. If paying electronically, the payment deadline is July 22nd.

July 31st, 2024 – 2nd Payment on Account

Payments on account are advance tax payments made by self-employed individuals twice a year to avoid the cost of the year’s tax. They are based on your prior year’s tax bill, which is half of the previous year’s tax bill. The deadline for making the second payment on account for the tax year ending 5 April 2024 is 31st July, 2024.

October 5th, 2024 – Self-Assessment Tax Registration

You must register with HMRC if you are trading and have never submitted a Self-Assessment tax return. It is necessary to register by October 5th, 2024 following the conclusion of the tax year for which you must submit a return. So, if you wish to submit a return for the 2023/24 tax year, you must register by October 5th, 2024.

December 30th, 2024 – Online Self-Assessment

If you would prefer HMRC to collect tax through your tax code the final self-assessment filing deadline of the year falls on December 30th, 2024. To qualify, you must owe less than £3K of self-assessment tax. This deadline is for online tax returns for the 2023/24 tax year ending April 5th, 2024.

January 1st, 2025 – Companies House Filing

When you have a limited company FYE date of March 31st, you must file annual accounts to Companies House by January 1st, 2025. If your company is due to pay corporation tax, this is the deadline to make the payment to HMRC.

January 1st, 2025 – Corporation Tax Payment Deadline

When you have a limited company FYE date of March 31st, the deadline to make the payment to HMRC is by January 1st, 2025.

January 31st, 2025 – 1st Payment on Account

Payments on account are advance tax payments made by self-employed individuals twice a year to avoid the cost of the year’s tax – the deadline for making the first payment on account of tax for the 2024/25 is due on this date.

January 31st, 2025 – Online Self-Assessment Return (Midnight)

The deadline for your online self-assessment tax returns for the 2023/24 tax year must be submitted by this date.

 

The above dates and deadlines are standard to the majority of client business, however, the above does not cover every tax. If your circumstances are a little bit different and need advice on different tax registrations and filings, get in touch. Contact us now to find out how we can help. 

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