Key tax dates for 2024/2025.

Article | Fiona Morgan | 12 January 2024

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Below are the key dates for personal, employment and business tax including VAT and payroll.

Private Client 

31 January – Standard filing deadline for online returns and payment of tax owed including first payment on account. Individuals, trusts and partnerships.

5 April – End of tax year. Individuals, trusts and partnerships.

6 April – Start of tax year. Individuals, trusts and partnerships.

31 July  – Second payment on account (POA) due. Individuals, trusts and partnerships.

5 October – Deadline for notifying HMRC of chargeability/registering for Self Assessment individuals, trusts and partnerships.

31 October – Standard filing deadline for paper returns. Individuals, trusts and partnerships.

30 December – Filing deadline for online returns if HMRC are to collect owed tax automatically from wages and pension (you must be eligible for this). Individuals, trusts and partnerships.

Other

60 days from sale completion of UK property – Capital Gains Tax return due to HMRC (speak to the PEM Private Client team for more details)

Deadline to amend a previously filed return online – 31 January following the initial deadline i.e. 31 January 2025 for 2022/23 tax returns.

Deadline for making ‘scheme pays’ elections (where eligible) to request a pension scheme pays the annual allowance tax charge – the deadline for the 22/23 tax year is 31 July 2024*

*Note that this has been extended for those affected by the public service pensions remedy, for example NHS staff.

Claim for repayment claims and overpayment relief – 4 years following the end of the tax year i,e, 5 April 2024 for the tax year 2019/20

Trusts

All of the dates in the private clients list also apply to trusts except for the 30 December deadline for HMRC to collect tax through your tax code (this is not relevant for trusts).

In addition, trusts have:

31 January – For taxable trusts, this is the deadline for the annual update/confirmation of the details held on the HMRC Trust Register.

31 May – Deadline for Automatic Exchange of Information (AEOI) returns for the year ended 31 December 2023.

Other

90 days following the creation or change/update to a ‘trust’ arrangement to notify HMRC under the Trust Registration Service.

Business tax  

The corporation tax filing deadline for a company is 12 months after the end of its accounting period. This could be any day of the year but would generally fall at the end of a month.

Corporate tax payment is as follows:   

  • ‘Small’ companies – due 9 months and 1 day after the end of the accounting period,  
  • ‘Large’ companies (profits > £1.5m) – first instalment due six months and 13 days after the first day of the accounting period. Quarterly thereafter. 
  • ‘Very large’ companies (profits > £20m) –  first instalment two months and 13 days after the first day of the accounting period. Quarterly thereafter. 

In determining whether a company should be considered large or very large for these purposes, the profit threshold should be divided by the total number of associated companies.

We also take care of corporate NRL returns, but these are now within corporation tax and so subject to the same rules as above. 

For the Annual Tax on Enveloped Dwellings (ATED), an annual return is due by 30 April at the beginning of each year (running 1 April – 31 March). Companies who fall into the regime part way through a year must submit a return within 30 days of acquiring a relevant property (UK residential >£500,000), or within 90 days if the property is a new build. Payments are due by the same dates. 

VAT 

For VAT returns, the reporting dates vary depending upon individual reporting cycles.   

  • Quarterly returns (staggered and so all three cycles available) are the norm with repayment traders often on monthly – due date for filing quarterly and monthly returns/paying tax is 1 month + 7 days after the end of the period. E.g. Due date for period ending 30 June is 7 August.   
  • Some taxpayers are on annual returns (all 12 cycles available) – due date for filing annual returns is 2 months after end of the period. E.g. Due date for period ending 31 July is 30 September.

3 or 9 interim payments of fixed amounts as advised by HMRC need to be made on last working day of the 4th and each successive month/quarter during the year. Any balancing payment needs to be paid by the due date for filing the return. (If balancing adjustment in favour of taxpayer, this will be repaid in due course after submission of return).   

  • Taxpayers within the payments on account regime (essentially large payers having an annual liability > £2.3 million) – due date for filing quarterly returns is the end of the following month. E.g. Due date for period ending 30 June is 31 July. 

8 interim payments of fixed amounts as advised by HMRC need to be paid by the end of months 1,2,4,5,7,8,10 and 11 during the year. Balancing payments (if any) need to be paid to take into account months 3,6, 9 and 12 when filing the quarterly returns.    

Taxpayers can agree special reporting periods with HMRC and there are other schemes and time limits for making notifications. Partial exemption is worth a mention (as it affects quite a few taxpayers although not many) but there is no point in worrying about any others.  

All taxpayers have a tax year which normally covers the year to 31 March, 30 April or 31 May (depending upon reporting cycle).  Different tax years can be agreed. Tax years don’t count for much unless annual adjustments need be made under the partial exemption rules. Any adjustments because of partial exemption need to be made on the first VAT return of the following year or the final return of the year in question. 

VAT registration

You must register for VAT once your turnover exceeds the turnover limit (currently £85,000 in any 12 month period). This means you don’t just look at your turnover annually, but you must look at your turnover at the end of EVERY month. Once you have exceeded the turnover limit you must register within 30 days of the end of the month you exceeded the threshold. This would ordinarily be the first day of the second month after you go over the threshold. .

Example

  • You raise a sales invoice on 29 September 2023 which pushes your turnover to £85,500 for the months October 2022 – September 2023.
  • You work out your rolling 12 month turnover on 3October 2023 and realise you have exceeded the threshold.
  • You must register by 1 November 2023.

(Don’t forget, if you need to register for VAT you may be entitled to reclaim VAT on some assets and services you purchased before you were VAT registered.)

Employment tax 

3 May – P46(car) paper submissions – company car changes in the period 6/1 – 5/4  

31 May – Short Term Business Visitor reporting 

4 July – Deadline by which employees must make good PAYE income tax arising in respect of employment related securities before a penal s222 charge applies 

5 July – P11D, Employment Related Securities returns filing deadline. Deadline for agreeing PAYE Settlement Agreements 

19/22 July – Deadline for payment of class 1A NIC (later date if paying electronically) 

31 July – PAYE Settlement Agreement calculation deadline (specified in PAYE Settlement Agreement) 

2 August – P46(car) – company car changes in the period 6/4 – 5/7 

31 August – PAYE Settlement Agreement calculation deadline (specified in PAYE Settlement Agreement) 

19/22 October – Deadline for payment of Income Tax and class 1B NIC arising under PAYE Settlement Agreement (later date if paying electronically) 

2 November – P46(car) – company car changes in the period 6/7 – 5/10 

2 February – P46(car) – company car changes in the period 6/10 – 5/1 

5 April – P46(car) electronic submissions – company car changes in the period 6/1 – 5/4 

Payroll 

19th of every month – Deadline for payment of PAYE & NICs etc to HMRC’s Accounts Office by non-electronic method. Last day for submitting a real time information employer payment summary to apply to tax month.

22nd of every month – Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by electronic method.  For employers who qualify for quarterly payments, the payment deadline is as above but for the month following the end of the quarter.

31 May – Employers must give a form P60 to each employee working for them at 5th April and for whom they have filed a FPS.

6 July – Filing deadline date for Expenses and Benefits forms P11D(b) and P11D to reach HMRC. Last date to give forms P11D to relevant employees.

31 July – PAYE settlement agreement submission date. Real Time Information submissions should be filed on or before pay day.

If you have any questions on the above, please contact PEM.