Key dates for small businesses 2024/2025: Keep your accounts on track

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Every season is tax season when you’re a small business owner. HMRC specifies multiple dates in your calendar, including VAT returns, payroll, personal tax returns, and corporate tax filing deadlines.

Everything will run smoothly if you submit your tax returns on time and keep track of critical deadlines. Here’s a list of the financial and tax dates and deadlines to watch in 2023/4.

Tax year timelines

First, it’s essential to understand that the UK’s tax year differs from the ordinary calendar year. The dates, sometimes known as “the financial year,” pertain to employed and self-employed tax concerns.

The start and end of the tax year dictate many of the dates in this guide. As we are already into 2024/25, the new tax year will impact your accounting timetables.

When does the tax year begin?

The tax year in the UK typically runs from 6 April to 5 April of the following year. As a result, the start and end dates for the current tax year 2022-23 are 6 April 2022 and 5 April 2023.

The time between these two is “within the tax year.”

Understanding how the tax year works is critical to getting any money you owe and avoiding penalties for missing deadlines.

It may appear complicated, but you can easily calculate important dates as long as you know when your year begins and finishes.

Here’s what you should know about the 2024/25 tax year.

● 2024/25 fiscal year: 6 April 2024 – 5 April 2025
● The tax year 2023/24 runs from 6 April 2024 through 5 April 2025.

Self Assessment tax return deadline
Self-assessment tax applies to individuals whose earnings are not automatically taxed by their employers under the PAYE (“pay as you earn”) scheme. Any income you get outside the PAYE tax code is your responsibility to pay taxes and National Insurance Contributions (NICs).

If you’re self-employed, a lone trader, a partner, or a business director, you must register for, file, and pay Self Assessment taxes.

Self Assessment tax registration
You must register with HMRC if you have never submitted a Self Assessment tax return or did not file one the previous year. You must complete it by 5 October after the end of the tax year, for which you must file a return.

So, if you want to file a return for the fiscal year 2024/25, you must do so by 5 October 2025.

GOV.UK allows you to register online.

● The last date for filing your self-assessment tax return is 5 October.

Who Needs To Complete The Self Assessment Tax Return?

Self Assessment tax payment and filing deadlines
You must file your tax returns every year once you’ve registered. HMRC will use your tax return to determine if and how much you owe taxes.

To complete your tax return correctly, keep track of your finances for the year (such as receipts and bank statements). After filing your return and determining how much you owe, you can pay your unpaid taxes.

You can submit the self-assessment tax returns by filing them online or sending them in a paper return.

The following are the filing and payment deadlines for the 2024/25 tax year.

● Filing a self-assessment paper tax return is 31 October 2025.
● The Last date for filing a self-assessment tax return online is 31 January 2025.
● The deadline to pay self-assessment taxes and the first payment on account is 31 January 2025.

Check our guide on : How to Submit a Self-Assessment Tax Return.

When are late payment penalties imposed?

You’ll face penalties if you don’t file or pay your Self-assessment taxes by the deadline. If you file your return after the last date but within three months, you accrue a fine of £100. If you file later, you’ll have to pay more.

GOV.UK allows you to estimate penalties if you submit late Self Assessment tax returns or payments.

VAT Deadline
Companies that meet specific criteria must charge a tax on the goods and services (known as VAT). In the UK, for example, if your annual turnover exceeds £85,000, you must register, charge VAT to your consumers, and pay the tax to HMRC.

To disclose what you owe, you’ll complete regular VAT returns. Returns also allow you to reclaim part of the tax you paid to your vendors, so keeping your records and returns updated is to your best benefit.

Check our : A quick guide to VAT when you are self-employed.

VAT registration deadline
If your annual sales exceed the VAT level, you must register for VAT. Even if it is not required, some companies may opt to sign up, and you can do so at any moment.

You must register by a specific deadline in one of two scenarios:

● You must register within 30 days of knowing that you will surpass the VAT threshold in the coming month.
● If you exceed the barrier in the previous 12 months and have not yet registered, you should do so within 30 days after the end of the month in which you exceeded it.

VAT payment and filing deadlines
VAT returns are typically filed and paid quarterly, one calendar month, seven days after the end of the accounting period. Because you determine when your quarterly period begins at registration, specific dates vary from business to business.

Your timetable will cover 12 months; however, it may not correspond to calendar quarters. As a result, it’s critical to maintain track of your timeframes.

Avoid : 9 Common VAT Return Mistakes UK Small Businesses Makes.

Once you register, you may determine your VAT payment dates online at GOV.UK. You may be subject to surcharge penalties if you pay your VAT taxes late.

PAYE deadlines if you run a payroll system for your employees’ salaries

If you have employees on your payroll, you must meet certain PAYE obligations. Employers who pay through the PAYE plan are responsible for withholding income tax and NICs from their employees’ salaries and remitting them to HMRC.

Checkout our guide on : What is payroll – Your guide to Payroll year-end.

PAYE requires you to register for payroll benefits and meet monthly remittance and payment responsibilities to HMRC. You must also file benefit papers on your employees’ behalf every year.

Annual registration deadline
Before starting each tax year, you must register for payroll benefits online.

● The deadline to register for PAYE is 4 April.

PAYE remittance deadlines
PAYE usually is calculated and paid every month. You have two alternatives for sending remittances: by mail or online. Your payment dates will be determined by which option you select.

● PAYE remittance on paper: 19th of each month
● PAYE payment through the internet is due on the 22nd of each month.

GOV.UK has more information about PAYE reporting and remittance.

Deadlines for P45 and P60 forms 
You must keep HMRC informed about payroll benefits, but notify your employees. You do so by issuing official documents to each employee after each tax year and a P45 form to each employee when they leave your company.

There is no fixed deadline for submitting P45 forms. The P60 form is due at the end of the month after the tax year.

● P45 form deadline: When an employee leaves your company.
● P60 form deadline for the 2024/25 tax year is 31 May.

GOV.UK has extra information about P45 and P60 forms and other benefits forms.

P11D deadlines if you provide your employees with benefits
If you give employees “benefits in kind,” you may be required to submit P11D papers to HMRC. Cars, childcare, and interest-free loans are advantages outside of tax and insurance payments.

These forms are due three months after the end of the tax year. You’ll need to complete a separate form for each employee who received these benefits. Employers frequently give employees a copy of the document.

P11D deadline for 2024/25 tax year: 6 July

Due dates for capital gains taxes for sole traders and partnerships
If you’re a sole trader, self-employed, or a partner in a partnership, you may have to pay capital gains tax (CGT) and standard income tax. When you sell or dispose of a company asset, you must pay CGT.

For instance, if you sell a company-owned facility or give away gear that you use in your firm, you pay tax on the increase in the asset’s value since you purchased it.

You can immediately pay it if you know how much capital gains tax you owe. If not, you must include them in your self-assessment tax return for the year you realised the gain.

So, for the 2024/25 tax year:

● You must pay capital gains tax on assets sold in 2024/25 before 31 January 2025.

Corporation tax for limited companies
Every year, limited companies must pay a corporation tax on their profits. If you run a limited company, you must register for corporation tax when you start trading and file an annual company tax return calculating how much you owe.

Your registration date determines your company’s “accounting period,” which may or may not coincide with your fiscal year. After the accounting period, you must pay (or report if you have nothing to pay) your taxes and complete a company tax return for the year.

Here are the important dates to remember:

● The deadline to register for corporation tax is three months after starting the business.
● The deadline for paying corporate tax is usually nine months and one day following the end of your accounting period.
● The last date to file a business tax return is usually 12 months after the accounting period.

Hire Small Business Accountant

Work with UK-based Experts for tax, audit, accounting, payroll, & EIS/ SEIS needs.

Have a question? Call us on
0203 983 8100
Monday to Friday 9am – 4:30pm

Final thoughts

That finishes our 2024/25 calendar of dates and deadlines. You can get ahead on your financial admin for the year with some planning.

Running a small business might be difficult if you’re handling everything yourself.

Understanding the critical dates on the small business tax calendar and having access to accounting software can help you automate part of the process and make managing your small business easier.

Experlu Editorial Team
The editorial team at Experlu is comprised of seasoned financial professionals dedicated to providing high-quality content on accounting and finance. With a wealth of experience and diverse expertise, the team produces insightful articles that have established the Experlu blog as the UK's leading financial and accounting resource. The team includes accountants, auditors, and business advisors who stay updated with the latest industry developments. Their commitment to excellence ensures that Experlu remains a trusted source of information, helping readers stay informed about audit, business, finance, and tax matters.