Tax Week Calendar for 2024/25: Key Dates for Self-Assessment Tax Returns
The 6th of April has come round again as fast as ever, signifying a new tax year in the UK. As we step into the tax calendar 2024/25, it's crucial for self-employed individuals, business owners and anyone receiving income that is not taxed at source to mark their calendars with the key self-assessment tax return dates.
Not only does staying ahead of these deadlines ensure compliance, but it also aids in more effective financial planning and utilising available tax reliefs and exemptions.
In this blog, we break down the essential dates for your self-assessment tax returns in a manner that is clear, accessible, and actionable.
April 2024: A Month of Beginnings and Endings
5th April 2024: On this date, we wave goodbye to the tax calendar 2023/24. This date is your last chance to take advantage of any tax reliefs and exemptions for the year. Check all your records carefully - you don't want to miss out!
6th April 2024: The 2024/25 tax year begins. New tax codes and allowances come into play. It's a fresh start, so make sure to adjust your budget and plans accordingly.
19th April 2024: If you employ staff, this date is the deadline for the final PAYE submission of the 2023/24 tax year. It's a key date to ensure all employee tax contributions are accurately reported.
30th April 2024: If you still need to file your self-assessment tax return for the tax week calendar 2022/23, now's the time to hurry. Daily penalties start accumulating from today.
July 2024: Summer Payment on Account
31st July 2024: This date is significant for self-employed individuals utilising the 'payment on account' method with HMRC. By midnight, you must make your second payment for the tax year 2023/24. The amount you owe is a calculated estimate based on what you earned in the previous tax year (2022-23).
As this payment and the 'first payment on account' made in January are estimates, if your actual tax return shows you have underpaid, you will need to pay a 'balancing payment' by 31st January 2025 to settle the difference.
October 2024: Registration and Paper Submissions
5th October 2024: If you are new to self-employment, this is the last date to register with HMRC for the 2023/24 tax year. Registering by this date ensures you receive your Unique Taxpayer Reference (UTR) number in time for submitting your first return.
31st October 2024: For those who prefer paper submissions, you'll need to ensure your tax returns for the year ending 5th April 2024 are submitted by today. Those submitting returns online have a later deadline.
December 2024: Automatic Payments
30th December 2024: For individuals with earnings taxed under PAYE (Pay As You Earn) who also need to file a self-assessment tax return, this date is one for your calendar to ensure a smoother tax payment process. By filing your tax return online by this deadline, you unlock the option to have any owed tax collected incrementally through your tax code over the next tax year.
The advantage of this method is that instead of facing a potentially daunting lump sum payment by 31st January 2025, you can spread your tax payments over a more manageable 12-month period, starting from April 2025. For you to be eligible, your tax bill must not exceed £3,000 and your online tax return needs to be filed by 30th December 2024
January 2025: The Big Deadline
31st January 2025: Many consider today the most critical of the self-assessment tax return dates. All online self-assessment tax returns for the 2023/24 tax year must be submitted by midnight.
The 31st of January is also significant as it is when you need to:
- Pay any balancing payments from tax owed from the year 2023/24.
- Make your first payment on account for the year 2024/25, if required.
April 2025: Closing the Chapter
5th April 2025: As the 2024/25 tax year comes to an end, it's another opportunity to ensure all your financial records are in order and ready for the new year.
Staying on top of these self-assessment tax return dates is not just about compliance; it's about making the most of the tax system for the benefit of your business. Whether it's taking full advantage of tax reliefs, planning your payments to maintain smooth cash flow, or simply ensuring you're not hit with penalties for late submissions, these self-assessment tax return dates are your milestones through the financial year.
Remember, while being aware of these deadlines is essential, you're not alone in navigating them. At Keith Graham, our team of specialist accountants can guide and support you through every step of your financial journey in the 2024/25 tax year.
Please visit our Self-Assessment Services page to find out more or get in touch with our team.