PLANNING FOR THE TAX YEAR

The Tax Year is Over, Breathe Easy and Get Ready for 2024-25 

 

Congratulations, you made it! Another tax year is behind us. We know how stressful this time can be, scrambling for documents and battling deadlines. But now, it's time to take a deep breath and turn your focus to making next year's tax season a whole lot smoother. 

 

 

• 6th of April – Start of the new tax year. This tax year brings changes to National Insurance rates, Statutory Sick Pay, and much more. To see the most recent changes announced in the 2024 Spring Budget, click here. 

• 19th of April – Deadline to submit your final (Earnings per Share) EPS for the previous tax year 

• 30th of April – Self Assessment penalties take effect. 

 

• 5th of May – Companies House fees are increasing due to the recent introduction of the ECCTA. 

• 31st of May – Deadline for P60s for employees who were on your payroll on the 5th of April 2024. 

 

• 6th of July – Deadline to submit P11Ds and P11D(b)s to HMRC, and for copies of P11Ds to be sent to employees. 

• 19th of July – Payment deadline by cheque for Class 1A National Insurance owed on expenses or benefits for the previous tax year. 

• 22nd of July – Online payment deadline for Class 1A National Insurance owed on expenses or benefits for the previous tax year. 

• 31st of July – Deadline for second ‘payment on account’ for the tax year 

 

BE AWARE: If your P11D(b) is submitted late, you’ll get a penalty of £100 per 50 employees for each month. You’ll also be charged penalties and interest if you’re late paying HMRC. 

 

• 5th of October – Deadline for self-employed individuals to register for Self-Assessment with HMRC. 

• 19th of October – Payment deadline by cheque for all tax and Class 1B National Insurance owed, if you’ve a PAYE Settlement Agreement. 

• 22nd of October – Online payment deadline for all tax and Class 1B National Insurance owed, if you’ve a PAYE Settlement Agreement. 

• 31st of October – Deadline for paper Self-Assessment submissions for the 2023/24 tax year. 

 

• 30th of December – Last day to submit an online Self-Assessment return for 2023/24 if you’re eligible and want to pay through your PAYE tax code. 

 

January 2025 

• 31st of January – Self-Assessment deadline for the 2023/24 tax year. 

 

 

Organise for success: Don't fall into the trap of tossing receipts and invoices into a box! Even with the best digital systems, organization is key. Start creating clear folders (physical or digital) for all your income, expenses, and deductible items while they're fresh in your mind. It will save you headaches next year. 

 

Looking ahead: Tax regulations often change. Were there any announcements this year that might affect your business for the 2024/25 tax year? We're staying on top of those changes and can advise you on how to prepare for them. 

 

Partnership, not paperwork: We are here for more than just filing returns. Let's talk about the bigger picture of your business. A thorough analysis of your records can reveal strategies for growth, cash flow improvement, and maximising those all-important tax breaks. Did you know we offer an Outsourced Finance Director service? 

 

Don't wait until the next deadline to panic! Contact us now for a consultation and let's put a plan in place to make your 2024/25 tax year a breeze.