Running your business can be enough of a challenge, without missing key deadlines or updates to the tax rates and thresholds. No one wants to incur unnecessary stress, penalties, or fines.
Staying on top of the key dates and deadlines means you remain compliant, puts you in a good place to take advantage of tax planning opportunities and gives you peace of mind to focus on what really matters: growing your business and achieving your goals.
So to help you navigate 2025, we have highlighted the key dates UK business owners need to know for this year, giving you the tax filing deadlines and a reminder of legislation changes that may impact your business.
31st January: Deadline for online Self-Assessment tax returns
If you are a sole trader, a partner or company director make sure you:
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- Submit your online Self-Assessment for 2023-2024 by midnight on 31 January 2025.
- Pay your Self-Assessment bill for any tax owed for 2023-24 by midnight on 31 January 2025.
Missing the deadline can be costly. HMRC will issue a £100 for late filing, even if no tax is due. Extra charges apply if your delay further and interest on unpaid tax can soon rack up.
26th March: Spring Forecast Update
The Chancellor has announced the delivery of an economic update. This will be a good opportunity to review how any proposed changes to fiscal policies may affect your business.
1st April: National Minimum Wage (NMW) rates increase across the UK.
Check your payroll to ensure you are compliant.
- National Living Wage (Age 21 +) £12.21/hr
- 18–20-year-olds £10.00/hr
- Apprentices £7.55/hr
5th April: Last day of the 2024-2025 tax year.
You will need to start thinking about preparing P60’s for staff and gathering information together to complete P11d’s and Self-Assessment
6th April: Start of the 2025-2026 tax year.
Notable changes include an increase in employer National Insurance from 13.8% to 15%, a reduction in the Secondary Threshold from £9,100 to £5,000 per year, and an increase in the Employment Allowance from £5,000 to £10,500 per year.
These April changes could have a significant impact on your wages bill, so review budgets before then to understand the impact and ensure affordability.
31st May: Deadline to issue P60s
If you are an employee, you need to issue P60’s to employees summarising their total pay and deductions for the previous tax year.
6th July: Deadline for submitting P11D and P11D(b)
If you or your employees have benefits in kind from your company then you need to submit a form P11d to HMRC, detailing benefits and expenses provided to employees by this date. Class 1A NIC is also due.
31st July: Second payment on account
A second payment on account is due for Self-Assessment taxpayers towards the 2024-2025 tax bill. Make sure you have been saving the tax due ahead of this deadline. Late payment can lead to additional charges of penalties and interest.
5th October: Deadline to register for Self-Assessment for the 2024-2025 tax year if you’re self-employed or have a new income source.
31st October: Deadline for submitting paper Self-Assessment tax returns for the 2024-2025 tax year.
30th December: Deadline for online Self-Assessment tax returns if you want HMRC to collect tax owed through your PAYE tax code.
Additional Considerations
- VAT Deadlines: VAT-registered businesses usually submit returns quarterly. Ensure you know your specific stagger dates to comply with submission and payment deadlines.
- Corporation Tax: Due nine months and one day after your company’s accounting period ends. For example, if your accounting period ends on 31 March 2025, the payment is due by 1 January 2026.
Keeping on top of these deadlines will mean you have clarity over your numbers, no nasty tax surprises and you will be complaint whilst avoiding penalties and fines.
Whether you need help meeting these deadlines or planning for the tax payments we can help. We empower ambitious business owners to understand the narrative their numbers is telling them with financial insights, strategy sessions and businessowner mentoring.
If this is the support, you are looking for then get in touch today.
