Financial Year 2024-25: Important Dates to Remember
Managing funds and complying with tax regulations are critical components of running a business or managing personal finances. To guarantee smooth operations and prevent penalties, it is critical to be aware of key dates and deadlines for the fiscal year. In this article, we'll go over the key dates to note for the fiscal year 2024-25 in the UK, as well as payroll management considerations and accessible solutions.
1. Understanding the Tax Year:
The tax year, often known as the fiscal year, is the period during which governments conduct accounting and budgeting. The UK tax year runs from April 6th to April 5th of the following year. For example, the 2024-25 tax year begins on April 6, 2024, and concludes on April 5, 2025.
Important Dates for the Financial Year 2024-25:
As we enter the fiscal year 2024-2025, individuals, businesses, and organizations in the UK must remain aware of significant dates and deadlines. Whether you're a taxpayer, a business owner, or a financial professional, knowing these dates can help you plan and manage your finances more successfully. In this blog, we will highlight the key dates to remember for the UK fiscal year 2024-2025.
1. April 5, 2024 - End of the Previous Tax Year:
The UK financial year runs from April 6 to April 5 of the following year. April 5, 2024, is the end of the preceding tax year (2023-2024). It is critical to ensure that all financial transactions and tax-related activities for the previous year are appropriately recorded and reported by this deadline.
2. April 6, 2024 - Start of the New Tax Year:
April 6, 2024, marks the start of the new tax year (2024-2025). Now is the time to assess and adjust your financial plans and strategy for the future year. Whether you're an individual taxpayer or a business, understanding the new fiscal year's tax rules and regulations is critical for compliance and financial planning.
3. April 22, 2024 - Deadline for Paying Corporation Tax:
For enterprises with taxable profits of up to £1.5 million, the Corporation Tax payment deadline is nine months and one day following the end of the accounting quarter. For fiscal year 2023-2024, the deadline is April 22, 2024. To avoid penalties and interest costs, firms must ensure that they pay Corporation Tax on time.
4. July 31, 2024 - Deadline for Self-Assessment Tax Return (Paper Filing):
Individuals who want to file their Self-Assessment Tax Return on paper rather than online have until July 31, 2024, to file for the tax year 2023-2024. To avoid penalties, the tax return must be accurately completed and sent to HM Revenue and Customs (HMRC) by this date.
5. October 5, 2024 - Deadline for Registering for Self-Assessment:
If you're self-employed or have other untaxed income that requires you to file a Self-Assessment Tax Return for the first time, you must register with HMRC by October 5, 2024, which is the end of the tax year in which you become liable for Self-Assessment. Failure to register on time may incur penalties.
6. October 31, 2024 - Deadline for Paper Filing of Self-Assessment Tax Return:
The deadline for filing a Self-Assessment Tax Return on paper is October 31, 2024, for the tax year 2023-2024. To avoid fines and interest charges, the tax return must be completed and sent precisely to HMRC by this deadline.
7. January 31, 2025 - Deadline for Online Filing of Self-Assessment Tax Return and Payment:
For most taxpayers, including self-employed persons and company directors, the deadline for filing the Self-Assessment Tax Return online and paying any tax payable for the fiscal year 2023-2024 is January 31, 2025. To avoid fines and interest charges, submit your tax return and pay by this date.
8. March 1, 2025 - End of the Grace Period for Late Payment of Self-Assessment Tax:
If you miss the deadline for paying your Self-Assessment tax bill, HMRC offers a grace period until March 1, 2025, to avoid further penalties. However, interest will be imposed on any overdue tax beginning February 1, 2025.
