Deadlines and Dates for Tax Year Filing: United Kingdom

The UK tax year dates and filing deadlines are absolutely necessary, as they can draw penalties from both businesses and individuals for non-compliance. The date range 6 April 2024 through to 5 April 2025 makes up the UK tax year, during which dates may be included such as self-assessment tax returns along with corporation taxes, VAT returns, and PAYE submissions.

As a business person or freelancer, these deadlines would help you plan your finances in timely events so that no penalties would come from late filing. If you find that you have many tax deadlines, then allow our experts to assist you with tax filings here easily.

This is an article where we would focus on the important dates in the UK’s tax year 2024 and end dates for filing various types of taxes, late filing penalties and tips to remain compliant with them.

1. UK Tax Year 2024: Important Dates

The UK tax year runs along the lines of time slots that run from 6 April through 5 April the following year, and 2024 is no exception.

Important Dates to Note:

Here are some important dates to note:

6 April 2024: The start of a new UK Tax Year. 31 July 2024: Final Date for submission of the second early payment for tax for the prior tax year (if relevant).5 October 2024: Last date to enroll at self-assessment if self-employed or for a new business.31 October 2024, is the last date for submission of self-assessment tax return through paper.The deadline for online self-assessment return and tax payment is January 31, 2025. The 5th of April in the year 2025 would seem to be the culmination of the tax year in the UK for 2024-25.

These dates are what will move a person-one sole trader or business-compliant with HMRC so that penalties for late filing will not be incurred.

Deadlines regarding Self-Assessment Tax Returns: 

Everyone who is self-employed, freelancers, or earning income outside a PAYE should submit a self-assessment tax return every year.The deadlines differ based on the manner of submission of the self-assessment return.

Self-Assessment Deadlines for 2024:

October 5, 2024 – Register for self-assessment if filing for the first time.

31st October 2024 – Last date for paper tax return submission.

January 31, 2025 – Date for online submission and payment of the income tax return.

July 31, 2025: Deadline for Second payment on account (if applicable).

Missing these deadlines results in an automatic fine of 100 pounds further delays resulting in increasing penalties. If managing tax returns makes you feel overwhelmed, our virtual office services can devote your time to tax correspondence while allowing you to focus on growth in your business.

3. PAYE and payroll deadlines

Any person running a business with employees becomes responsible for the PAYE deadlines. These are also payroll submissions, as well as the National Insurance contributions, and benefits reported by employees.

Key PAYE Forms due in 2024:

• 19th day of each month: last date for posting a payment to HMRC.

• 22nd day of each month; last date for electronic payments.

• 5 April 2025: End of the tax year for filing the final payroll report. 5 July 2025: The last day for filing the P11D forms that report employee benefits.

Payroll management is indeed time-consuming, but you are guaranteed smooth services while remaining compliant through our call answering services and business support solutions.

4. Revenue Tax Filing Deadlines

The tax payable by companies in the United Kingdom is termed corporation tax according to the laws of the UK. Corporation tax is determined by the accounting period of the company.

Corporation Tax Deadlines: 

The cutoff for the payment of corporation tax by your company is nine months and a day after the end of a financial year. Within 12 months from the end of the accounting period, corporation tax return filing (CT600) will also be due. If your financial year ends on 31 March 2024, it means that the corporation tax must be completed by 1 January 2025, and returns must be filed by 31 March 2025.

We offer business services to keep up to date your company taxes so you do not have to worry about harm done by delays and penalties.

5. VAT Returns and Payment Dates.

Usually, value-added tax-registered businesses must submit a return according to a schedule (on a quarterly basis).

VAT Filing Deadlines: 

The period is over; the time limit most often translates into one month, plus seven days, after the end of the VAT year, as a date for filing the tax return and making payments.

Therefore, businesses using Making Tax Digital will file the VAT return electronically. If your VAT quarter ended 31 March 2024, your VAT return and payment were due 7 May 2024.

Virtual office services will keep up correspondence with HMRC, while call answering services serve to manage customer inquiries efficiently.

6. Fines for Late Filing and Methods of Avoiding Them:

Filing a tax return late incurs costs that can go into thousands of pounds. Here is the complete detail:

Self-assessment late filing penalty:

Fails to meet the deadline- £100 fine.

3 months overdue: An additional £10 per day (up to £900).

6 months late: Fine: 5% on unpaid tax; £300 whichever is greater.

12 months late: Increase penalties according to the amount overdue.

Corporation Tax Late Filing Penalty:

1 day late – Fine £100.

3 months late – Further £100 fine.

6 months late – HMRC estimated tax due and imposes a flat 10% penalty fee.

The late filing penalties of Value Added Tax (VAT):

The points system impacts VAT returns delayed, as HM Revenue and Customs (HMRC) will then charge any penalties on each out-late deadline.For example, use of our business services can help keep the dates on track while you file at the completion of all returns successfully.

7. How We Can Help You Comply

Tax deadlines should not be left to slip as they may prove difficult to manage at times. However, with the right support, the comings and goings can be made easier by focusing on business development. Our services include:

• Virtual Office Services : We’re your office on a professional business address to receive HMRC correspondence.

• Call Answering Services :Never miss an important tax-related call.

• Business Support Solutions :Assistance with tax filing, payroll, and compliance management.Get relief from tax deadlines. Contact us today and let our experts handle your tax compliance needs.

Our virtual office solutions at least offer a credible business address ideal to ease the communication to HMRC, whereas our Call Answering Services will never for sure leave your significant tax queries unanswered.

Conclusion:

Understanding the dates and deadlines in the UK tax calendar for filing for 2024 is vital for businesses and individuals in keeping to compliance. Whether relating to self-assessment, corporation tax, VAT returns, or payroll taxes, if one of these deadlines is missed, hefty penalties can ensue.With our virtual office, call answering solutions, and other expert support services, you can concentrate on growing while we take care of your tax filing.

Avoid penalties by being aware of tax deadlines-contact us now to seek professional help.