When does the new tax year start 2025? What to check before the deadline

Explore the Rapid Formations Blog for more limited company guidance, business advice, and insights. The weekly earnings threshold for an employee to qualify for Statutory Sick Pay or family payments will increase from £123 to £125. The threshold to be eligible for Maternity Allowance will remain at £30 per week. From 1 April 2025, the National Living Wage (NLW) and National Minimum Wage (NMW) rates will increase based on the recommendations of the Low Pay Commission. Employers must ensure all staff on the NLW or NMW receive the new hourly rate from that date. You can use this online checker to see if you need to fill in a tax return.

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Hopefully, in due course, this can be expanded to unrepresented taxpayers and to other taxes. Personal tax liabilities that aren’t being collected through the PAYE system need to be paid on or before 31 January each year, along with the filing of your tax return. If you know what the next year might look like, talk to your accountant about anything that can be done to reduce your tax bill, or reduce those payments on account as well. It’s worth noting that the penalties for late payment of any tax owed are separate from the penalties for late filing.

When do I need to submit a Full Payment Summary (FPS)?

This will look to target serious non-compliance in large corporates, wealthy individuals, offshore and avoidance schemes. The scheme will take inspiration from the successful US and Canadian ‘whistleblower’ models and will complement the existing HMRC rewards scheme. This includes the use of generative AI and ‘test and learn’ approaches to improving customer service. HMRC is trialling the use of generative AI to point taxpayers to the advice they need on GOV.UK.

• Under the current rules, the personal savings allowance for 20% basic rate taxpayers is £1,000.
• Businesses and self-employed individuals following MTD rules are required to keep their financial records in a digital format.
• There are a number of reasons that you might need to submit a Tax Return which mainly arise when you have other income that isn’t taxed through the PAYE system such as salaries and pensions.
• By the 5th of October you must’ve registered with HMRC for your Self Assessment following the end of the tax year.
• Sometimes, there might also be limits on how often you take money out of the account.

Then, in 1758, the window-tax year was explicitly extended by 11 days, to April 5th. This was the date used when William Pitt the Younger introduced income tax in 1799, and has marked the close of the tax year ever since. UK limited companies have various filing and reporting deadlines to meet throughout the tax year. The exact dates vary from company to company, depending on their date of incorporation, accounting reference date (ARD), and Corporation Tax accounting period. This handy guide covers key requirements and deadlines for limited companies, limited liability partnerships, Self Assessment customers, employers, and VAT-registered businesses.

Since it was established around the 1700s, Britains have decided to end of uk tax year continue this to not disrupt the processes in the tax administration and payroll systems. At Crunch we provide affordable cutting-edge, easy-to-use software with real human support from expert chartered accountants. Discover your true take-home pay with our self-employed tax calculator – see exactly what you’ll keep after tax, National Insurance, and expenses. Discover essential tips, strategies, and resources tailored for successfully running a small business in today’s competitive landscape. For further information on payment on account, you can check out our POA article covering all you need to know.

Here, we’ll go through when the end of UK tax returns is due this year and what you should keep in mind. Any institution with employees must adhere to PAYE tax dates to ensure compliance with HMRC regulations and timely filing of tax returns. At Ryans, our tax specialists provide tailored support to help businesses and individuals manage their tax responsibilities efficiently. Whether you need assistance with payroll, VAT returns, or tax planning strategies, our team is here to help. This means if a company’s financial year ends on 31 December 2025, corporation tax must be paid by 1 October 2026.

You must become PAYE registered before the first payday, up to a maximum of 2 months beforehand. Annual accounts are a collection of financial statements summarising a company or LLP’s activity over its financial year. You must submit these to Companies House no later than 9 months following your year-end date. Use our interactive calendar to stay on top of the key tax year dates which affect your business.

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The minimum wage has gone up by 77p (6.7%) to £12.21 an hour for people aged 21 and over. Income and gains from these holiday lets will instead form part of the landlord’s UK or overseas property business. Alongside a rise in many consumer bills that we’ve been reported on throughout the week, a raft of measures announced by the government in its October budget will take effect too. But more recently, a number of companies have revealed plans for services to the continent. Finally, we have lots of questions about the deadline this weekend for topping up historical contributions to your pension… We’ve been telling you about pensions which are set to rise by 4.1% on Sunday, and it’s something which elicits a lot of discourse in our comments box.

One of the most critical mistakes you can make is not maintaining accurate and organized financial records throughout the year. Keeping track of all income, expenses, and receipts can help you calculate deductions correctly and ensure the accuracy of your tax return. When you miss the tax filing deadline, HM Revenue and Customs (HMRC) may impose a penalty of £100.

The reporting deadline for Self Assessment tax returns submitted online is midnight 31st January following the end of the tax year covered by the return. If, after 3 months, you still fail to file your tax return, there is an additional £10 per day for up to 90 days (max £900). For 6 months, there is an extra of £300 or 5% of the tax due (whichever is higher) and another £300 for over 12 months. Stay informed about tax regulations, discover effective tax-saving strategies, and ensure compliance with our comprehensive tax guides and tips. As a VAT-registered business, you’ll usually submit a VAT Return every 3 months (so 4 returns per year). However, different rules apply if you join the VAT Annual Accounting Scheme (AAS).

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Whether you’re an individual or running an incorporated business, by the end of the period, you’ll need to have your accounts and expenses in order ready to submit to HMRC. All the key tax year dates and deadlines you should know in the UK, including what to do if you can’t pay, or if you miss a deadline. At the same time, the government is increasing the Employment Allowance – the amount by which smaller businesses can reduce their national insurance contributions – from £5,000 to £10,500. Some have already come into force, such as increases in capital gains tax, while others, like inheritance tax changes, vaping levies and an end to the income tax band freeze, won’t for several years. Up to 300,000 people, including those with side hustles, will no longer need to file a Self-Assessment tax return, tax minister James Murray is expected to announce in a speech later today.

Take advantage of any new allowances or tax relief measures that may be available, and ensure that you are correctly calculating your tax liability based on the updated rates and thresholds. The submission deadline for  your VAT return is 1 month and 7 days after the end of the VAT period. For example, if you have a VAT period that ends on the 30th of October, your VAT return will be due by the 7th of December. These were annual payments, so to keep the tax period at 365 days people were given 11 extra days to settle their bill.

With the IRS Streamlined Procedure, say goodbye to overdue tax returns, late fees, and penalties. The deadline for submitting your paper tax return is the 31st of October. This is earlier than the online submission to allow HMRC enough time to process your paper Self Assessment as this is a longer process. To submit yours, you have to request a paper form from HMRC as they’re no longer automatically sent out. Value Added Tax (VAT) is a consumption tax applied to the sale price of almost all goods and services sold by VAT-registered businesses.

You have 12 months from the Self Assessment deadline to make these changes. There’s usually a second payment deadline of 31 July if you make advance payments towards your bill (known as ‘payments on account’). If you want HMRC to automatically collect tax you owe from your wages and pension, submit your online return by 30 December. If you’re sending an online tax return, you must submit it by midnight 31 January 2025. In April 2019, VAT-registered businesses with a turnover above the VAT threshold (it was £85,000 at the time but is now £90,000) were the first to be required to use MTD for VAT returns. Note that if you are late filing or paying VAT, you accrue penalty points and there is a late payment penalty.

Deadlines for submitting VAT returns 2025/26

• There are several important dates to remember throughout the tax year, and these can vary depending on what sort of business you run, and whether you use contractors, employ staff, or you’re VAT registered.
• As a new tax year approaches, it is important to stay informed about the changes that could impact your finances.
• You must tell HMRC by 5 October if you need to complete a tax return and have not sent one before.
• Any capital gains tax due on a second property sale must be reported and paid within 60 days of the sale’s completion.

London St Pancras Highspeed (LSPH) announced millions of pounds in financial incentives for any operator launching rail services between London and mainland Europe. The owner of the Channel Tunnel high-speed rail line is cutting prices to attract more international services from London St Pancras. One clear frustration is the different levels of change between the old and new state pension… Global financial markets have tanked since the tariffs were announced by Donald Trump on Wednesday, with the risk of a recession this year rising from 40% to 60%, according to JP Morgan analysis.

Like savings accounts, there are different types of Cash ISA’s you can open. With fixed-rate Cash ISAs, your interest rate remains the same for the duration of it or for a set period such as one year or three years. Sometimes, there might also be limits on how often you take money out of the account. The end of the tax year is nigh, so you don’t have much time left to use up your Cash ISA allowance. Under the current rules, the personal savings allowance for 20% basic rate taxpayers is £1,000. The proposed change to the Finance Bill would increase the Temporary Repatriation Facility – a three-year window where non-doms can pay a discounted rate on foreign income and gains.

Individuals and businesses selling second properties or investment properties should also be aware of the capital gains tax (CGT) deadline. Any capital gains tax due on a second property sale must be reported and paid within 60 days of the sale’s completion. These forms detail the benefits provided to employees and ensure the correct tax is applied. Employers must then make payment for Class 1A National Insurance Contributions (NICs) on these benefits, with postal payments due by 19 July 2025 and online payments due by 22 July 2025. If wage growth is particularly strong, this could lead to a significant boost in pension payments from April 2026.