If you’re the type of person who lives and breathes by your calendar, now’s a good time to add a few key tax deadlines to those digital (or, if you’re old school, paper) date boxes.
Some tax calendar deadlines remain consistent year over year—but others change or shift, so it’s important to keep abreast of the latest updates. Below are a few to note for the current year (2024/25).
By understanding these key moments and preparing accordingly, individuals and businesses can navigate the next 12 months with confidence. Remember—the journey through the financial year doesn't have to be solitary. There are plenty of resources and professionals available to guide and support you every step of the way.
Key dates for your tax calendar diary
You’re probably already aware of the big dates you need to know for tax season: 5 April, which is when the current tax season comes to a close, and 6 April, when the new one begins. Below are a few other dates to keep in mind, as well as the implications for some of these important deadlines.
- End of Tax Year 2024/25 – 5 April, 2025: This signifies the close of the current financial year and the commencement of the 2025/26 tax year the following day. It's a pivotal moment for financial review and planning regardless of your form of employment.
For employed workers whose tax is automatically deducted, this is when your tax code may change if your circumstances are different at the start of the new tax year. Those who are self-employed will be able to submit their self-assessment tax returns for the prior year at this time.
Keep in mind that self-employed UK residents have until 31 January following the end of the tax year to submit their tax return, but can submit any time between 6 April and 31 January. - Payroll Deadline – 19 April, 2024: This is the deadline by which employers are required to finalise their Pay As You Earn (PAYE) submissions and payments to HM Revenue and Customs (HMRC) for the tax year 2023/24. If you run a business or handle payroll, be sure you’ve got this date on your calendar. Once this is submitted, all payments to HMRC will be complete for the tax year.
- P60 Deadline – 31 May, 2024: This is the deadline for employers to distribute P60 forms, which are summaries of an employee's pay and tax deductions for the year, to all staff. This document is essential for employees' personal financial records and future tax interactions. Your workers will thank you for sending it in a timely fashion.
- P11D Form Deadline – 6 July, 2024: Employers must submit P11D forms for each employee receiving benefits or expenses not covered by payroll taxes, such as interest-free loans or travel allowances, by this date. It's a critical step in maintaining compliance with tax regulations regarding employee benefits. Accurate and timely submission helps avoid potential disputes and penalties.
Navigating the new financial year with confidence
Staying ahead of these dates and understanding their significance can prevent last-minute scrambles and ensure compliance with tax regulations. Here are some additional strategies to navigate the tax year with ease:
- Prepare early: Begin gathering all the necessary documents and information well in advance of deadlines. This can help reduce stress and allow for thorough review and correction of any discrepancies.
- Use tech to your advantage: Leveraging financial software or applications can streamline the process of tracking income, expenses, and tax obligations, making it easier to meet submission deadlines. There’s a wide range of tools available on the market to help with these tasks. QuickBooks, for instance, offers comprehensive software for individuals, small businesses, and more.
- Consult with professionals: Whether you're employed with a company or self-employed, consulting with a tax professional can give you tailored advice and ensure you're maximizing your financial opportunities while remaining compliant.
- Review regularly: Periodically review your financial standing and tax obligations throughout the year. This proactive approach can identify potential issues early on and allow for strategic planning — something any calendar-stickler will appreciate.
If you’re in the midst of planning out your next financial year, QuickBooks can help make the process a little more seamless. Find a full list of key dates and additional information on new tax year deadlines on this recent QuickBooks blog.