The financial year can feel like a whirlwind for small business owners and individuals alike. With deadlines to juggle and rules to follow, it’s easy to feel overwhelmed.
For businesses, it’s the backbone of financial planning—everything from tracking income and expenses to meeting tax obligations hinges on getting the timing right. For individuals managing their own tax returns, those looming deadlines can add extra pressure.
Staying on top of key dates doesn’t just help you avoid fines and stress; it’s a chance to take control of your finances and make smarter decisions for the year ahead. Whether you’re running a business or completing your Self Assessment, knowing what’s due and when can make the whole process a lot smoother.
At Ryans, we specialise in corporate tax planning, payroll management, and year-end financial reporting. Our team provides tailored solutions to ensure your business meets all HMRC requirements while maximising efficiency.
Whether you’re a business owner or an individual taxpayer, Ryans can help you navigate the complexities of the financial year with confidence.
January 2025
1 January
From this date, education and boarding services provided by Independent Schools, or those connected to them, will no longer qualify for VAT exemption. These services will now be subject to the standard VAT rate of 20%.
19th January
This is the deadline for employers and contractors to submit PAYE, Student Loan, and CIS deductions for the period ending 5th January 2025.
- Postal Deadline: Payments sent by post must reach HMRC by 17th January 2025 to be considered on time.
- Electronic Deadline: Electronic payments must clear by 22nd January 2025.
Meeting these deadlines is essential to avoid late payment penalties and accruing interest, ensuring compliance with HMRC requirements.
31st January
This is the final date for:
- Submitting 2023/24 Self Assessment tax returns online.
- Paying any outstanding 2023/24 tax liabilities.
- Making the first payment on account for the 2024/25 tax year.
Failure to meet this deadline will result in a late filing penalty of £100, with additional charges for extended delays. Interest will also accrue on late payments, emphasising the importance of timely submissions.
It is also the deadline for Capital Gains Tax Payments. Any CGT owed will be included in your balancing payment for the tax year. However, if you’ve sold residential property that isn’t your primary residence, you must report the gains and pay the tax to HMRC within 60 days of completing the sale.
February 2025
1 February
From this date, Alcohol Duty rates for non-draught products will increase in line with the Retail Price Index. In contrast, duty on draught products will see a reduction of 1.7%.
2nd February
Employers must submit P46 (car) forms for any changes in car or fuel benefits provided to employees during the quarter ending 5th January 2025.
- This applies when a car is first provided, replaced, or when fuel benefits change.
- Submissions help HMRC update employees’ tax codes accurately.
14th February
If you’re employed and wish to request a deferral of Class 1 National Insurance Contributions for the 2024/25 tax year, the deadline is 14 February. After this date, HMRC will only consider applications submitted before 6 April 2025 if your employer agrees to the deferral.
19th February
The deadline for PAYE, Student Loan, and CIS deductions for the period ending 5th February 2025.
- Electronic Payment Deadline: Payments must clear by 21st February 2025 or by 22nd February if using Faster Payments.
- Employers and contractors should ensure accurate and timely submissions to avoid penalties.
March 2025
1st March
New Advisory Fuel Rates (AFR) for company car users take effect.
- Employers should apply these rates when reimbursing fuel costs or calculating employee benefits.
- Staying updated on AFR changes ensures compliance with HMRC guidance.
3rd March
A 5% late payment penalty will be applied to any outstanding 2023/24 tax liabilities that were due on 31st January 2025. Promptly addressing unpaid taxes before this date can help avoid additional penalties.
19th March
PAYE, Student Loan, and CIS deductions for the period ending 5th March 2025 must be submitted.
- Employers using Faster Payments must ensure funds clear by 22nd March 2025 to avoid penalties or interest.
31 March
The temporary Stamp Duty thresholds—£425,000 for first-time buyers and £250,000 for other buyers—will revert to their previous levels. From 1 April, the thresholds will return to £300,000 for first-time buyers and £125,000 for all other purchasers.
This change may prompt a surge in transactions as buyers and sellers aim to complete their deals before the thresholds decrease.
April 2025
1 April
The National Living Wage (NLW) will rise to the following levels
21+ year olds – £12.21 per hour (previously £11.44)
18 – 20 year olds – £10.00 per hour (previously £8.60)
16 – 17 year olds – £7.55 per hour (previously £6.40)
Apprentice rate – £7.55 per hour (previously £6.40)
Also on this date is the new 40% business rates discount for businesses in the retail, hospitality and leisure sectors (up to a cash cap of £110,000.
5th April
The final day of the 2024/25 tax year. This is a critical date for year-end tax planning:
- Maximise annual allowances for ISAs, pensions, and gifts.
- Plan effectively for capital gains tax exemptions.
- Review and finalise any pending tax relief opportunities.
6th April
This is the start of the 2025/26 tax year. A new tax year provides an opportunity to revisit financial plans, implement tax-efficient strategies, and align with updated HMRC regulations.
At Ryans, we can assist businesses and individuals in navigating these key dates, ensuring compliance and optimising tax strategies throughout the financial year.
Why These Deadlines Matter
Avoiding Penalties
Missing key financial deadlines can lead to significant financial and legal consequences. Late submissions or payments often result in penalties, which increase the longer the delay continues.
For example, Self Assessment returns filed after the deadline incur an automatic £100 penalty, and interest accrues on unpaid tax liabilities. Persistent non-compliance can even prompt HMRC audits, disrupting business operations and potentially leading to higher fines or legal action.
Maintaining Compliance
Adhering to HMRC deadlines is essential for smooth business operations and avoiding unnecessary scrutiny. Compliance builds trust with stakeholders, including shareholders, employees, and HMRC.
Accurate and timely submissions also demonstrate a commitment to professional standards, reducing the likelihood of audits and ensuring your financial records remain in good standing.
Strategic Planning Opportunities
Deadlines aren’t just about avoiding penalties—they also present opportunities to optimise your financial strategy.
Planning around key dates allows businesses and individuals to make the most of tax allowances, such as capital gains tax exemptions or pension contributions.
Proactive planning ensures you can reduce your tax liability, improve cash flow, and set a strong foundation for the next financial year.
How to Stay Organised for the Financial Year 2024-25
Using Digital Tools
Modern accounting software and calendar tools can simplify the task of tracking financial deadlines. Digital solutions can automatically notify you of upcoming due dates, reducing the risk of missing a key filing or payment.
Tools like Xero, QuickBooks, or Sage can also help you manage payroll, generate financial reports, and streamline tax submissions. Ryans can guide you in selecting and implementing the most suitable tools for your business, ensuring you remain compliant and efficient.
Setting Reminders
Creating a compliance calendar is an effective way to stay on top of important dates. Set internal reminders for deadlines, allowing time to prepare documentation and resolve any discrepancies before submission.
Align these reminders with internal workflows to ensure your team has adequate time to gather and review the required information.
Professional Support
Working with experienced accountants like our experts at Ryans can help you stay ahead of financial deadlines and regulations.
Professional support ensures your tax planning, payroll management, and Self Assessment filings are handled efficiently and accurately. Ryans’ expertise in corporate tax and compliance allows you to focus on running your business while staying confident that your financial obligations are being met.
How Ryans Can Help
Ryans Chartered Accountants bring decades of expertise in handling complex tax and accounting needs for businesses and individuals across the UK.
Whether you’re a small business, a large corporation, or an individual navigating Self Assessment, Ryans can offer personalised solutions to ensure financial efficiency and compliance.
Preparing and Submitting Year-End Financial Statements
Ryans ensures your accounts are accurate, compliant, and submitted on time, reducing the risk of penalties and enhancing financial transparency.
PAYE and CIS Compliance
Ryans manages payroll deductions and contractor payments under the Construction Industry Scheme (CIS), ensuring full compliance with HMRC regulations.
Personalised Tax Planning and Advice
Tailored strategies to help businesses and individuals optimise tax efficiency while staying aligned with UK tax laws.
Deadline Management
From tracking submission dates to filing returns, Ryans takes the stress out of managing financial year deadlines.
Take the guesswork out of your financial planning by partnering with Ryans. Get in touch today for a consultation and tailored advice to keep your finances on track.
Financial Year Deadline FAQs
What happens if I miss a tax deadline?
Missing a tax deadline can result in penalties, which increase the longer the delay, as well as interest on unpaid amounts. It’s crucial to act promptly—contact HMRC or your accountant to address any missed deadlines and mitigate further charges.
Can I adjust my PAYE or Self Assessment deadlines?
No, HMRC deadlines are fixed. However, by preparing early and staying organised, you can ensure submissions and payments are made on time, avoiding unnecessary penalties.
What is the difference between PAYE monthly and quarterly payments?
Most businesses must make monthly PAYE payments, but small employers with total monthly deductions under £1,500 can choose to pay quarterly instead. This option simplifies cash flow management for small businesses.
How can Ryans help with tax deadlines?
Ryans offers end-to-end support for all tax deadlines, from preparing and submitting returns to ensuring timely payments. With Ryans managing your deadlines, you can focus on growing your business while staying fully compliant with HMRC.
What are Advisory Fuel Rates, and why do they matter?
Advisory Fuel Rates are guidelines set by HMRC to calculate tax-free reimbursement for fuel costs when employees use company cars. Rates are updated quarterly, so staying informed ensures accurate reimbursements and compliance.