Submitted by
Holly Nesbitt | on Wed, 05/08/2024 - 14:45 | In
HMRC When running a business, keeping on top of things like tax submissions and regulatory changes isn’t just smart; it’s crucial.
So, since it’s the end of the financial year, and we’re accountants, we thought we’d help you out with this.
To help you prepare for the financial year of 2024, here are the key financial dates to remember.
April 2024
- 6th April: New Tax Year and Employment Law Updates The new tax year starts on 6 April, bringing updates in employment law, including revised paternity leave and flexible working regulations. Businesses must review HR policies to align with these changes, promoting a flexible and supportive work environment.
- 19th April: Deadline for the Final PAYE Submission An important date to remember for employers is 19th April. This is when you need to submit your final PAYE payment for the 2023/2024 tax year ending on April 5th, 2023, to HMRC, indicating that you’ve completed your last filing for the year.
May 2024
- 31st May: P60 Deadline The P60 document summarises an employee’s total pay and deductions for the year and is essential for personal tax affairs. Employers must provide their employees with P60s by May 31st, on paper or electronically, as they’ll need this to prove how much tax they have paid on their salary.
July 2024
- 6th July: P11D Forms Due A P11D form is for employers to report employee benefits and any perks beyond the salary. From company cars to health insurance, ensuring these are accurately reported is crucial for compliance and peace of mind.
- 31st July: Second Payment on Account Deadline The 31st marks the deadline for the second Payment on Account, a proactive step towards your next tax bill. Staying ahead ensures you’re not caught off guard when the final bill arrives.
September 2024
- 24th September: Pension Awareness Day Whether it’s starting a new scheme or reviewing an existing one, ensuring your pension is on the right track is pivotal for a secure financial future.
October 2024
- 5th October: Register for Self-Assessment As the leaves turn, a reminder for the newly self-employed: the 5th of October is the deadline to register for self-assessment.
- Cyber Security Awareness Month In an era where data is gold, safeguarding your business’s digital frontiers is non-negotiable. From secure passwords to regular system updates, this is a good time to review and update your security.
- Autumn Budget (Date TBC) Keep an ear to the ground for the Autumn Budget, where the government will unveil tax changes and spending plans. It’s a pivotal moment that could shape your financial strategy for the year ahead.
- 31st October: Deadline for Paper Submissions of Tax Returns If you’re doing a paper tax return, you must submit it by midnight on the 31st of October 2024, following the tax year end (5th of April, 2024).
November 2024 to January 2025
- Preparation of Self-Assessment Tax Returns As winter sets in, it’s the season for self-assessment prep. From collating invoices to understanding new submission nuances, a proactive approach now can ease the January rush – so aim to get your documents to your accountant ahead of time.
- 31st January: Deadline to File Tax Returns The deadline for sending most online 2023/24 self-assessment tax returns to HMRC and for paying the related tax is the 31st of January 2025. If this deadline applies to you, make sure you file and pay any tax you owe by this date to avoid penalties and interest.
February 2025
- National Apprenticeship Week (Dates TBC) For businesses, it’s a chance to mould enthusiastic talent; for individuals, it’s an opportunity to earn while they learn—a win-win in the world of work.
April 2025
- 5th April: End of the Financial Year As March winds down, the financial year draws to a close. It’s the final call for tax and financial housekeeping before the 5th of April. Dotting the i’s and crossing the t’s can ensure a smoother transition into the new financial year.
Work closely with your accountant
If you work with your accountant throughout the year, each key date is a stepping stone towards financial clarity and compliance. From April’s beginnings to March’s end, every deadline can be an opportunity to refine and progress your financial strategy.
If you want to stay ahead of the curve and move through the year with purpose and insight, reach out to us today. We can help you stay up-to-date on the things that you should be aware of.
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