What are the key dates for the 2024–25 UK financial year?

Are you ready for the new tax year? As a business owner or self-employed person, the 6th April is an important date in your calendar as you plan for the year ahead. It’s now time to look forward to those key dates that you need to know in the next 12 months.

To make sure you’re in the best position to figure out your finances for the 2024–25 tax year, we’ve put together this planner for all the important dates ahead. So let’s have a closer look at what’s coming in the next few months.

1st April 2024 — Increase to the Living Wage

Before we reach the end of the current tax year, be sure you’re familiar with the new increase to the Living Wage that arrives on 1st April. This will see the minimum wage paid to employees aged 21 and older increase from £10.42 per hour to £11.44 per hour.

5th April 2024 — 2023–24 tax year ends

This is the date that the UK tax year ends, having run from 6th April 2023. It marks the final day you have to use any remaining tax allowances or reliefs for the current year.

6th April 2024 — 2024–25 tax year begins

The new tax year begins. This is often the date that any new or updated regulations or rates will come into effect (typically those announced in the Spring Budget). Use this as an opportunity to get up to speed with these changes so you’re prepared.

6th April 2024 — Class 2 National Insurance contributions (NICs) abolished for the self-employed

A policy announced in the Autumn Budget 2023 for the self-employed arrives at the start of the new tax year. The Class 2 National Insurance contributions (NICs) paid by self-employed workers will be abolished — this is a flat fee of £3.45 per week paid on profits over £12,570 a year, representing a significant annual saving.

6th April 2024 — Employment Relations (Flexible Working) Act 2023

From 6th April, the Employment Relations (Flexible Working) Act 2023 comes into effect, which is a piece of legislation that gives UK employees the right to request flexible working arrangements, including working hours, times and locations.

If you are any employer or are planning to employ someone, it’s worth reading up on the Act to make sure you’re familiar with the changes to worker’s rights it introduces.

31st May 2024 — 2023–24 P60 forms due for employees

P60 forms for your employees are due at the end of May. These forms summarise pay from the previous tax year, as well as any deductions. You will need to provide these forms to every employee that was on the payroll at the end of the 2023–24 tax year (guide).

Self-employed people are not due a P60 as they are not part of the PAYE scheme.

June 2024 — Rollout of new King Charles III banknotes

From June, brand new banknotes that feature King Charles III will enter circulation. The current set of notes that feature Queen Elizabeth II will continue to be used, and there is no set date as of yet when they will be removed from circulation.

6th July 2024 — P11D form deadline

This is the deadline for you to submit P11D and P11D(b) forms electronically to HMRC. They cover ‘benefits in kind’, which are goods and services provided to an employee or director from a business outside of their wages, typically for free or at reduced costs.

You also need to provide your employees with their own copy of any information that relates to them by this deadline.

22nd July 2024 — Payment of 1A National Insurance contributions (NICs)

If you’re an employer, the Payment of 1A NICs are due by 22nd July if doing so digitally (19th if done by post).

31st July 2024 — Second 2024–25 ‘payment on account’ for Self Assessment

HMRC split the Self Assessment tax bill over two advance payment instalments, known as ‘Payments on account’. You may need to pay the second of these instalments for the 2024–25 tax year before the end of July.

This doesn’t apply to everyone who self-assesses, so check whether this applies to you.

September 2024 — Workers (Predictable Terms and Conditions) Act 2023 expected to become effective

The Workers (Predictable Terms and Conditions) Act 2023 is a piece of legislation that will give employees more rights to request predictable terms and conditions of work. It’s expected to come into effect at some point in September 2024.

If you are any employer or are planning to employ someone, it’s worth reading up on the Act to make sure you’re familiar with the changes to worker’s rights it introduces.

5th October 2024 — Deadline for Self Assessment registration if you’ve set up as self-employed in the 2023–24 tax year

If you have become self-employed during the 2023–24 tax year, and you’re not already registered, then you’ll need to register for Self Assessment with HMRC by 5th October.

It’s important to meet this deadline as you may be fined if you miss it.

5th October 2024 — Deadline for Self Assessment registration if you have set up a partnership in the 2023–24 tax year

If you are a business owner and have started a partnership in the 2023–24 tax year, you have until 5th October to register it.

31st October 2024 — Deadline for postal submission of Self Assessment tax returns

The deadline for submitting your postal Self Assessment tax return is 31st October. To do so, you will need to contact HMRC and order an SA100 tax return form, so make sure you do this in plenty of time ahead of the deadline.

Should you miss this deadline, the online submission deadline is in January 2025, so you’ll still get a chance to submit your tax return form digitally.

November 2024 — Autumn Budget

The Chancellor’s Autumn Budget usually takes place in early November or late October. Currently, there’s been no date confirmed at the time of writing. There is, however, a general election due before January 2025, so this Budget could be subject to change.

31st December 2024 — Deadline for reporting Capital Gains

If you made a gain during the 2023–24 tax year, you must report it by the deadline on the 31st December 2024. You can report the gain online.

This tax is paid on assets you own that have increased in value that you’ve sold (or ‘disposed of’). Find information on what qualifies as an asset on the gov.uk website.

31st January 2025 — Deadline for online Self Assessment tax returns

This is the final day to file your Self Assessment tax return online with HMRC for the 2023–24 tax year.

31st January 2025 — First 2024–25 ‘payment on account’ for Self Assessment

If you’re eligible, you will need to pay your first Self Assessment ‘Payment on account’ for the 2024–25 tax year before the end of January.

31st January 2025 — Deadline for paying Capital Gains Tax

You must make any Capital Gains Tax payment on any assets sold in the 2023–24 tax that you have reported by the end of January.

Once you’ve reported your gains in December 2024, HMRC will send you a letter or email with a payment reference number you’ll need to use when you pay.

5th April 2025 — 2024–25 tax year ends

6th April 2025 — 2025–26 tax year begins

Hopefully, this timeline has given you a much better idea of what to expect in the 2024–25 tax year ahead. We hope it helps you to plan your business finances.

For more great content, make sure you check back on our blog from time to time.