31 January: Self-Assessment Deadline
It’s crunch time for anyone filing a self-assessment tax return. If you’re a sole trader, business partner, or company director, make sure to:
- Submit your online Self Assessment for the 2023-24 tax year by midnight on 31 January 2025.
- Pay your Self Assessment bill for any tax owed in 2023-24, including Income Tax, National Insurance, or Capital Gains Tax.
Missed the deadline? HMRC will hit you with a £100 penalty, plus extra charges if you delay further. Avoid the stress—plan ahead!
1 February: Alcohol Duty Changes
If your business involves the sale of alcohol, take note:
- Duty rates on non-draught products will rise in line with inflation.
- However, duty rates on qualifying draught products, like beer and cider, will decrease slightly.
Ensure you’re up to speed if these changes affect your stock or pricing strategies.
26 March: Spring Forecast Update
The Chancellor will deliver an economic update on 26 March. While not a deadline, it’s a good opportunity to review how changes in fiscal policies might impact your business.
1 April: National Minimum Wage Increases
Employers, check your payroll:
- National Living Wage (21+): £12.21/hour
- 18-20-year-olds: £10.00/hour
- Apprentices: £7.55/hour
Pay rises mean higher costs, so review your budgets early to avoid surprises.
5 April: End of the Tax Year
This marks the last day of the 2024-25 tax year.
- File benefits and expenses via HMRC’s payrolling service if applicable.
- Employers: Use this opportunity to review your financials and plan for the new tax year.
6 April: Start of the 2025-26 Tax Year
New tax measures come into effect, including:
- Employer NICs increase to 15%.
- Employment Allowance rises to £10,500, providing some relief for eligible employers.
- Adjusted thresholds for Scottish Income Tax rates.
31 May: P60 Deadline
If you’re an employer, you need to issue P60s to all employees for the previous tax year by 31 May. This is essential for transparency and compliance.
31 July: Second Payment on Account
Self-employed individuals may need to make a second payment on account towards their 2024-25 tax bill. Review your cash flow in advance to meet this deadline without stress.
5 October: Register for Self Assessment
If you’re newly self-employed or need to file for the first time, make sure you’ve registered with HMRC by this date.
Key Legislative Changes for Limited Companies in 2025
Under the Economic Crime and Corporate Transparency Act, these measures will apply:
- From January, individuals can apply to suppress certain personal details from Companies House.
- A new identity verification process for directors and PSCs begins in Autumn, with a 12-month transition phase for compliance.
