Key Dates for Self Assessment 2024/25: Deadlines You Can’t Afford to Miss.

Key Dates for the 2024/25 Self Assessment Tax Year: Deadlines You Can’t Afford to Miss.

The 2024/25 tax year is upon us, and with it comes a fresh set of deadlines that UK businesses and self-employed professionals need to keep on their radar. Staying ahead of these key dates ensures that you avoid penalties, stay compliant with HMRC, and keep your finances in check.

From registering for Self Assessment to making Payments on Account, this guide will walk you through all the crucial dates for the UK tax year. Bookmark this page, mark your calendars, and ensure you’re prepared well in advance.

Why Keeping Up with Tax Deadlines Matters

Missing a tax deadline isn’t just an inconvenience—it can lead to unnecessary fines, cash flow problems, and stress. With HMRC penalties for late submissions and payments, it’s essential to plan ahead. Here’s a breakdown of the most important tax dates for 2024/25.

Key Tax Deadlines for the 2024/25 UK Tax Year

Let’s go through each date in detail.

6th April 2024: Start of the New Tax Year

The UK tax year runs from 6th April 2024 to 5th April 2025. This is when new tax rates and thresholds come into effect.

Key Changes for the 2024/25 Tax Year:

• Personal Allowance: £12,570 (unchanged from the previous year)
• Basic Rate Tax Band: 20% on earnings between £12,571 – £50,270
• Higher Rate Tax Band: 40% on earnings between £50,271 – £125,140
• Additional Rate Tax Band: 45% on earnings over £125,140

You should receive your updated tax code around this time. If you’re on PAYE, check your tax code to ensure you’re being taxed correctly. Mistakes could result in overpayments or unexpected bills.

Top Tip: Start preparing your Self Assessment tax return early, even though the deadline isn’t until January. Having all your receipts, invoices, and records organised now can save you stress later.

31st July 2024: Payment on Account Deadline

If you pay tax through Self Assessment, you may need to make a Payment on Account. This is an advance payment towards your next tax bill, based on your previous year’s tax liability.

You will need to make two payments on account every year:

First payment: 31st January
Second payment: 31st July

Payments on account help spread the cost of your tax bill instead of facing a large lump sum in January.

If your tax bill is expected to be lower this year, you can apply to reduce your Payment on Account via HMRC.

How to Pay HMRC:

• Bank Transfer (BACS/Faster Payments) – Use your Self Assessment UTR as a reference.
• HMRC Online Portal – Pay directly through your Government Gateway account.
• Cheque – Less common but still an option.

5th October 2024: Deadline to Register for Self Assessment

If you’ve started self-employment or have untaxed income, you must register for Self Assessment by 5th October 2024.

This applies to:

Newly self-employed individuals
Freelancers and contractors
Landlords earning rental income
Those earning through dividends or investments

How to Register:

• Self-Employed: Register for Self Assessment via the HMRC website and get a Unique Taxpayer Reference (UTR) number.
• Previously Registered? If you’ve filed before but stopped, you’ll need to reactivate your UTR.
• Not Self-Employed but Have Additional Income? You may still need to complete a Self Assessment (e.g., rental income, dividends, foreign income).

31st October 2024: Paper Self Assessment Tax Return Deadline

If you still file your tax return via paper, the deadline is 31st October 2024.

Important: HMRC is gradually phasing out paper tax returns. Filing online is quicker, easier, and extends your deadline to 31st January 2025.

If you miss the paper deadline, you must file online to avoid penalties.

31st January 2025: Digital Self Assessment Deadline & Final Tax Payment

This is the biggest tax deadline of the year.

By 31st January 2025, you must:

• File your Self Assessment tax return online
• Pay any tax owed for 2023/24
• Make your first Payment on Account for 2024/25 (if applicable)

Late Filing Penalties:

• 1 day late: £100 penalty
• 3 months late: £10 per day (up to £900)
• 6 months late: Additional £300 (or 5% of tax due)
• 12 months late: Additional £300 (or 5-100% of tax due)

To avoid last-minute panic, file your tax return as early as possible.

6th April 2025: Start of the Next Tax Year

Once 6th April 2025 arrives, the 2025/26 tax year begins, bringing new thresholds and allowances.

This is also a great time to:

Review your business finances
Organise records for your next Self Assessment
Set up tax-saving strategies (e.g., ISA contributions, pension planning)

Stay Ahead of Your Tax Deadlines

Missing a tax deadline can result in costly fines and unnecessary stress. Whether you’re self-employed, a small business owner, or a bookkeeper managing multiple clients, staying organised is key.

When you become a Self Assessment client, you automatically get put into a WhatsApp group with our team that specialise in the services you have selected. If you join us for the 24/25 Self Assessment before April 25, we will be able to offer you a payment plan to help with your cash flow and you will always be ahead of that January deadline.

Need help with your accounts? BarrettStacey Accounting offers expert guidance to ensure you meet every deadline stress-free. We help with:

• Self Assessments and tax planning
• Bookkeeping and financial health checks
• VAT returns and company accounts

You can contact us easily by either emailing us ask@barrettstacey.co.uk or calling us on 0117 2901204.

We received a lovely Google review recently.

It has been everything easy and the team has been fantastic from the very first moment, I will definitely do my self assessment with them again next year!!!!