Key dates for accountants in business this year

While many critical workflows for accountants in business can be automated, you still need to be aware of the critical dates in 2024 related to filing deadlines and tax changes.

Planning is critical. Missing deadlines and paying incorrect values can result in the business receiving fines and needing to undertake time-consuming admin. This can impact the resourcing of your teams and have a knock-on effect on producing accurate forward-looking forecasts.

Due to the incoming recession, making agile decisions based on accurate data is more critical than ever. Don’t accrue deadlines and fines; schedule tasks for teams in advance by following our critical dates for the 2024/2025 tax year ahead.

1. Tax Year Start: The tax year for 2024/2025 will begin on April 6, 2024, as it traditionally does each year.
2. Self-Assessment Deadlines:
3. • Paper tax returns for the 2023/24 tax year are due by October 31, 2024.
   • Online tax returns and any tax owed for the 2023/24 tax year must be submitted and paid by January 31, 2025.
3. VAT and PAYE: VAT returns and payments are generally due 1 calendar month and 7 days after the end of an accounting period, which can vary based on the business’s specific VAT accounting period. Monthly PAYE and Class 1 National Insurance contributions (NICs) need to reach HMRC by the 22nd of each month if paid electronically, or by the 19th if paid by cheque. Quarterly PAYE payments are also an option for those who pay less than £1,500 a month, due by the 22nd after the end of the relevant quarter. Monthly remittances for PAYE must be submitted by the 19th if sent by post or by the 22nd if submitted online. P60 forms for the 2023/24 tax year must be issued to employees by May 31.
4. Corporation Tax for Limited Companies: If you’re running a limited company, you need to inform HMRC within three months of starting your business. Payment deadlines for taxable profits of £1.5 million or less are nine months and one day after the end of your corporation tax accounting period. For taxable profits of more than £1.5 million, you’ll likely need to pay your corporation tax in four instalments. The deadline for filing your company tax return is 12 months after the end of your company’s accounting period.
5. Statutory Payments: From April 2024, there will be new rates for statutory maternity, paternity, adoption, shared parental, and sick pay. The specific rates have been updated for the 2024/2025 tax year.
6. National Insurance (NI) and Tax Bands: There have been changes to NI rates, including a two-percentage-point cut from January 6, 2024. Additionally, a new Scottish tax band has been introduced, and there are updates to thresholds and rates for existing bands.
7. Student Loan Thresholds: The thresholds for repaying student loans have increased for certain plans, with no changes announced for others yet.
8. Flexible Working Legislation: Starting in the new tax year, employees will be entitled to request flexible working arrangements from the first day of their employment.

These updates reflect changes in statutory pay rates, tax regulations, NI rates, and other financial obligations that businesses and individuals in the UK need to be aware of for the 2024/2025 tax year. For the most accurate and detailed information, it’s recommended to consult official government resources or financial advice tailored to specific circumstances.

2024 Spring Budget and Autumn Statements

The Spring Budget for 2024 is confirmed for March 6, 2024, as announced by the Chancellor. This date is significant for financial planning and forecasting, marking a key moment for the announcement of government fiscal policies and economic measures for the upcoming year. For more detailed information on the Spring Budget 2024, bookmark the official gov.uk webpage, where announcements and updates are published.

As for the Autumn Statement, while the specific date for 2024 hasn’t been directly provided in the sources accessed, it usually takes place in late November or early December. It’s another crucial event where the government outlines additional economic forecasts and reviews the financial measures introduced in the Spring Budget. You should keep an eye on official announcements from HM Treasury. You can download the summary of insights and action points from our Autumn Budget event last year.

These fiscal announcements are essential for businesses, financial planners, and the public to understand the government’s economic priorities and how they may impact taxation, spending, and investment within the UK.

Filing deadlines specific to you

Alongside dates that affect all companies, you’ll also have your own filing and payment deadlines for VAT, annual accounts, and corporation tax, so mark these in your teams’ calendars now.