Introduction: Why Key Financial Dates Matter
As a business owner or individual managing personal finances, missing a key tax or financial deadline can lead to unnecessary penalties and stress.
But what if staying on top of these dates didn’t have to feel so overwhelming? At Giraffe Accountants, we’re here to simplify things for you, making sure you’re fully aware of the key dates that will affect your financial year.
Whether you’re dealing with R&D Tax Relief claims or ensuring your self-assessment is filed on time, knowing these key deadlines can save you both time and money.
The Importance of Staying on Top of Deadlines
Deadlines aren’t just bureaucratic hoops to jump through; they’re critical to ensuring smooth operations, avoiding penalties, and making the most of tax reliefs. Missing a deadline could result in unnecessary fines, interest on unpaid taxes, and even missed opportunities for financial relief.
What Happens if You Miss a Deadline?
Nobody likes surprises from HMRC—especially not when it’s a hefty fine. Missing key tax dates can result in penalties, added interest on overdue payments, and lost reliefs. So, why risk it when you can stay ahead?
Key Dates in 2024: What You Need to Know
30 September 2024: R&D Tax Relief Notification Deadline
For businesses planning to claim Research and Development (R&D) Tax Relief for the year ending 31 March 2024, you must notify HMRC by 30 September 2024. This is one of the most valuable tax reliefs available, but many businesses overlook it simply because they miss the deadline.
What is R&D Tax Relief?
R&D Tax Relief is a government incentive designed to encourage companies to invest in innovation. Whether you're developing new products or improving existing processes, this relief can provide significant tax savings.
How Can Giraffe Accountants Help?
Our team at Giraffe Accountants will ensure that your R&D claims are filed on time and maximised to give your business the best possible return.
1 October 2024: Changes for UK Employers
From 1 October 2024, two critical changes will affect UK businesses, especially those in the hospitality and service sectors.
New Law on Tips for Staff
From this date, it will become illegal for employers to withhold tips from staff. If you manage a business where tipping is common, now is the time to review your policies and ensure compliance.
Increased Company Size Accounting Thresholds for Businesses
Also on 1 October, monetary thresholds that determine company size and therefore what type of accounts you need to prepare, will increase by 50%. If your business is approaching these new thresholds, you’ll need to reassess your financial reporting and compliance requirements.
5 October 2024: Self-Assessment Registration Deadline
If you’re newly self-employed or have income that hasn’t been taxed at source, you’ll need to register for self-assessment by 5 October 2024. This applies to anyone with additional income, such as rental or freelance earnings.
Who Needs to Register for Self-Assessment?
Not sure if this applies to you? If you’re a sole trader, have capital gains, or are a company director, you’ll need to get this done by the deadline.
18 and 22 October 2024: PAYE Settlement Agreements Payment Deadlines
If you have a PAYE Settlement Agreement (PSA) in place, the payment deadlines are 18 October 2024 for non-electronic payments and 22 October for electronic payments. This allows you to cover tax and NICs on minor employee benefits in a lump sum.
Understanding PAYE Settlement Agreements
A PSA simplifies tax reporting on benefits like staff parties and small gifts. But don’t wait until the last minute—Giraffe Accountants can help you file everything on time.
30 October 2024: Autumn Budget Announcement
The Autumn Budget is always a key date for businesses. On 30 October 2024, the Chancellor of the Exchequer will announce the government’s tax and spending plans for the coming year.
Potential Changes in Tax Policy
It’s always a good idea to prepare for potential changes in tax rates, allowances, and reliefs. Subscibe to our blog to stay informed with Giraffe Accountants’.
31 October 2024: Deadline for Paper Self-Assessment Returns
If you’re submitting a paper self-assessment return, the deadline is 31 October 2024. Most taxpayers file online now, but if you prefer paper, you’ll need to make sure your return is received by this date.
Why Paper Returns Are Becoming Less Common
Online filing has several benefits, including a later deadline (31 January 2025) and faster processing times. But for those who still prefer paper, Giraffe Accountants can help ensure everything is submitted correctly.
30 December 2024: Online Tax Return Deadline for PAYE
For taxpayers who want underpaid tax (up to £3,000) to be collected through their PAYE code for 2025/26, the deadline for submitting an online self-assessment return is 30 December 2024.
Should You File Early?
Filing early gives you peace of mind and avoids last-minute panic. Why not let us help you file well before the deadline?
1 January 2025: VAT on Private School Fees
From 1 January 2025, VAT will be applied to private school fees, a significant change for parents planning their finances. Schools will also need to adjust their VAT reporting.
What Does This Mean for Parents?
If you’re already budgeting for school fees, this change could impact your costs significantly. Contact Giraffe Accountants for help adjusting your financial plan.
31 January 2025: Key Self-Assessment Deadlines
The key deadline for filing your online self-assessment tax return for the 2023/24 tax year is 31 January 2025.
What You Need to File
By this date, you must file your return, pay any tax owed, and make your first payment on account for the 2024/25 tax year. Giraffe Accountants can guide you through this process.
5 April 2025: Final Day to Utilise Tax Allowances
5 April 2025 marks the end of the 2024/25 tax year and is your last chance to make the most of your tax allowances, including ISAs and pension contributions.
How to Maximise Your Allowances
Make sure you’ve fully utilised any allowances available to you. Not sure where to start? Contact us for personalised advice.
6 April 2025: New Tax Year Begins
The new tax year begins on 6 April 2025, bringing new tax bands and allowances.
Preparing for the 2025/26 Tax Year
This is the perfect time to review your finances and get ahead of any changes. At Giraffe Accountants, we’re here to help you make the most of the new tax year.
Conclusion: Planning Ahead to Stay Compliant
The financial year is full of deadlines, but with proper planning, you can avoid penalties and make the most of available reliefs. At Giraffe Accountants, we’re here to guide you through every step, ensuring you stay compliant and financially prepared.
FAQs About UK Tax Deadlines
What happens if I miss the self-assessment deadline? You could face penalties and interest on any unpaid tax. Contact us immediately if you think you’ve missed a deadline.
Can I claim R&D tax relief if I miss the notification deadline? No, failing to notify HMRC by the deadline will likely result in losing the claim for that tax year.
What are the benefits of filing my tax return early? Filing early reduces stress, gives you more time to gather information, and may speed up any tax refund you’re due.
Will VAT apply to all private school fees? Yes, from 1 January 2025, VAT will apply to all private school fees.
How can Giraffe Accountants help me with PAYE Settlement Agreements? We simplify the process, ensuring you meet deadlines and avoid penalties. Get in touch to learn more.
Looking for expert help with your finances? Contact Giraffe Accountants Limited today! Visit our website at https://www.giraffeaccountants.co.uk.
