Tax Year Dates and Tax Return Deadlines 2024/25

Understanding tax year dates and deadlines in the UK is important for anyone who pays taxes, whether you're a self-employed individual, business owner, freelancer, limited company director, or contractor. Knowing these key tax year dates helps you plan your finances effectively, avoid penalties, and file your tax return on time. Failing to meet these deadlines can lead to unnecessary fines and stress, which is why staying organized and informed is crucial for timely tax filing.

The 2024/25 UK tax year runs from 6th April 2024 to 5th April 2025. These dates mark the period in which income is assessed for tax purposes. By managing these dates well, you also keep your financial records in order, making it easier to handle future taxes and avoid last-minute rushes.

The tax year in the UK is a fixed 12-month period used by the government to assess and collect taxes for individuals, businesses, and self-employed professionals. It is a 12-month timeframe during which income, expenses, and other financial details are tracked for tax purposes. This period plays a major role in determining tax liabilities, allowances, and deadlines for filing tax returns.

The standard UK tax year starts on 6th April and ends on 5th April of the following year. For example, the 2024/25 tax year begins on 6th April 2024 and ends on 5th April 2025. These dates apply consistently to all taxpayers, regardless of their income source or employment status.

How the Tax Year Works for Different Groups

1. Self-Employed Individuals

‍If you’re self-employed, the tax year is used to calculate your profits and tax liability. You need to report your income and expenses for the tax year when filing a self-assessment tax return. This process involves recording all business earnings, deducting allowable expenses, and paying any income tax or National Insurance owed.

2. Employed Individuals

‍For those who are employed, the tax year is important for understanding payslips and tax deductions. Employers deduct income tax and National Insurance through the PAYE (Pay As You Earn) system. At the end of the tax year, you receive a P60 form summarising your earnings and tax payments.

3. Companies

Businesses, especially limited companies, have their financial years, but these don’t always align with the UK tax year. However, their Corporation Tax returns, VAT payments, and other financial obligations must be calculated and reported based on the tax rules set during this period.

Being familiar with these dates helps taxpayers manage their finances throughout the year, whether it's by preparing for upcoming payments, taking advantage of tax reliefs, or keeping accurate records.

Key Periods During the Tax Year

• 5 April 2025: End of the 2024/25 tax year.
• 6th April 2024: The 2025/26 tax year officially begins. From this date, earnings, expenses, and tax obligations are calculated for the 2024/25 period.
• 19th April 2024: Employers must submit their final payroll report for the tax year.
• 31st May 2024: Employers must provide P60 forms to employees by this date. The P60 summarises the total income and tax paid during the tax year.
• 31st July 2024: Second payment on account deadline for those who made advance payments towards their previous year’s tax bill.
• 5th October 2024: Deadline to register for self-assessment if you are self-employed or need to report untaxed income for the first time.
• 31st October 2024: Deadline for submitting paper self-assessment tax returns for the 2023/24 tax year.
• 31st January 2025: Deadline for filing online self-assessment tax returns for the 2023/24 tax year and for paying any tax owed for that year. This is also the deadline for the first payment on account for the 2024/25 tax year.
• 5th April 2025: End of the 2024/25 tax year. Income and expenses after this date will be assessed in the following tax year.
• If you pay Class 1A National Insurance, deadlines for quarterly payments usually fall on 19th July, 19th October, 19th January, and 19th April.
• If you sell property, shares, or other taxable assets, you must report any gains within 60 days of the sale.
• Contractors under the Construction Industry Scheme (CIS) must file monthly returns by the 19th of each month.

Now, let's explore various taxes, tax year dates for them and tax return deadline for each:

Self Assessment Tax Return

A Self Assessment Tax Return is a system used by HMRC to collect income tax from individuals and businesses whose taxes are not automatically deducted through PAYE (Pay As You Earn). This applies to those with untaxed income, such as self-employed earnings, rental income, or income from savings, investments, and dividends. It involves reporting your income and allowable expenses to calculate the tax you owe.

Who Needs to File a Self Assessment Tax Return?

Actually, a lot of people. 

According to HMRC, 11,581,962 returns received by 31st January 2024 deadline.

You’ll need to file a Self Assessment if any of the conditions below apply:

• If you’re a self employed working as a sole trader, or earned more than £1,000 working for yourself
• You’re a limited company director who receive untaxed income
• You're a business partner in a partnership
• You received property rental income over £2,500 after allowable expenses
• You’re a trustee of a registered pension scheme
• You’re are a trustee or representative of someone who has died
• You earned £150,000 or more as an employee or pensioner
• You earned £10,000 or more from investment or savings income
• You earned £2,500 or more from untaxed income like tips or commissions
• You owe capital gains tax from the sale of an assets at a profit
• You claimed child benefits when your or your partner earn over £60,000
• You are an expat living abroad and receiving income from the UK
• You receive income from abroad
• You receive state pension payments that exceed your personal allowance and it’s your only source of income
  

Unsure about whether you need a Self Assessment tax return? You can check if it's required using HMRC's Self Assessment Tax Return tool.

Self Assessment Tax Return Filing Deadline

• Paper Returns: If you choose to submit a paper tax return, the deadline is 31st October following the end of the tax year. For the 2024/25 tax year, this means paper returns must be filed by 31st October 2025.
• Online Returns: The deadline for submitting an online tax return is 31st January following the end of the tax year. For the 2024/25 tax year, online returns must be filed by 31st January 2026.

Self Assessment Tax Return Payment Deadline

Payments must be made by 31st January 2026 for any tax owed for the 2024/25 tax year.

If you are required to make payments on account, the deadlines for these are:

• 31st January 2026: First payment on account for the 2025/26 tax year.
• 31st July 2026: Second payment on account for the 2025/26 tax year.

Self Assessment Payments on Account

A “Payments on Account” is an advance payment towards your tax bill for the following year.

This is calculated from how much you earned in the previous year and then split into 2 payments - one in January and one in July. 

In the following January, if you overpaid you’ll get a refund and if you underpaid then you’ll be asked to make a balancing payment to cover this.

Self Assessment Late Payment/ Filing Penalties

With a generous window of time to file and pay your Self Assessment tax return, there’s actually a lot of people who still end up leaving it too late and getting fined.‍

Need help with your Self Assessment? At Forma, we offer a Self Assessment Tax Return service for one-off charge of £165 + VAT or it's included in our all-inclusive packages.

VAT, or Value Added Tax, is a consumption tax charged on most goods and services sold in the UK. It is applied at different rates—standard, reduced, or zero—depending on the type of goods or services. Businesses registered for VAT must charge it on their sales (output tax) and can reclaim VAT paid on purchases (input tax) related to their business.

Tax Year

Unlike income tax, VAT does not follow the standard tax year (6th April to 5th April). Instead, VAT periods vary depending on a business’s chosen VAT accounting scheme. Most businesses submit VAT returns quarterly, covering three-month periods that are specific to their registration date. Some businesses opt for annual VAT accounting, filing a single return for the entire year.

Who Files and Pays VAT

The following entities are required to file VAT returns and pay VAT:

• VAT-registered businesses: If a business's taxable turnover exceeds the VAT registration threshold (£90,000 as of 2024/25), it must register for VAT, charge it on taxable sales, and submit VAT return.
• Voluntarily registered businesses: Businesses with turnover below the threshold may voluntarily register for VAT to reclaim input tax.
• Importers and Exporters: Businesses involved in international trade may need to account for VAT on imports and exports.

VAT Return Filing Deadline

VAT return filing deadlines depend on the accounting schedule chosen by the business:

1. Quarterly Returns:

Businesses must file VAT returns one month and seven days after the end of each VAT period. For example, a VAT period ending on 31st March 2025 will have a filing deadline of 7th May 2025.

In most instances, your VAT quarter should coincide with your company incorporation date. For example, if you incorporated your company in the middle of June, then you can register for VAT to cover this June period.

There are 3 groups that you may fall into for your VAT filings:

VAT Quarter Ends: Group 1

• January: covers the period 1st November to 31st January. You need to file your VAT return and pay by March 7th.
• April: covers the period 1st February to 30th April. You need to file your VAT return and pay by June 7th.
• July: covers the period 1st May to 31st July. You need to file your VAT return and pay by September 7th.
• October: covers the period 1st August to 31st October. You need to file your VAT return and pay by December 7th.

VAT Quarter: Group 2

• February: covers the period 1st December to 28th February. You need to file your VAT return and pay by April 7th.
• May: covers the period 1st March to 30th May. You need to file your VAT return and pay by July 7th.
• August: covers the period 1st June to 31st August. You need to file your VAT return and pay by October 7th.
• November: covers the period 1st September to 30th November. You need to file your VAT return and pay by January 7th.

VAT Quarter: Group 3

• March: covers the period 1st January to 31st March. You need to file your VAT return and pay by May 7th.
• June: covers the period 1st April to 30th June. You need to file your VAT return and pay by August 7th.
• September: covers the period 1st July to 30th September. You need to file your VAT return and pay by November 7th.
• December: covers the period 1st October to 31st December. You need to file your VAT return and pay by February 7th.

2. Annual Returns:

For businesses using the annual accounting scheme, the filing deadline is two months after the end of the VAT accounting year.

Tax Return Payment Deadline

The VAT payment deadline is the same as the filing deadline: one month and seven days after the VAT period ends. Payments can be made through Direct Debit, online banking, or credit/debit card. Late payments may attract interest and penalties, so it’s important to meet the deadlines.

VAT Late Filing Penalties

Late submission penalties work on a points-based system.

For each return you submit late, you’ll receive a penalty point until you reach the penalty point threshold.

When you reach the threshold, you’ll receive a £200 penalty. You’ll also receive a further £200 penalty for each subsequent late submission while you’re at the threshold.

VAT Late Payment Penalties

The amount you’ll be charged depends on how late you pay.

The penalty amount increases after 16 days and rises again after 31 days.

Interest on late payments will accrue from the day your payment becomes overdue until it is fully settled, even if you’re paying in instalments.

Company accounts refer to financial statements that limited companies in the UK are required to prepare and file. These accounts provide a summary of the company’s financial performance and position over a specific period. They typically include a balance sheet, profit and loss account, and notes about the accounts.

You can read our guide about company year end accounts on our website.

Your accounts will be made publicly available on Companies House.

Tax Year

Company accounts do not align with the standard UK tax year (6th April to 5th April). Instead, they are based on the company’s financial year, which begins on the day the company is incorporated or the date it chooses as its accounting reference period. The financial year usually lasts 12 months unless the company changes its accounting reference date.

When is Your Company's Financial Year?

Your limited company financial year depends when you registered your company.

It’s unlikely that you set up a limited company at the very start or end of a month, so your first company year is typically rounded up.

Ex. If you registered your company on June 15th 2024, your first company year would run from June 15th 2024 until June 30th 2025. Your next company financial year would then run from July 1st 2025 until June 30th 2026.

Who Files Company Accounts

• All limited companies must prepare and file company accounts with Companies House and submit a Corporation Tax Return to HMRC.
• Small businesses may file simpler accounts, such as abridged or micro-entity accounts.
• Dormant Companies that have not traded must still file dormant accounts with Companies House.

Who Pays Corporation Tax:

• Companies pay Corporation Tax on their profits as part of their tax obligations. This is calculated based on the figures in their company accounts.

Company Accounts Filing Deadline

Deadlines for filing company accounts depend on where the accounts are submitted:

1. Companies House:
   • The first set of company accounts should be filed 21 months from the incorporation date.
   • Subsequent accounts must be filed within 9 months after the end of the company’s financial year. For example, if your financial year ends on 31st December 2024, the filing deadline is 30th September 2025.

1. HMRC (Corporation Tax Return):
   • The company’s tax return (CT600) must be submitted within 12 months of the end of the accounting period.

Corporation Tax Payment Deadline

The deadline for paying Corporation Tax is 9 months and 1 day after the end of the company’s accounting period. For example, if your financial year ends on 31st December 2024, Corporation Tax must be paid by 1st October 2025.

Company Accounts Late Filing Penalties

The level of the penalty depends on how late the accounts reach Companies House. For less than a month, it fines £150. The penalty reaches up to £1,500 if it takes more than 6 months. The penalty gets doubled if accounts are filed late in 2 successive financial years.

Corporation Tax is a tax paid by limited companies in the UK on their profits. This includes income from trading, investments, and the sale of assets like property or shares (known as chargeable gains). Unlike personal taxes, there is no tax-free allowance for Corporation Tax; the entire profit is taxable.

Tax Year

Corporation Tax does not follow the standard UK tax year (6th April to 5th April). Instead, it is calculated based on a company’s accounting period, which is typically the same as its financial year. The accounting period begins when the company starts trading or its incorporation date and usually runs for 12 months.

Who Files Corporation Tax Return

• All UK-based limited companies and foreign companies with a UK branch or office must file a Company Tax Return (CT600) with HMRC.
• Non-trading companies that have profits from investments or property may also need to file a return.

Who Pays Corporation Tax

• Limited companies pay Corporation Tax on their taxable profits.
• Unincorporated organisations such as clubs, societies, and co-operatives that make profits may also be liable for Corporation Tax.

Corporation Tax Return Filing Deadline

The Corporation Tax Return (CT600) must be filed with HMRC within 12 months of the end of the company’s accounting period. For example, if the accounting period ends on 31st March 2025, the filing deadline is 31st March 2026.

Missing the filing deadline can lead to penalties, even if no tax is due.

Corporation Tax Payment Deadline

The payment deadline for Corporation Tax depends on the size of the company:

• Small and Medium-Sized Companies: Corporation Tax must be paid within 9 months and 1 day after the end of the accounting period. For instance, if the accounting period ends on 31st March 2025, the payment deadline is 1st January 2026.
• Large Companies: Large companies may need to make quarterly instalment payments based on estimated profits. These payments are typically due in the 7th, 10th, 13th, and 16th months of the accounting period.

Corporation Tax Late Filing Penalty

A £100 penalty is charged if you're just one day late. If the return is still outstanding after three months, you'll be hit with another £100 penalty. After six months, HM Revenue and Customs (HMRC) will estimate your Corporation Tax liability and impose a 10% penalty on any unpaid tax. If the return is a year late, a further 10% penalty will be added to any remaining unpaid tax.

Corporation Tax Late Payment Penalty

If you pay your Corporation Tax late, don’t pay enough or don’t pay at all, HMRC will charge your company or organisation interest known as late payment interest.

If you think you're unable to meet your deadlines and need additional time to pay, you should contact HMRC as soon as possible to set up a Time to Pay Arrangement. They can be really helpful, and help structure a repayment program.

A Confirmation Statement is an annual filing that limited companies and Limited Liability Partnerships (LLPs) in the UK submit to Companies House. It provides up-to-date information about the company, including details such as the registered office address, directors, shareholders, and share structure. The Confirmation Statement replaced the Annual Return in 2016, and its purpose is to keep the public register accurate and transparent. In short, a Confirmation Statement is essentially confirmation from you, as a company director, that your details and the company details are accurate and up to date.

Tax Year

The Confirmation Statement does not follow the UK tax year (6th April to 5th April). Instead, it is based on the "confirmation date", which is the anniversary of the company’s incorporation or the date of its last filed statement.

Who Files the Confirmation Statement

All limited companies and LLPs registered in the UK must file a Confirmation Statement, regardless of whether they are actively trading or dormant.

Confirmation Statement Filing Fee

The filing involves a fee payable to Companies House. As of 2024/25, the fee is:

• £34 for online submissions.
• £62 for paper submissions.

Confirmation Statement Filing Deadline

The Confirmation Statement must be filed once every 12 months, and the filing deadline is 14 days after the "confirmation date". For instance, if the confirmation date is 30th June 2025, the filing deadline would be 14th July 2025.

Filing late can lead to the company being struck off the Companies House register.

Confirmation Statement Late Filing Penalty

You could get a financial penalty if you do not file your confirmation statement on time. The registrar could also take steps to strike your company off the register.

Capital Gains Tax (CGT) is a tax on the profit made when you sell or dispose of an asset that has increased in value. The tax applies to the gain (profit), not the total amount you receive. It is relevant for assets such as property (excluding your main home), shares, business assets, cryptoassets, and valuable personal items worth over £6,000, like antiques or jewellery.

Tax Year

Capital Gains Tax is calculated based on the standard UK tax year, which runs from 6th April to 5th April of the following year.

Who Reports Capital Gains

• Individuals, trustees, or personal representatives of deceased estates must report gains if they exceed the annual CGT allowance.
• Businesses and companies report gains differently, often as part of their Corporation Tax.
• UK residents must report gains from property sales within 60 days, while non-UK residents report all UK property disposals within the same period.

Who Pays Capital Gains Tax

• Anyone selling or disposing of taxable assets with gains above the annual allowance pays CGT.
• For the 2024/25 tax year, the CGT allowance is £3,000 for individuals and £1,500 for trusts.

Capital Gains Tax Reporting Deadline

Capital Gains Tax must be reported by filing a Self Assessment Tax Return for gains that exceed the annual allowance. The filing deadline depends on the method:

• Online filing: 31st January following the end of the tax year. For the 2024/25 tax year, the deadline is 31st January 2026.
• Paper filing: 31st October following the end of the tax year. For the 2024/25 tax year, the deadline is 31st October 2025.

Disposals of UK property must be reported using a Capital Gains Tax on UK Property account within 60 days of the sale or disposal.

Capital Gains Tax Payment Deadline

The payment deadline varies:

• For most assets: CGT must be paid by 31st January following the end of the tax year. For the 2024/25 tax year, the payment deadline is 31st January 2026.
• For UK property disposals: Payment is due within 60 days of the sale or disposal.

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Get Ready for the Tax Season

Being proactive with your tax responsibilities makes the process smoother and helps you avoid fines or interest charges. Filing on time not only keeps you compliant but also gives you peace of mind knowing your tax obligations are in order.

Now is the perfect time to act. Set reminders for important dates and start organising your financial records today. If the process feels overwhelming, reach out to our accountants in London who can provide expert guidance. Professional advice can save you time and help you focus on what matters most—your goals and growth.

Take charge of your tax responsibilities now and stay ahead for a hassle-free 2024/25 tax year!

FAQs on Tax Year Dates and Deadlines

1. What date does the tax year start and end?

The tax year for 2024/25 in the UK begins on 6th April 2024 and ends on 5th April 2025. This is the standard cycle used for calculating income, expenses, and tax liabilities for individuals and businesses.

2. When is the last date to file a tax return for 2024/25?

The last date to file a tax return for the 2024/25 tax year depends on how you submit it:

• 31st October 2025 for paper tax returns
• 31st January 2026 for online tax returns

3. What happens if I miss my self assessment tax return deadline for 2024/25?

If you miss the tax return deadline for 2024/25, you may face penalties. An automatic £100 fine applies if your return is up to three months late, even if no tax is owed. Additional penalties are charged if the delay continues, such as daily fines or a percentage of the tax due. Interest is also added to any unpaid tax.

4. What is the first day you can submit tax returns for the previous year?

You can submit your tax return for the previous tax year starting from 6th April, the first day of the new tax year. For example, tax returns for the 2023/24 tax year can be submitted from 6th April 2024.

5. Should I submit my tax return early?

Submitting your tax return early has several benefits. It gives you more time to prepare, reduces the risk of missing the deadline, and helps you plan for any tax payments. If you’re due a refund, filing early means you’ll receive it sooner.

6. What is Making Tax Digital?

Making Tax Digital (MTD) is a UK government initiative designed to simplify tax reporting and make it more efficient. It requires businesses and individuals to keep digital records and submit tax returns using compatible software. Currently, MTD applies to VAT-registered businesses, but it will expand to other taxes in the future. The goal is to reduce errors and make the tax process faster and more accurate.