2024 – a new year, but mostly the same tax responsibilities!
Businesses and individuals need to be aware of key tax dates. These dates play a significant role in strategic financial planning, governing how and when you get your finances and accounts in order to satisfy HMRC.
Without further ado, here’s a closer look at the key tax dates you need to know for 2024.
Self-Assessment and Personal Tax
The following dates primarily apply to self-assessment taxpayers:
- 31 January: This is the final date for submitting your online self-assessment tax return for the previous tax year. It’s also the deadline for paying any tax owed for that year, including the first payment on account. Missing this date can lead to penalties, so timely submission is vital.
- 5 April: This date marks the end of the tax year. It’s crucial for finalising annual accounts and preparing for the new tax year.
- 6 April: The start of the new tax year. It’s an opportunity to review and update financial plans, considering any changes in tax legislation.
- 31 July: The second payment on account is due. It’s essential to reassess your tax situation and ensure you’re on track with your payments.
- 5 October: This deadline is for notifying HMRC of the need to complete a tax return if you haven’t sent one before. It’s important for those with new sources of income or capital gains.
- 31 October: The standard filing deadline for paper tax returns. This applies to those who prefer to file their returns in paper format.
- 30 December: If you want HMRC to automatically collect tax owed from your wages and pension, your online return must be submitted by this date. This option is available only if you meet certain eligibility criteria.
Business Tax and VAT
- Corporation Tax: No changes here from 2023 – the deadline for filing a company’s corporation tax return is 12 months after the end of its accounting period. The payment deadlines vary based on the company’s size. This is a key date for managing a company’s financial obligations and planning for the next financial year.
- VAT: No changes here – VAT returns and payments are due one month and seven days after the end of the reporting period for quarterly and monthly returns.
Employment Tax and PAYE
Employers need to be aware of the following:
- 31 May: Any employee working for you on 5 April 2024 must receive their P60 by this date.
- P11D Deadlines (6 July): If you provide benefits to your employees, P11D forms need to be submitted by 6 July. This is crucial for accurately reporting employee benefits and avoiding penalties.
- Pay As You Earn (PAYE): The deadline for PAYE & NICs payments by non-electronic method is the 19th of every month, and by electronic method on the 22nd. These deadlines are essential for maintaining employment compliance for businesses that employ people through PAYE.
Summary
Always write crucial tax dates on your calendar so you don’t accrue penalties and fines. Financial planning for businesses and self-employed individuals revolves around these key dates.
By keeping track of these dates and understanding their significance, you can ensure compliance, avoid penalties, and plan your financial strategies ahead.
Always consult with a financial advisor or tax professional for detailed guidance and personalised advice. Contact Hugh Davies for accountancy and tax planning guidance.