Autumn Statement Recap
Kicking off our timeline is the Autumn Statement delivered on November 22, 2023. For a comprehensive overview, we encourage you to go to our previous article.
December 2023
Dec 30: Submit your online personal tax return for 2022–23 if you wish HMRC to collect tax underpayment (below £3,000) through PAYE coding.
Dec 31: Last day for South West tech companies to avail of the discounted rate for Growth Forge 2024 applications.
January 2024
Jan 6: Experience a 2p reduction in the main rate of Employee NIC (Class 1 NICs) from 12% to 10%.
Jan 22: Familiarize yourself with the new right to work checks employers must carry out to avoid penalties.
Jan 31: A triple deadline day – Submit Self-Assessment Tax Returns for the tax year ending 5 April 2023, make the first Payment on Account for Income Tax (2023/2024), and pay the High Income Child Benefit Charge if applicable.
March 2024
Mar xx: Stay tuned for the Spring Budget (date to be confirmed).
Mar 31: Business Rates relief ends for Retail, Hospitality, and Leisure sectors.
April 2024
Apr 1: Enjoy a 75% business rate discount extension for retail, hospitality, and leisure until March 31, 2025.
Apr 1: R&D tax relief schemes are merged into one, and the National Living Wage rises to £11.44 per hour.
Apr 5: Utilize any remaining tax allowances as it’s the last day of the tax year.
Apr 6: Embrace the new tax year 2024/25 and be aware of changes in basis periods rules for sole traders & partnerships, the abolition of pension lifetime allowance, and Construction Industry Scheme (CIS) reforms.
May to October 2024
May 31: Employees must receive forms P60 for 2023/2024.
Jul 6: Deadline for PAYE Settlement Agreements and submission of forms P11D for 2023/2024.
Jul 31: The second Payment on Account for Income Tax is due, and the Recovery Loan Scheme ends.
Oct 31: Deadline for submitting a paper Self-Assessment tax return.
Looking Ahead to 2025 and Beyond
Jan 28, 2025: The last day for a UK general election.
Mar 31, 2025: The temporary reduction in Stamp Duty Land Tax for residential property purchases in England concludes.
Jun 30, 2025: The Mortgage Guarantee Scheme ends.
Beyond 2026
April 6, 2026: Making Tax Digital for Income Tax Self-Assessment begins.
2027 & beyond: Making Tax Digital for partnerships and companies – dates to be provided.
Repeating Deadlines
Stay mindful of ongoing deadlines:
Companies
12 months after company’s year-end: Corporation Tax and statutory accounts filing date with HMRC.
9 months and 1 day after company’s yearend: Due date for payment of any corporation tax liability.
All Businesses – Monthly/Quarterly
7th of the month: VAT returns and payment due.
14th of the month: Corporation tax quarterly instalment due.
19th of the month: Due date for CIS, PAYE, and NICs if paying by cheque.
22nd of the month: Due date for CIS, PAYE, and NICs if paying electronically.
Individuals
Within 60 days of completion of conveyance: Report and pay any CGT on the disposal of UK property by a non-UK resident.
Merry Christmas from Bush & Co!
As the year comes to a close, the Bush & Co team wishes our readers a Merry Christmas. Thank you for choosing Bush & Co as your financial partner, and we look forward to serving you in the coming year.
If you’d like to discuss how these deadlines may impact you or your business, reach out to our team.
