The Essential Dates In 2025 That Need To Be In Your Business Calendar:
Running a business comes with its own set of responsibilities, especially when it comes to navigating tax seasons. In this article, we outline various important dates for your business calendar in 2025, covering VAT returns, payroll, personal tax returns, and corporate tax filing deadlines.
Here’s a breakdown of the crucial financial and tax dates for 2025, in a way that you can actually understand.
Deciphering the Tax Year: 2024/25 Overview
Let’s begin by clarifying the UK’s tax year, which operates differently from the regular calendar. This timeframe, often called “the financial year,” is significant for both employed and self-employed individuals. The tax year spans from 6 April to 5 April of the following year, impacting various dates outlined in this guide.
Understanding the tax year is fundamental to ensuring you and your business meet deadlines in 2025 without incurring penalties. It might seem complex, but knowing when your year begins and ends simplifies the calculation of important dates.
Breaking Down the 2024/25 Tax Year:
- Start Date: 6 April 2024
- End Date: 5 April 2025
Now, let’s delve into the specifics of self-assessment tax returns.
Managing Self-Assessment:
For those in self-employment, as a sole-trader, partner, or business director, the Self-Assessment tax return is a key responsibility. This is your opportunity to take control of taxes and National Insurance Contributions (NICs). Mark these dates on your calendar:
- Filing Deadline (Online): 31 January 2025
- Tax Payment Deadline: 31 January 2025
Missing these dates may result in penalties, so ensure you stay on top of your self-assessment obligations.
Capital Gains Tax: Sole Traders and Partnerships
For sole traders and partnerships, capital gains tax may apply when selling assets. The deadline for the 2023/24 tax year is:
- Capital Gains Tax Payment Deadline: 31 January 2025
- For Residential Properties: 60 days after completion date
VAT Responsibilities:
For businesses meeting specific criteria, VAT obligations are a reality. Charging and paying taxes on goods and services require regular VAT returns. Here’s what you need to know:
- VAT Registration Deadline: Within 30 days of knowing you’ll surpass the VAT threshold
- VAT Payment and Filing Deadlines: Quarterly, one month and seven days after the accounting period
Keeping track of your VAT obligations ensures a smooth financial process.
PAYE Guidelines:
If you have employees on your payroll, meeting PAYE (Pay As You Earn) obligations is essential. This involves withholding income tax and NICs from employees’ salaries and remitting them to HMRC. Key dates include:
- Registration Deadline: 4 April
- Remittance (Paper): 19th of each month
- Remittance (Online): 22nd of each month
Adhering to PAYE obligations ensures a seamless payroll process.
Changes to the National Living Wage (Minimum Wage)
In the Autumn Budget, the government confirmed a rise in the NMW rates. These rates will be applicable from 1st April 2025. The new NMW and NLW rates are as follows:
| Rate from April 2025 | Increase (£) | Increase (%) | |
| National Living Wage Rate (21 and over) | £12.21 | £0.77 | 6.7 |
| 18-20 Year Old Rate | £10.00 | £1.40 | 16.3 |
| 16-17 Year Old Rate | £7.55 | £1.15 | 18 |
| Apprentice Rate | £7.55 | £1.15 | 18 |
| Accommodation Offset | £10.66 | £0.67 | 6.7 |
This comes alongside increases in National Insurance contributions for employers, which will further affect the cost of wages. As these changes will put additional strain on business finances, it’s essential for businesses to budget accordingly and review their payroll obligations for 2025.
Increase in Employers National Insurance Contributions
From April 2025, employer contributions for NI will increase from 13.8% to 15%. Alongside this, the threshold at which employers are required to pay NI will be lowered from £9,100 to £5,000. While larger businesses may feel the impact more intensely, this change is likely to encourage workforce stability and investments in new roles, balancing the additional payroll cost with expected employment support measures.
Reporting Employee Benefits: P11D and Deadlines
If you provide benefits to your employees, P11D forms are necessary. These forms are due three months after the end of the tax year. Key dates include:
- P11D Deadline: 6 July
Meeting P11D deadlines ensures compliance with employee benefit reporting.
Corporation Tax: Annual Duties for Limited Companies
Limited companies face annual obligations, including corporation tax payments. Key dates are:
- Registration Deadline: Three months after starting the business
- Payment Deadline: Nine months and one day after the accounting period
- Tax Return Deadline: 12 months after the accounting period
Understanding and meeting these dates ensures the smooth operation of your limited company.
CIS Deductions
- Calculate payments made to sub-contractors between the 6th – 5th of every month.
- Must be filed and paid to HMRC by the 19th of each month to avoid £100 penalty.
CIS Deductions Suffered
- Figures to be submitted to HMRC by the 5th of each month to ensure credit is available for CIS or PAYE offsets.
2025: The Year Of Your Business
Mastering these business timelines is crucial for a successful financial year. By keeping these dates in mind and meeting your obligations on time, you contribute to the smooth operation of your business. Stay organised, mark your calendar, and navigate the fiscal year confidently. It’s not just about hitting dates; it’s about simplifying the process for financial success in 2025 for your business.
At Nordens we offer expert advice and assistance with all of your business needs: from your everyday accounting to Advisory, Tax, Audit and more. If you need support with any of the above or just want to speak to a member of the team, get in touch today.
