To save you time, we rounded up the key dates that will impact you, your clients and the profession this year.
Self-assessment tax return deadlines
Every year, there are three major deadlines for entities obliged to submit self-assessment tax returns.
The first and most important is 31 January, when online self-assessment tax returns must be submitted and any tax owed must be paid.
By 5 October, all entities new to self-assessment must register with HMRC, and, by 31 October, all paper self-assessment tax returns must be submitted.
In addition, any taxpayers that want HMRC to collect tax via PAYE should file their 2024-25 return by 30 December.
Other administrative deadlines
On top of the self-assessment tax return deadlines, there are several other administrative deadlines that should be on the calendar.
These include:
- 6 April: The next financial year begins, which means payrolls should be updated.
- 19 April: Full payment and employer payment summaries for the 2022-23 financial year are due, and relevant tax and national insurance contributions (NICs) must be paid.
- 31 May: P60 forms must be given to all workers employed as of 5 April.
- 6 July: P11D forms for the 2024-25 year, as well as employment related securities, are due.
- 19 July: The deadline for 1A NICs made by post.
- 22 July: The deadline for 1A NICs paid online.
- 31 July: The deadline for relevant self-employed clients to make second payments on account for the 2025-26 financial year.
Significant announcements
Several significant announcements will take place in 2025.
Among the most hotly anticipated is the spring forecast, to be published on 26 March, alongside a statement to Parliament from the Chancellor.
It is one of two forecasts that the Office for Budget Responsibility (OBR) must publish annually. The first for the current financial year was made in October 2024.
Come autumn, the Office for National Statistics will make two announcements, which, together, will influence increases to the state pension and benefits next financial year.
The first, in mid-September, will reveal how much wages increased across the UK between May and July, and the second, in mid-October, will reveal the inflation rate for September.
Price increases
Given that living costs have risen steadily over the past few years, it’s no surprise that there’ll be further increases in 2025.
On 1 January, Ofgem increased the energy price cap from £1,717 to £1,738.
On 2 March, regulated train fares will increase by 4.6%.
On 1 April, the National Minimum Wage for workers aged 21 or over will increase by 6.7% to £12.21.
Meanwhile, for workers aged 18-20, the National Minimum Wage will increase by 16.3% to £10, and, for those aged 16-17, it will increase by 18% to £7.55.
On the same day, the standard multiplier for business rates will increase to 55.5 pence. For small businesses, the multiplier will remain the same at 49.9 pence. The latter applies to properties with a ‘rateable value’ lower than £51,000.
In addition, the annual tax on enveloped dwellings (ATED) will increase by 1.7%, in keeping with the September 2024 Consumer Price Index (CPI).
In better news for businesses, the fuel duty freeze will hold for another 12 months.
When the new financial year begins on 6 April, there will, as usual, be numerous changes. Key ones are as follows:
- The Employers National Insurance rate will increase by 1.2%, from 13.8% to 15%. At the same time, the second threshold will decrease to £5,000 per year.
- The capital gains tax rate for business asset disposal relief and investors relief will increase by 4%, from 10% to 14%. Accountants should note that, on 6 April 2026, it will increase further to 18%. In addition, the capital gains tax rate for carried interest will increase to 32%.
- Statutory family-related leave will increase from £184.03 to £187.18 per week.
- Statutory sick pay will increase from £116.75 to £118.75 per week.
- Company car tax will increase by 1% for all users.
It might also be worth noting that the following day – 7 April – recipients of the state pension will see a 4.1% increase, bringing the payment to £230.25 per week, while working age benefits will grow by 1.7%, in accordance with the CPI.
Other dates
Throughout the year, there are some other dates to keep in mind.
Businesses with standard accounting periods must pay corporation tax nine months and one day after their accounting period ends.
VAT returns and payments are usually due one month and seven days after the VAT accounting period.
Businesses with employees should send PAYE deductions to HMRC by the 19th of each month, or, for electronic payments, the 22nd.
Capital gains tax due on a second property must be paid and reported within 60 days of the completion of a sale.