As we step into a new calendar year, we edge closer to the end of the 2023/24 financial year. That means it’s time to get our taxes in order, ready for 2024/25. While it might sound daunting, there’s no need to worry, we’re here to make sense of it all.
Understanding the key tax dates isn’t just about meeting deadlines; it’s about smart planning, staying ahead of the game, and making sure you’re making the most of your finances. At Ryans, we’re here to help you through this.
Our team of approachable experts knows the ins and outs of the UK tax system like the back of their hand, and we’re all about breaking it down into bite-sized, manageable pieces.
In this guide, we’re diving into the must-know dates for the 2023/24 and 2024/25 tax years. We’ll walk you through each crucial deadline, explain what it means for you, and share some tips on how to tackle each one without breaking a sweat.
So, whether you’re an experienced business owner or just starting to figure out the self-employed world, stay with us. We’re here to make sure that when it comes to tax, you’re clear on what to do and when to do it.
Tax Year End 2024
When Does the Tax Year End?
The 2023/24 tax year concludes on 5 April 2024. This date is crucial for all taxpayers, marking the deadline for many tax-related activities. It’s the final day to ensure your financial affairs are in order for the year, affecting how you plan and submit your taxes.
Self Assessment Tax Return
A self assessment tax return is necessary for those with income not automatically taxed. This includes self-employed individuals, partners in a business partnership, and anyone earning over £100,000.
The key deadlines are January 31st, 2024, for the 2022/23 tax year, and January 31st, 2025, for the 2023/24 tax year. At Ryans, our accountancy expertise ensures a smooth self-assessment process, guiding you through each step and ensuring all deadlines are met.
What should I do before the end of the tax year?
As we approach the end of the tax year on April 5th, 2024, it’s important to take proactive steps to ensure your finances are optimally arranged. Here are some practical tips to consider for effective tax-saving and financial planning:
Maximise ISA Contributions
Ensure you’ve fully utilised your annual ISA allowance of £20,000. This can be split across different types of ISAs, including Cash ISAs and Stocks and Shares ISAs. Utilising your full ISA allowance can provide tax-free growth and income.
Pension Contributions
Review your pension contributions to make the most of the tax relief available. You can contribute up to 100% of your annual earnings or £40,000, whichever is lower. Remember, contributing to your pension can also reduce your overall taxable income.
Capital Gains Tax (CGT) Allowance
Consider utilising your annual CGT allowance. For the 2023/24 tax year, this stands at £12,300. Realising gains within this allowance can be a tax-efficient way to manage investments.
Charitable Donations
If you make charitable donations, doing so under Gift Aid can increase the value of your donation and provide you with tax relief.
Inheritance Tax Planning
Consider making use of your annual exemption for gifts, which is £3,000 per tax year. This can be a useful tool in estate planning and reducing potential future inheritance tax liabilities.
Dividend Allowance
If you have investments that pay dividends, make sure you’re taking advantage of your £2,000 tax-free dividend allowance.
These actions not only help in reducing your tax liability but also in optimising your overall financial health. Remember, effective tax planning is a year-round process. At Ryans, we believe in helping our clients understand these opportunities and take action well before deadlines approach. For personalised advice and support in managing your financial planning and making the most of tax-saving opportunities, our team is here to assist.
Calendar of Tax Dates for 2023/24 and 2024/25
Understanding the calendar of key tax dates is crucial for effective planning and meeting your financial responsibilities. Below is a month-by-month breakdown of the significant dates for the 2023/24 and 2024/25 tax years, along with explanations of each responsibility and its impact.
December 2023
30th December 2023 – Deadline for submitting your online tax return if you wish to have unpaid taxes collected through your pension or wages (under PAYE). Meeting this deadline is crucial for those with a tax liability and wanting to spread the payment.
January 2024
31st January 2024 – A critical date for self-employed individuals and others requiring self-assessment. This is the deadline for online tax returns for the 2022/23 tax year. It’s also the last day to pay any tax owed for that tax year. Missing this deadline could result in penalties.
April 2024
5th April 2024 – The end of the 2023/24 tax year. This date marks the deadline for various tax reliefs and exemptions for this tax year.
6th April 2024 – Start of the 2024/25 tax year. This is when new tax codes and allowances come into effect.
19th April 2024 – Deadline for the final PAYE submission for the 2023/24 tax year, important for employers.
30th April 2024 – Penalties for unfiled self-assessment tax returns begin to apply from this date.
July 2024
31st July 2024 – An important date for the self-employed as this is the last day to make a second ‘payment on account’ for the tax year.
October 2024
5th October 2024 – Deadline for self-employed individuals to register with HMRC for the 2024/25 tax year. It’s also the first deadline for submissions of tax returns for this tax year.
31st October 2024 – Deadline for paper submissions of tax returns for the tax year ending 5th April 2024.
December 2024
30th December 2024 – Similar to the previous year, this is the deadline to submit your online tax return for automatic payment of owed taxes from your pension and wages for the 2024/25 tax year.
January 2025
31st January 2025 – Deadline for online self-assessment tax returns for the 2023/24 tax year and for paying any tax owed for that tax year.
April 2025
5th April 2025 – The final day of the 2024/25 tax year, closing off the financial year.
Each of these dates carries its own set of responsibilities and implications for both individuals and businesses.
Staying aware of these deadlines ensures compliance and can help in better financial planning. At Ryans, we assist our clients in keeping track of these important dates, offering expert advice to navigate through the tax year seamlessly.
How Ryans Can Help Businesses Manage Each Responsibility
Navigating complex tax responsibilities can be daunting, but with Ryans Chartered Accountants by your side, it doesn’t have to be. We offer a comprehensive range of services tailored to help businesses and individuals manage their tax planning and submissions effectively. Here’s how we can support you in meeting each tax responsibility:
Expert Tax Planning
We provide personalised tax planning services to optimise your financial position and ensure compliance with the latest tax regulations. Our team offers strategic insights to help businesses capitalise on tax-saving opportunities and minimise liabilities.
Comprehensive Support for Self-Assessment and Tax Returns
We guide you through the entire process of self-assessment, from gathering information to submitting your tax return, ensuring accuracy and timeliness. Our proactive approach means we keep track of all your important tax deadlines, ensuring you never miss a submission date.
Tailored Services for the Self-Employed and SMEs
We understand the unique challenges faced by the self-employed and offer tailored solutions to meet these needs. Small and medium-sized enterprises benefit from our comprehensive services, which include managing accounts, tax advice, and payroll services.
Making the Complex Clear with Ryans
At Ryans, we pride ourselves on making the complex clear. Whether you’re grappling with tax returns, seeking ways to maximise tax efficiency, or need strategic financial advice, our team of experienced accountants is here to help. As a trusted partner, we are dedicated to providing professional accountancy services that align with your business goals and financial objectives.