If you’re anything like us, then you probably think New Year’s Resolutions are a bit old hat, but we can think of one that could be great for your business – make sure you know and keep on top of all the key accountancy deadlines and dates. Not only will it help you be super-organised, which is always good for business, but it could also prevent you from having to pay hefty fines, because you’ve forgotten to do something when you should.
So, to help you out, here is a list of key dates and deadlines you should definitely make note of this year.
January
31st January: you are probably well aware that this is when you will need to have filed your Self-Assessment tax return and to have made your first payment on account towards your 2023/24 tax bill. Whatever you do, don’t pay late, otherwise you will incur a penalty.
April
April is always a busy month for accountants as it’s the end of one tax year and the start of the new one, but this year is going to be extra busy with this raft of changes coming in.
1st April: Minimum wage increase. A full breakdown of the new rates is available here.
4th April: before the start of each tax year, you must register online for payroll benefits. Make sure you do this by this date.
6th April
The 6th of April isn’t just the start of the new tax year, but also the date when a number of other significant changes are coming into force.
National Insurance Contributions
As well as the main rate of Class 4 National Insurance contributions being cut by 1% point, Class 2 National Insurance contributions will be removed. So, if you are self-employed with profits above £12,570 you will no longer have to pay them.
Corporation Tax Changes
The flat rate for Corporation Tax is being scrapped. The rate for companies with profits below £50,000 will remain at 19% but for companies with profits over £250,000 it will increase to 25%. For those with profits between £50,000 and £250,000 they will pay a tax rate of 25% tapered down using a marginal relief calculation.
Dividend Allowance
While tax rates are going to stay at their current level, the actual dividend tax-free allowance will be reduced from £1000 to £500.
Capital Gains Tax
If you’re looking to sell a second property in the new tax year, be warned the Capital Gains Tax exemption is being cut from £6,000 to £3,000.
ISA Changes
There are a number of changes coming in which will make ISAs a little bit more flexible. As well as being able to open and contribute to several ISAs of the same type during the same tax year, you will also be able to transfer just part of the money you have invested in an ISA rather than the whole lot, which you have to do currently.
In addition, the minimum age for opening a cash ISA will rise to 18.
State Pension
The State Pension will increase by 8.5% and affects people eligible for the new flat-rate State Pension and those on the older State Pension.
May
31st May: P60s show any tax paid on a salary and must be provided to each employee at the end of the month after the tax year.
JULY
6th July: All taxable benefits made to employees, such as cars, mileage, childcare, private medical insurance, and interest-free loans, need to be declared to HMRC. This is done via a P11D form which needs to be submitted by this date.
31st July: if you’re self-employed and have to make a second payment on account towards your 2023/24 tax bill, you must make it by 31st July 2024. It’s also a good opportunity to make sure you’re on track with your payments.
October
5th October: If you’ve never submitted a Self-Assessment tax return, but now need to maybe because you’ve got a new source of income, then you must register with HMRC by 5th October. Please get in touch if you’re unsure whether this applies to you.
31st October: This is the last date for filing a paper Self-Assessment tax return, although we strongly advise you go digital, and are more than happy to help you through the process.
December
30 December: If you prefer HMRC to automatically collect the tax you owe from your wages and pension, you will need to file your Self-Assessment tax return online by this date. Not everyone is eligible for this option, but you can check if you are on the Gov.UK site.
Hopefully, this will have given you a useful list of key accountancy deadlines and dates for this year. Managing your own accounts and keeping track of what you need to do by when can be both stressful and time-consuming, so give us a call to find out how we can take some of that strain away from you, so you can focus more on your business.
