Key Dates for Your Business in 2024

A Date for the Diary: Key Dates for your Business in 2024

Understanding key tax dates is essential for smart planning and financial success. So taking control of your business finances, staying organized, and being aware of important dates in the financial year will keep you ahead. We’ve compiled a list of some key dates to assist in your planning.

31 January:

Self-Assessment deadline – The deadline to submit your Self-Assessment Tax Return for the end of the previous tax year (ending April 2023) is 31 January, although you can submit it earlier if you wish. Ensure you gather all necessary documents to complete your tax return and avoid any fines.
Capital Gains Tax due – If you’ve sold an investment property or business asset, then you may need to pay Capital Gains Tax (CGT). This should be reported on your Self-Assessment Tax Return or paid at the time you made the gain.
Balance of any tax for the year 2022-23 is due – A balancing payment is the difference between the amount you have paid on account and your actual tax bill. If you still owe taxes after your two payments on account for the 2022/23 tax year, you will also need to make a ‘balancing payment’ by 31 January to settle your bill.
First Payment On Account is due – The first Payment On Account for the 2023/24 tax year is due on 31 January. Payments On Account are advance payments towards your tax bill and are calculated based on half of your previous year’s tax bill. The second payment is due in July.

5th April:

End of Tax Year – The 2023/24 tax year ends on 5 April.

6 April:

New Tax Year – The new tax year (2024/25) starts on 6 April.

31 May:

P60 deadline – The deadline for issuing your employees with a P60 form for the 2023/24 tax year is 31 May. A P60 summarizes an employee’s total pay and deductions for the tax year. This is the same time each year – the end of the month after a new tax year begins.

6 July:

P11D forms due – A P11D form tells HMRC what expenses and benefits your employees have had over the year and helps them calculate how much tax and National Insurance is due.

31 July:

Second Payment On Account is due – The second payment on account deadline is 31 July. The payments are based on your previous year’s tax bill and are advance payments towards your next tax bill.

5 October:

Register for Self-Assessment – If you’re newly self-employed, then you need to register for Self-Assessment with HMRC by 5 October after the end of the tax year you became self-employed. So if you set your business up between 6 April 2023 and 5 April 2024, you’ll need to register by 5 October 2024.

31 October:

Paper Submissions – If you prefer to submit your Self-Assessments by paper, there is an earlier deadline than if you do so online. So for the 2023/24 tax year, you’ll need to submit your paper assessment by 31 October 2024.

By taking control of your business finances and staying organized, you can ensure you are ahead of the game. So whether it’s settling your tax bill, making advance payments, or registering for Self-Assessment, staying on top of these deadlines will help you navigate the complexities of taxation with confidence and ease.

Need any help? Get in touch with us today and our team of experts at A&M Accounting will be happy to help!