Key Tax Dates
April 1st 2025
Deadline for paying Corporation Tax for the 2023/2024 tax year
April 5th 2025
End of the 2024/2025 tax year
April 6th 2025
Start of the 2025/2026 tax year
May 31st 2025
Deadline for P60 forms to be issued to employees
October 5th 2025
Register for Self Assessment if you’re self-employed or a sole trader, not self-employed, or registering a partner or partnership
July 6th 2025
Filing deadline for Expense and Benefit forms (P11D and P11Db) to be submitted to HMRC. Last date for P11D forms to be issued to employees
July 31st 2025
Second payment on account due for income tax for the 2024/2025 tax year
PAYE Tax Rates & Thresholds
Tax Rates
Basic Rate Tax Band: 20% on all income between £12,571 and £50,270
Higher Rate Tax Band: 40% on all income between £50,271 and £125,139
Additional Rate Tax Band: 45% on all income above £125,140
Employee Personal Allowance
The Tax Rates for the 2025/26 tax year have been updated and the current personal allowance is £12,570. This means you can earn this amount before being liable for any Income Tax. However if you earn above above £100k this is reduced by £1 for every £2 earned between £100,000 and £125,140
VAT Deadlines
VAT Deadlines vary dependant on how you file and choose to pay, so please get in contact with one of our team so we can ensure you are aware of your relevant key dates
December 30th 2024
Deadline for online submission of Self Assessment Tax returns for the year ending 5th April 2024, so HMRC can collect employment or pension income through PAYE tax codes if less than £3,000 is owed
October 31st 2025
Deadline if filing a paper tax return for the 2024/2025 tax year
January 31st 2026
Standard filing deadline for online tax returns and payment of tax owed including the first payment on account
Penalties
HMRC will issue penalties if you miss the deadline for submission or paying your bill.
They will issue a £100 penalty if your tax return is up to 3 months late, the fine will increase if your submission is later or your payment is late. They will also charge interest on any late payments.
Penalties for late Self Assessment Tax returns more than 3 months late can be calculated on the HMRC website. If you have a reasonable excuse then an appeal can be made.
For more information on this please refer to the HMRC website.
If you or your business need help filing or calculating your taxes please get in contact and we will be happy to assist you.