Whether you’re an employer, self-employed business owner, property landlord, retired or simply wanting to keep on top of your tax obligations, here’s a comprehensive roundup of key dates and milestones to keep in mind for the upcoming year, along with some tips to prepare.
January 2025: Key updates
January 1st: Energy Price Cap - Ofgem will increase the energy price cap from £1,717 to £1,738. While this rise is less severe than previous increases, it may still impact your budget.
January 1st: Audio-Visual Expenditure Credit - Visual effects expenditure on films and high-end TV programmes becomes eligible for a credit at a rate of 39%.
January 31st: Self-assessment tax returns - The deadline for submitting your self-assessment tax return for the 2023/24 tax year. More than 3.5 million tax returns have already been submitted, however HMRC are anticipating more than 12 million in total needing to be filed by the end of January and are therefore encouraging people to submit their return as early as possible.
Filing earlier does have some advantages, such as avoiding a last-minute panic, and knowing how much any tax payment will be in time to be able to budget for it.
If you need to complete a self-assessment tax return this year but haven’t completed one before, then you will need to register first before you can send your tax return. The registration process can take a few days, so it is best to start this in good time before the end of January.
If you would like any help with completing your tax return, please feel free to contact us at any time and we would be happy to help you.
March 2025: Rail fare increases
March 2nd: Regulated train fares will increase by 4.6%, impacting season tickets, some off-peak returns, and flexible travel tickets. This is the lowest absolute increase in three years, but will still represent an uptick in costs for those of us travelling to see clients and for clients who use trains frequently.
April 2025: New tax year and regulatory changes
April 1st: National Minimum Wage - Increases to £12.21 for over-21s, 18-20 year-olds will increase to £10.00, and 16-17 year olds and apprentices will receive £7.55.
April 1st: Stamp Duty Land Tax (SDLT) - Temporary higher SDLT-free thresholds end; thresholds reduce to £125,000 for most buyers and £300,000 for first-time buyers.
April 1st: Business Rates - The standard multiplier rises to 55.5p, while the small business multiplier (for properties with a rateable value of less than £51,000) remains at 49.9p.
April 1st: Fuel Duty - The freeze will continue for another year.
April 1st: Annual Tax on Enveloped Dwellings (ATED) - Charges increase by 1.7% in line with inflation at September 2024.
April 6th: Company Car Tax - Appropriate percentages rise by 1% (assuming no change in car), and also, major changes will come into place in the classification of Double Cab Pickups – read our blog on this.
April 6th: Employers National Insurance - Rate increases to 15% with a reduced Secondary Threshold of £5,000. The Employment Allowance increases to £10,500.
April 6th: Capital Gains Tax (CGT) - Rates subject to business asset disposal relief and investors relief increases to 14%. (It is important to note that from 6th April 2026, it will increase to 18%, so clients considering selling or retiring will want to factor this into their plans).
The capital gains tax rate for carried interest for both basic and higher payers will increase to 32% on 6th April 2025.
Whilst there is no change to the dividend allowance staying at £500 for the tax year, in view of the changes to employers’ NICs and marginal relief staying in force you may need to consider what the optimum salary and dividends mix is for the 2024/25 tax year if you are a director / shareholder.
April 6th: 1 year to go until Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) – To ensure LWA clients are onboarded and complying with MTD for ITSA ahead of the deadline, we’re asking you to confirm which platform you would prefer to use, therefore please contact our accounts team as soon as possible on 0161 905 1801.
For all of the changes coming into place in April as a result of the Autumn Budget, take a look at our Resources page here.
April 7th: State pension and benefits - The state pension increases by 4.1%, bringing the full rate to £230.25 per week. Working-age benefits rise by 1.7% in line with inflation at September 2024.
April 30th: ATED filing deadline - The deadline for filing and payment of ATED returns for limited companies owning residential property.
May 2025: P60 distribution
May 31st: Employers must issue P60 forms to employees employed as of 5 April.
July 2025: Key deadlines
July 6th: Submission of P11D forms and Employment Related Securities returns for the 2024/25 tax year.
July 31st: Second payment on account deadline for self-assessment taxpayers towards their tax bill for the 2025/26 tax year.
September 2025: Wage data release
September 10th: The Office for National Statistics releases wage increase data relevant to state pension adjustments.
October 2025: Self-assessment and inflation updates
October 5th: Deadline for registering for self-assessment if you need to file a return for 2024/25 and have not done so previously.
October 15th: Publication of September inflation figures, which determine state pension and benefits increases.
October 31st: Deadline for submitting paper self-assessment returns for 2024/25.
December 2025: PAYE tax code submissions
December 30th: Deadline for self-assessment taxpayers wishing to have tax due collected via PAYE.
Throughout 2025: Recurring tax and accounting obligations
- Corporation tax and accounts: Payment deadlines are 9 months and 1 day after the accounting period ends, with returns due within 12 months. Statutory accounts must be filed within 9 months of the year-end. Larger companies are required to pay their corporation tax in instalments. Large companies (taxable profits between £1.5 million and £20 million) and very large companies (taxable profits over £20 million) both pay corporation tax by instalments, however, with different deadlines.
- VAT returns and payments: Due one month and seven days after the accounting period ends.
- PAYE deductions: Due monthly by the 19th (22nd if paid electronically).
- Capital Gains Tax: Report and pay CGT on property sales within 60 days of completion.
Key tips for staying on top of 2025 accounting deadlines
With so many important dates to remember, organisation is key. Here are some tips to help you prepare:
- Set reminders: Use digital calendars or accounting software to set reminders for filing and payment deadlines.
- Keep records organised: Ensure you have all necessary documents and financial records in one place for easy access. Using accountancy software such as Xero, Dext, business planning tools and AI tools can help you save lots of time.
- Seek professional advice: Auditing and tax rules can be complex, so don’t hesitate to reach out to your accountant or tax advisor for guidance. Meet our team and learn more about our services to see if LWA can help with your audit, corporate / personal tax or payrolling needs.
How LWA can help you prepare
At LWA, we understand that managing tax and compliance can be challenging, especially with multiple deadlines to juggle. Our expert team is here to support you every step of the way, whether it’s filing self-assessment returns, navigating SDLT changes, or staying compliant with payroll and VAT requirements.
Our offices will remain open ahead of the Christmas and New Year break until 5pm on Monday 23rd December, so contact us today for tailored advice and support. You can reach our Manchester team on 0161 905 1801 or our Warrington office on 01925 830 830 or email us at mail@lwaltd.com.
Let us help you get ready for 2025 with confidence.