As a small business owner, staying on top of tax deadlines is crucial to avoid penalties and ensure smooth financial management. With the New Year upon us, now is the time to mark your calendar with the key tax dates for 2025. Missing these deadlines can result in fines, interest charges, and unnecessary stress—something no business needs.
At Brealey and Newbury, we’re committed to helping small businesses in Mansfield and the surrounding areas stay compliant and on track. This guide outlines the essential tax deadlines for 2025, so you can plan ahead and keep your business running smoothly.
Self-Assessment Deadlines
For small business owners, sole traders, and partnerships, self-assessment is a key tax obligation. Here are the important dates to remember:
31 January 2025:
Deadline for submitting your online self-assessment tax return for the 2023/24 tax year.
Payment deadline for any outstanding tax owed for 2023/24.
The first payment on account for the 2024/25 tax year is also due.
31 July 2025:
Deadline for the second payment on account for the 2024/25 tax year.
Missing these deadlines can result in late payment penalties and interest charges, so it’s essential to prepare your documents in advance.
Corporation Tax Deadlines
If your business is a limited company, you’ll need to pay corporation tax and file a company tax return. The deadlines depend on your company’s accounting period:
Corporation Tax Payment:
Due 9 months and 1 day after the end of your company’s accounting period. For example, if your accounting period ends on 31 March 2024, your corporation tax payment is due by 1 January 2025.
Company Tax Return (CT600)
Must be filed within 12 months after the end of your company’s accounting period. For the example above, this would be 31 March 2025.
To avoid errors or delays, ensure your financial records are accurate and up to date.
VAT Deadlines
If your business is VAT-registered, you’ll need to submit VAT returns and make payments on time. Most businesses operate on quarterly VAT periods, so deadlines will vary depending on your specific period.
Standard VAT Deadlines:
VAT returns and payments are typically due one month and seven days after the end of your VAT period. For example, if your VAT quarter ends on 31 March 2025, your VAT return and payment are due by 7 May 2025.
For businesses on the annual accounting scheme or making use of VAT deferral arrangements, it’s essential to review your specific deadlines.
PAYE and National Insurance Deadlines
If you employ staff, you’ll need to ensure timely submission of PAYE (Pay As You Earn) and National Insurance contributions:
Monthly Deadlines:
PAYE payments are due by the 22nd of each month if paid electronically (or the 19th if paying by cheque).
End of the Tax Year:
Final Full Payment Submission (FPS) for the 2024/25 tax year is due on 5 April 2025.
The Employer Payment Summary (EPS) for the tax year is due by 19 April 2025.
P60s:Issue P60s to employees by 31 May 2025.
Other Key Deadlines
Capital Gains Tax (CGT):
If your business disposes of assets subject to CGT, the tax is due within 60 days of the sale.
Making Tax Digital (MTD):
If you haven’t already, ensure your business is compliant with MTD requirements for VAT and other taxes.
Plan Ahead to Avoid Penalties
Penalties for late filing or payment can be costly and stressful. Here are a few tips to stay on track:
Organise Your Records Early: Keeping accurate and up-to-date financial records makes meeting deadlines much easier.
Set Reminders: Use digital calendars or reminders to alert you of upcoming deadlines.
Stay Informed: Tax regulations can change, so stay updated on any new requirements for 2025.
Let 2025 Be a Stress-Free Year for Your Business
Meeting tax deadlines doesn’t have to be a daunting task. By planning ahead and staying organised, you can ensure compliance and focus on what matters most—growing your business.
At Brealey and Newbury, we’ve been supporting small businesses in Mansfield for years, helping them navigate the complexities of tax and accounting. Let us take the stress out of managing your tax obligations so you can concentrate on achieving your goals.
For expert guidance tailored to your business, get in touch with us today. Let’s make 2025 your most organised and successful year yet!
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