Key Accounting Dates for UK Businesses in January 2025

31/01/2025 – Corporation Tax returns: 31 January 2024 year ends

For businesses with a financial year ending on 31 January 2024, the deadline for filing Corporation Tax returns is 31 January 2025. Companies must ensure that their returns are submitted to HMRC on time, along with any tax due, to avoid penalties and interest charges. The return should accurately reflect the company’s financial performance, including profits and allowable expenses. It is essential to review all financial records and ensure compliance with the latest tax rules to avoid any errors or delays. If payment is not received by the deadline, HMRC may impose additional charges.

31/01/2025 – Self Assessment: 2023-24 online tax returns

The deadline for submitting online Self-Assessment tax returns for the 2023-24 tax year is 31 January 2025. Individuals who are required to file a tax return must ensure it is submitted electronically by this date to avoid late filing penalties. The return should include all income, deductions, and allowances for the tax year, as well as any capital gains or other taxable income. In addition, any tax owed must be paid by the same deadline to prevent interest and penalties from accruing. It is advisable to gather all necessary documentation in advance to ensure a smooth and timely submission.

31/01/2025 – Self Assessment: amendments to 2022-23 tax returns

The deadline for making amendments to your 2022-23 Self-Assessment tax return is 31 January 2025. If you need to correct any errors or update information on your 2022-23 return, you must do so before this date to ensure that any adjustments are processed correctly. This could include changes to income, allowable expenses, or tax reliefs that may have been missed or inaccurately reported. Failing to make amendments by the deadline could result in the inability to amend the return, potentially leading to overpaid taxes not being refunded or underpaid taxes not being adjusted

31/01/2025 – Self Assessment: 2023-24 balancing payment

The deadline for making the balancing payment for your 2023-24 Self-Assessment tax is 31 January 2025. This payment covers any outstanding tax owed for the 2023-24 tax year after accounting for any tax already paid through the PAYE system or previous payments on account. If you fail to make the payment by the deadline, HMRC may charge interest and penalties on the outstanding amount. It is important to calculate the correct amount owed and arrange for payment on time to avoid unnecessary charges. Ensure you have all the relevant financial information to avoid delays or errors in processing.

 31/01/2025 –  Self Assessment: first 2024-25 payment on account

The deadline for making the first payment on account for the 2024-25 Self-Assessment tax year is 31 January 2025. This payment is based on your previous year’s tax liability (2023-24) and is due in two instalments—one by 31 January 2025 and the second by 31 July 2025. The first payment on account helps to spread your tax payments across the year, reducing the financial burden at the end of the tax period. If your income has significantly changed, you may be able to request a reduction in the amount, but it is essential to ensure the payment is made on time to avoid interest and penalties.

 31/01/2025 –  Self Assessment: file outstanding 2020-21 returns to displace a determination

The deadline for filing any outstanding 2020-21 Self-Assessment tax returns is 31 January 2025, to prevent a determination from being issued by HMRC. If a tax return is not submitted by this date, HMRC may calculate your tax liability based on an estimated amount, known as a determination, which is often higher than what you may actually owe. To avoid this, ensure that your 2020-21 return is filed by the deadline. Filing on time will allow for a more accurate assessment of your tax liability and potentially reduce the amount payable, along with avoiding additional penalties.

31/01/2025 –  National Insurance: notify of liability to Class 2 NI where self-employment commenced in 2023-24

The deadline for notifying HMRC of your liability to pay Class 2 National Insurance (NI) contributions, if you started self-employment during the 2023-24 tax year, is 31 January 2025. If you were self-employed at any point during the year, it’s important to inform HMRC so they can calculate the correct amount of NI contributions you owe. Class 2 NI is typically paid by self-employed individuals, and failure to notify HMRC of your liability by this date may result in penalties or interest on any unpaid contributions. Be sure to keep accurate records and notify HMRC promptly to avoid unnecessary charges.

 31/01/2025 –  National Insurance: Form CA72A (deferral) for the self-employed

The deadline for submitting Form CA72A to defer National Insurance (NI) contributions for the self-employed is 31 January 2025. If you are self-employed and wish to apply for deferral of your Class 2 NI contributions, you must submit this form by the deadline. The deferral allows certain individuals, such as those with low earnings or in exceptional circumstances, to delay paying their NI contributions. Failing to submit the form on time could result in penalties or the inability to defer payments, so it is important to ensure that your form is filed correctly and promptly to avoid any issues with your NI contributions.

31/01/2025 –  IR35: amend or correct 2023-24 deemed payment on employer return and pay any balance of PAYE/NIC

The deadline for amending or correcting the 2023-24 deemed payment for IR35 purposes on your employer return is 31 January 2025. If your business operates under IR35 and there are errors or changes to the deemed payment made for the tax year 2023-24, you must submit the corrections by this date. Additionally, any outstanding PAYE or National Insurance contributions (NIC) related to the deemed payment must be paid by the same deadline. Failing to amend the return or settle the balance on time could result in penalties and interest charges from HMRC, so it is crucial to ensure the accuracy of your submissions and payments.

31/01/2025 – EFRBS: report schemes starting in 2023-24

The deadline for reporting any Employee Funded Retirement Benefit Schemes (EFRBS) starting in the 2023-24 tax year is 31 January 2025. Employers who have established new EFRBS during this period must notify HMRC by this date. EFRBS are typically set up to provide retirement benefits to employees, and reporting them ensures compliance with tax regulations. Failing to report a new scheme on time could lead to penalties and complications with HMRC, so it is important to submit the required information accurately and within the deadline to avoid any issues.

31/01/2025 – Plastic Packaging Tax: return and payment quarter-end 31 December

The deadline for submitting the Plastic Packaging Tax return and making the payment for the quarter ending 31 December 2024 is 31 January 2025. Businesses that manufacture or import plastic packaging must report the amount of plastic packaging placed on the UK market during this period and pay any tax due. The return must be submitted electronically, and payment should be made in full by the deadline to avoid penalties and interest. It is essential for businesses to carefully track their packaging data and ensure compliance with the regulations to prevent any issues with HMRC.

Stay on top of accounting deadlines for January 2025

The deadlines in January 2025 represent a critical time for accountants and businesses to finalise their tax obligations. From Self Assessment returns to Plastic Packaging Tax filings, ensuring all payments and reports are completed on time is essential to avoid penalties and interest charges. As accountants, it’s our responsibility to guide clients through these deadlines, ensuring accurate filings and prompt payments. A proactive approach, with thorough record-keeping and timely action, will not only keep businesses compliant but also safeguard their financial standing, helping them avoid unnecessary tax complications.