Navigating the 2024/25 Tax Season: Important Dates and Deadlines

We’re in the middle of the Self Assessment season and it’s time to start preparing for the upcoming busy period. Some of the key things to do during this time are noting all deadlines and keeping them handy, nudging clients to send their documentation, assessing your team’s capacity, and taking important decisions about outsourcing tax preparation services.

As a seasoned accountant, you’re well aware that mastering the tax calendar is pivotal for successfully managing your clients’ financial affairs. In the Tax Year 2024/25, staying ahead of deadlines and maintaining an organised approach is crucial to ensure your clients’ tax matters are handled seamlessly.

This comprehensive guide aims to equip you with a thorough understanding of the key dates and Self Assessment deadlines for the ongoing tax season, so you don’t miss a single deadline.

Key Dates to Remember

5 October 2024: Register for Self Assessment

Clients who are venturing into Self Assessment tax return submissions for the first time are required to register by 5 October 2024 to file returns for 2023/24. This registration procedure secures a Unique Taxpayer Reference (UTR) number and an activation code, both crucial for a successful tax return submission. As an accountant, ensure your first-time clients have registered before the due date.

31 October 2024: Paper Tax Return Submission

If your clients follow the traditional paper tax return method, the deadline for filing is 31 October 2024. Remind your clients about it so that they don’t miss the date. If you outsource tax returns to an external provider, they will take note of the cutoff date and file accordingly.

In case your clients miss filing their return on or before the said deadline, don’t panic. They can still file their Self Assessment return online in January. However, ensuring that your clients don’t inadvertently file both a paper and online tax return is important.

30 December 2024: Opt into PAYE

For clients filing online tax returns and subject to PAYE taxation, opting to have overdue taxes collected through their tax code in the subsequent year is a viable option. To be eligible, the tax bill should not exceed £3,000, and the online return must be submitted by 30 December 2024.

31 January 2025: Online Tax Return Submission and First Payment on Account

The final deadline for submitting online tax returns for the 2023/24 tax year is 31 January 2025. This day also demands the first payment on account for the 2024/25 tax year. Ensuring these submissions and payments are made promptly can prevent clients from incurring penalties and interest charges from HMRC.

Penalties for Late Filing

Every individual filing Self Assessment tax return is required to abide by HMRC’s deadlines. As an accountant, you must ensure that your clients file their returns before the tax deadline 2024 to avoid discrepancies. If you outsource tax returns, regularly follow up with your outsourcing partner to ensure compliance with the cutoff dates.

However, clients may sometimes miss crucial deadlines, attracting penalties from HMRC. Let’s explore the late filing penalties in brief.

A three-month late payment attracts a penalty of £100 and interest on the tax bill by HMRC. However, if an individual has a reasonable justification for the delay, they can appeal such penalties. As an accountant, you may get several requests for penalty appeals.

Summing Up

In the intricate realm of UK taxation, adherence to deadlines and staying well-versed with the evolving tax landscape is non-negotiable. The 2024/25 Tax Year presents both challenges and opportunities, and as a proactive accountant, your commitment to guiding your clients through this journey can’t be overstated.

The dates outlined in this guide serve as beacons to navigate the complexities of tax returns, safeguard your clients from penalties, and elevate your standing as a trusted financial advisor.

If you need help with the tax season admin and compliance work, look no further. QXAS, a market leader in outsourcing, provides end-to-end personal tax season support to accounting firms, helping enhance efficiency and productivity and ensuring you never miss a deadline. Our dedicated team of tax experts is equipped with supercharged expertise, lightning-fast TAT, and 100% GDPR compliance.

Talk to our experts to get started today. Call us at +44 208 146 0808 or write to us at [email protected] and our experts will be happy to assist you.

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Pooja Kshirsagar

With a rich experience of curating content for various industries, Pooja believes in the power of words in marketing and building brands. She enjoys experimenting with different forms of content and is currently on a mission to add value to the accounting industry through her detailed and researched write-ups.

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Originally published Sep 27, 2024 12:09:05, updated Nov 12 2024

Topics: deadlines, self-assessment tax season, tax season