The Tax Faculty highlights the key deadlines and dates for tax practitioners during 2024.
Personal tax
| Date | Deadlines | Changes to tax system |
|---|---|---|
| 6 January | NIC: the main rate of class 1 primary contributions reduces by 2 percentage points from 12% to 10%. | |
| 31 January | ITSA: deadline for online submission of self assessment tax returns for tax year ended 5 April 2023. ITSA: deadline for paying self assessment ‘balancing payments’ for tax year ended 5 April 2023 and the first self assessment payment on account for tax year ended 5 April 2024. ITSA: deadline to amend a 2021/22 tax return. ITSA: deadline to file an outstanding 2021/22 return to avoid a further tax-geared penalty. Tax credits: last day to renew tax credits for 2023/24 (if the 31 July 2023 deadline was missed and the claimant can show good cause) or to provide final income figures for 2022/23 (if renewal was done by 31 July 2023 using an estimate). Trusts: deadline for registering trusts on HMRC’s Trust Registration Service (TRS) if the trust has not been required to register previously, it was created before 6 April 2021, and:
Trusts: deadline for updating the TRS where there was a tax consequence in 2022/23 and a notifiable change before 6 April 2023 to additional information taxable trusts are required to provide. Tax consequence includes income tax, CGT, IHT, SDLT, SDRT, LBTT and LTT. If there is no tax consequence, then an update is required by 31 January after the end of tax year in which the trustees do have a UK tax liability. Changes are possible on a voluntary basis. |
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| 1 February | ITSA: penalty charged where 2022/23 self assessment tax return was not filed on time and was issued before 1 November 2023. Automatic £10 daily penalties apply to returns filed on paper on or after today (where the filing date was 31 October). ITSA: further late filing penalties apply to outstanding 2021/22 tax returns. For returns filed online, the further penalty is the greater of £300 or a percentage of the tax showing on the return. |
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| 2 February | ITSA: third late payment penalty due of 5% of any 2021/22 income tax, CGT and class 2 and 4 NIC due on 31 January 2023 that is not paid by today. | |
| 1 March | ITSA: 5% penalty imposed on 2022/23 income tax, CGT and class 2 and 4 NIC not paid by today. The penalty can be avoided if a time to pay arrangement is agreed in advance. | |
| 31 March | ATED: deadline to amend returns and pay any outstanding tax for the year 1 April 2022 to 31 March 2023. | |
| 5 April | Last day of the 2023/24 tax year: deadline for various tax claims and elections. Personal tax: deadline for electing to transfer (part of) the married couple’s allowance from husband to wife, or withdraw such an election, for 2024/25. CGT: last day to make disposals to use the 2023/24 CGT exemption. IHT: deadline for utilising IHT exemptions for 2023/24 (and any excess from 2022/23). Pensions: deadline to make a contribution to qualify for tax relief in 2023/24. |
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| 6 April | First day of the 2024/25 tax year. | NIC: the main rate of class 1 primary contributions reduces by 2 percentage points from 10% to 8%. Trusts and estates: a package of simplification measures come into force for low-income trusts and estates. |
| 30 April | ATED: deadline to submit returns and pay the tax for the year 1 April 2024 to 31 March 2025. If a relief applies, this is also the deadline to submit a relief declaration return. These returns are based on the 1 April 2022 revaluation if the property was held on 1 April 2022 and a revaluation trigger has not occurred since that date. | |
| 1 May | ITSA: further late filing penalties apply to outstanding 2022/23 tax returns. Automatic £10 daily penalties apply for returns filed online on or after today. For returns filed on paper, the further penalty is the greater of £300 or 5% of the tax showing on the return. | |
| 15 June | US tax: deadline for US expatriates to file 2023 US federal tax returns if they have not obtained a filing extension. If more time is needed, an extension can be obtained to 15 October 2024. If tax is due, interest accrues from 15 April 2024 until the tax is paid. | |
| 5 July | Non-resident landlords: deadline for 2023/24 returns of rent paid by agents to non-resident landlords and of tax deducted by tenants from rents paid direct to non-resident landlords. | |
| 31 July | ITSA: deadline for second self assessment payment on account for tax year ended 5 April 2024. | |
| 1 August | ITSA: further late filing penalties apply to outstanding 2022/23 tax returns. For returns filed online, the further penalty is the greater of £300 or 5% of the tax showing on the return. ITSA: a second late payment penalty due of 5% of any 2022/23 income tax, CGT and class 2 and 4 NIC due on 31 January 2024 that is not paid by today. |
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| 5 October | ITSA: deadline to notify chargeability for income tax/capital gains tax for 2023/24 if not registered for self assessment. Complete form CWF1 for self-employment or form SA1 for non self-employed income or form SA401 for partners. This requirement also applies to trustees and any other persons potentially within ITSA. | |
| 6 October | Pensions: deadline for pension administrators to give a pension savings statement to scheme members if their pension inputs in the scheme in 2023/24 exceed the annual allowance. | |
| 15 October | US tax: deadline for US expatriates to file 2023 US tax returns if they have obtained a filing extension. | |
| 31 October | ITSA: deadline for paper submission of self assessment tax returns for the tax year ended 5 April 2024 to be received by HMRC. Returns filed after this date should be filed online to avoid a late filing penalty. Note that it is not possible to displace a paper return that has been filed late by filing online. | |
| 1 November | ITSA: further late filing penalties apply to outstanding 2022/23 paper tax returns. The further penalty is the greater of £300 or a percentage of the tax showing on the return. | |
| 30 December | ITSA: deadline for online submission of self assessment tax returns for tax year ended 5 April 2024 for HMRC to collect tax through PAYE codes where the taxpayer owes less than £3,000. |
Business tax
| Date | Deadlines | Changes to tax system |
|---|---|---|
1 January |
Audio-visual expenditure credit and video games expenditure credit can be claimed for qualifying expenditure incurred on or after this date. Transitional rules apply for existing productions until 1 April 2027. Reporting rules for digital platforms come into force with reporting due from January 2025. VAT: zero rate for women’s sanitary products extended to include reusable period underwear. |
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| 31 January | Business tax: deadline for intermediaries with a worker providing services to small clients outside of the public sector to make corrections to the 2022/23 employer return and pay outstanding PAYE and class 1 NIC to qualify for the concession under which penalties are not charged for failing to make final returns by the normal due date. CTSA: deadline for returns for accounting periods ended 31 January 2023 to reach HMRC. |
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| 1 February | VAT: the zero rate for the installation of energy saving materials (ESMs) is extended to include electrical battery storage, water-source heat pumps, diverters retrofitted to ESMs, heat pump groundworks and the installation of ESMs in a building intended for use solely for a relevant charitable purpose. | |
| 14 February | NIC: last day HMRC will accept an application to defer class 1 NIC for 2023/24. Applications made after that date and before 6 April 2024 will only be considered by HMRC with the agreement of the employer(s). | |
| 28 February | CTSA: deadline for returns for accounting periods ended 28 February 2023 to reach HMRC. | |
| 30 March | Customs declaration service (CDS): all businesses should be migrated to using CDS for export declarations by this date. | |
| 31 March | Company tax: final date for reclaim of tax paid by a close company on a loan to a participator if loan repaid during the financial year ended 31 March 2020. CTSA: deadline for returns for accounting periods ended 31 March 2023 to reach HMRC. |
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| 1 April | R&D tax relief: no amount of an R&D expenditure credit (RDEC) or R&D tax credit may be paid to a nominee for claims made on or after this date. For accounting periods beginning on or after this date, a new merged R&D expenditure credit scheme replaces R&D tax relief for SMEs and the RDEC. Also, the threshold for being an R&D-intensive company reduces from 40% to 30% for accounting periods beginning on or after this date. VAT: the registration threshold increases from £85,000 to £90,000, and the deregistration threshold from £83,000 to £88,000. |
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| 1/6 April | Charity tax reliefs: non-UK charities and community amateur sports clubs are no longer eligible to claim UK charitable tax reliefs. |
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| 5 April | Employers: deadline to register to payroll benefits from 2024/25. NIC: deadline to pay voluntary class 2 for 2017/18. |
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| 6 April | Basis period reform: from this date, income tax is charged on trading profits arising in the tax year. Cash basis: the cash basis becomes the default method for the self-employed and partnerships from this date. The turnover, interest and loss relief restrictions are also removed. Off-payroll working/IR35: calculation of PAYE liability in cases of non-compliance can from this date take account of tax and NIC already paid by a worker and their intermediary on payments received from an off-payroll working engagement. Construction industry scheme: changes to the gross payment status test apply from this date. HMRC also has the power to remove gross payment status immediately in cases of serious non-compliance. NIC: the main rate of class 4 contributions reduces by 3 percentage points from 9% to 6%. Self-employed individuals with profits above the lower profits threshold of £12,570 are no longer required to pay class 2 contributions. |
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19 April |
Employers: deadline to make a final payroll report for 2023/24 using a full payment submission (FPS). | |
30 April |
CTSA: deadline for returns for accounting periods ended 30 April 2023 to reach HMRC. | |
| 1 May | VAT: businesses must account for VAT on the full selling price of all vehicles bought in Great Britain and sold in Northern Ireland, regardless of when the vehicle moved to Northern Ireland. | |
| 31 May | Automatic exchange of information: returns due for calendar year 2023 in respect of United States Foreign Account Tax Compliance (FATCA), Crown Dependencies and Overseas Territories (CDOT) and the Common Reporting Standard (CRS). PAYE: last date for giving a form P60 for 2023/24 to each relevant employee who was working for you on 5 April 2024, together with details of payrolled benefits in kind. Employers: deadline for employees to make good the cost of payrolled private fuel and private credit card expenditure in 2023/24. CTSA: deadline for returns for accounting periods ended 31 May 2023 to reach HMRC. |
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| 30 June | CTSA: deadline for returns for accounting periods ended 30 June 2023 to reach HMRC. | |
| 4 July | PAYE: deadline for employee to reimburse payment made by employer on account of tax in 2023/24 (eg, on employment-related securities). If no reimbursement is made or if it is made after this date, a further tax charge arises. | |
| 5 July | PAYE: last date for agreeing PAYE settlement agreements for 2023/24. | |
| 6 July | PAYE: deadline for filing forms P11D, P11D(b) or substitutes for the tax year ending 5 April 2024. PAYE: last date to give forms P11D to relevant employees. Employers: deadline to register an employee share scheme that was in place during 2023/24 and to self-certify the scheme if it is a tax-advantaged scheme. Schemes in place prior to 2023/24 should already have been registered. Employers: deadline for filing employment-related securities returns for 2023/24. Employers: deadline to file the 2023/24 report of termination payments and benefits where noncash benefits are included in an employee termination package. No report is required where the total value of the settlement is below £30,000. Employers: deadline for employees to make good the cost of non-payrolled benefits in kind provided in 2023/24. This deadline does not apply to beneficial loans. Employers: deadline for taxed award scheme providers in 2023/24 to provide form P443 certificates to recipients showing details of the award and tax paid under a higher rate scheme and make returns of awards made to HMRC on forms P35(TAS) and P440. This is generally used by third parties who provide taxable benefits to someone else’s employee. Employers: deadline for a close company to elect that all beneficial loans to a director be treated as a single loan for calculating 2023/24 benefits-in-kind (s187, ITEPA 2003). |
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| 7 July | Employers: deadline to make a return of relevant benefits provided in 2023/24 to retired employees under an employer-financed retirement benefits scheme. Such benefits are taxable unless provided from a registered pension scheme or covered by one of the exemptions. | |
| 19 or 22 July | PAYE: deadline to pay outstanding class 1A NIC for tax year ended 5 April 2024. Postal payment must reach the HMRC Accounts Office by 19 July and electronic payments be cleared in HMRC’s bank account by 22 July. | |
31 July |
CTSA: deadline for returns for accounting periods ended 31 July 2023 to reach HMRC. | |
| 18 or 21 August | Employers: 5% penalty applies to 2023/24 class 1A NIC not paid by 18 August for payments by cheque and 21 August for electronic payments. | |
| 31 August | CTSA: deadline for returns for accounting periods ended 31 August 2023 to reach HMRC. | |
| 30 September | CTSA: deadline for returns for accounting periods ended 30 September 2023 to reach HMRC. | |
| 9 or 22 October | Employers: deadline for paying PAYE settlement agreement tax/class 1B NIC liabilities for 2023/24. Postal payments must reach HMRC Accounts Office by 19 October and electronic payments be cleared in HMRC’s bank account by 22 October. | |
| 31 October | CTSA: deadline for returns for accounting periods ended 31 October 2023 to reach HMRC. | |
| 18 or 21 November | Employers: 5% penalty applies to 2023/24 PAYE settlement agreement tax/class 1B NIC not paid by 18 November for payments by cheque and 21 November for electronic payments. | |
| 30 November | CTSA: deadline for returns for accounting periods ended 30 November 2023 to reach HMRC. | |
| 31 December | CTSA: deadline for returns for accounting periods ended 31 December 2023 to reach HMRC. | Pillar two: the undertaxed profits rule applies for accounting periods beginning on or after this date. |
