Important Dates for UKM: What do you need to know for 2025
Throughout the year there are important dates that affect the business. If you miss the deadline, the cost can be expensive.
Skipping a deadline can have serious consequences: ranging from financial fines to damage to reputation, the impact can be very broad.
Not only customers who are disappointed: late tax payments can result in large interest and interest expenses, so it is very important to always follow the tax deadline, such as returning VAT and company tax submission.
Business owners need to realize, and plan proactively, important dates throughout the year. This includes budgeting tax payments that are coming or making plans to get additional funding if needed. By anticipating this financial obligation, businesses can mitigate risk and maintain healthy cash flows.
Tax deadline
Single trader
Single traders pay national income and insurance taxes in two stages:
- January 31, 2025 – The remaining tax for 2023/24 has been owed
- January 31, 2025 – The first tax payment for 2024/25 was due
- July 31, 2025 – The second tax payment for 2024/25 was due
- January 31, 2026 – The remaining tax for 2024/25 has been owed
- January 31, 2026 – The first tax payment for 2025/26 was due
Self -assessment
Self-Assessment Tax Returns must be submitted by:
- October 31, 2025 after the end of the tax year (return letter)
- January 31, 2026 after the end of the tax year (online return)
limited liability company
The deadline for payment of corporate tax depends on the end of your accounting period. Usually, you have 9 months 1 day after the accounting period ends to pay your company’s tax bill.
- Deadline for Submission of Returns: This is usually 12 months after your accounting period ends.
Tong
- Quarterly VAT return: If you are registered with VAT, you must submit a quarterly VAT return and pay the VAT payable. The deadline will definitely depend on the period of returning your VAT.
- Annual SPT VAT: Some businesses may need to submit the annual VAT return.
Another important date
- Submission of Confirmation Statement: You must submit a confirmation statement every year. The specific deadline will depend on the date of your company’s establishment.
- Submission of Company Account: The deadline for submitting your company’s annual report will depend on the final date of your company’s accounting period.
Increase in tariffs according to the law that needs to be considered for employers:
The increase in national minimum wage rates will apply from April 1, 2025:
- For workers aged 21 years and over, NMW increased from £ 11.44/hour to £ 12.21/hour
- For workers aged 18-21 years, NMW increased from £ 8.60/hour to £ 10.00/hour
- For workers under 18 years, NMW increased from £ 6.40/hour to £ 7.55/hour
- Internship rates increased from £ 6.40/hour to £ 7.55/hour
Payroll deadline
If you have an employee, you need to know the payroll reporting and the following payment time deadline:
- April 6, 2025: Updating employee payroll records for the new tax year
- April 19, 2025: Send the last complete payment summary and a summary of the company’s payment for the year ended on April 5, 2023 and pay taxes/NICs to be paid for that year.
- May 31, 2025: Give P60 to all employees in your salary list that works for you on the last day of the tax year
- July 6, 2025: Reporting of Employee Expenditures and Allowances
- July 19, 2025: NIC Class 1A Payment by Post, July 22, 2025 if paid electronically
Setting: All information is true at the time of writing, December 11, 2024. Swoop does not provide financial advice and suggest you confirm the date of maturity and deadline with independent financial advisors.
