Key Tax Dates In 2024 For UK Businesses and Self-Employed

In the new year, it's essential for businesses and self-employed individuals in the UK to mark their calendars with important tax dates. Understanding and adhering to these key dates can help you avoid late payment penalties and ensure a smooth financial year ahead. In this comprehensive guide, we'll walk you through the crucial tax dates for 2024, covering everything from self-assessment tax returns to VAT payment deadlines.



Self Assessment Tax Return: A Crucial Obligation

One of the first and foremost responsibilities for self-employed individuals and small business owners is the completion of their self-assessment tax return. The deadline for submitting your online return for the 2023/24 tax year is 31 January 2024. Filing your self-assessment tax return on time is imperative to avoid late payment penalties.


Paying Taxes: The Essence of Fiscal Responsibility

Paying income tax is a fundamental obligation for individuals and businesses alike. The deadline for settling your previous year's tax bill falls on 31st January 2024. This encompasses income tax, capital gains tax, and any outstanding payments from the 2023/24 tax year.


Corporation Tax: Limited Companies Take Note

For limited companies, the corporation tax deadline is crucial. Ensure you file your company tax return and pay any outstanding corporation tax by the deadline, which typically falls nine months after the end of your accounting period.


Register for Self Assessment: A Prerequisite for the Self-Employed

If you're self-employed or a sole trader and haven't registered for self-assessment yet, it's essential to do so as soon as possible. This is necessary for calculating your tax bill accurately and avoiding potential penalties.


Capital Gains Tax: Understanding Your Liabilities

Individuals who have made a profit from selling an asset or business asset during the tax year may be liable for capital gains tax. Ensure you pay any capital gains tax owed by the relevant deadlines to avoid penalties.


National Insurance Contributions: Fulfilling Your Social Obligations

Self-employed individuals need to pay their national insurance contributions to secure entitlements to the state pension and other benefits. Keep track of the deadlines for these payments to avoid any disruptions to your insurance coverage.


VAT Registration Deadline: Crucial for VAT-Registered Businesses

For businesses that are required to register for VAT, ensuring timely registration is vital. Be aware of the VAT registration deadline to comply with HMRC regulations and avoid potential penalties.


Payment on Account: Managing Your Tax Liabilities

For those with significant tax liabilities, making advance payments on account is a prudent way to manage your financial responsibilities. The first payment on the account is due by 31st January, with the second payment due by 31st July.


End of the Tax Year: Wrapping Up Financial Affairs

As the tax year concludes on 5th April 2024, it's essential to finalise all financial transactions and ensure that your records are up to date. This includes making necessary adjustments to your accounts and preparing for the upcoming self-assessment tax return.


Annual Registration Deadline: Limited Companies Stay Compliant

Limited companies must ensure that they meet the annual registration deadline to maintain their legal status. Compliance with this deadline is crucial for avoiding penalties and ensuring the continued operation of the company.


Payment Deadlines for Small Businesses: Ensuring Financial Stability

Small businesses often face unique financial challenges. Staying on top of payment deadlines for various taxes, including income tax and corporation tax, is vital for maintaining financial stability and avoiding unnecessary penalties.


Filing Deadlines for VAT Returns: A Quarterly Affair

Businesses registered for VAT must adhere to filing deadlines for their VAT returns. Ensure you file your returns within the specified time frames to avoid late filing penalties.


Late Payment Penalties: A Costly Consequence

Late payment penalties can significantly impact your finances. Stay vigilant and adhere to all payment deadlines to avoid incurring unnecessary fines, which can escalate over time.


Important Dates for Payroll: Managing Employee Finances

For businesses with employees, it's crucial to stay on top of payroll deadlines. This includes filing payroll benefits online and managing PAYE tax codes to ensure accurate and timely payments to employees.


Online Tax Return: A Modern Convenience

Filing your tax return online has become the norm, offering convenience and efficiency. Familiarise yourself with the online return process and ensure you submit your returns through the HMRC online portal.


Financial Year and Tax Code: Understanding the Basics

Understanding the financial year and tax code is fundamental to managing your tax obligations. Stay informed about any changes to the tax code and adapt your financial planning accordingly.


UK's Tax Year and Calendar Quarters: Aligning Your Business Strategy

Aligning your business strategy with the UK's tax year and calendar quarters can aid in effective financial planning. Stay aware of key dates and plan your business activities accordingly.


Self Employment and National Minimum Wage: Balancing Income and Expenses

Self-employed individuals must ensure that their income meets or exceeds the national minimum wage. Balancing income and expenses is essential for sustaining a viable self-employed business.


Interest-Free Loans: A Financial Strategy for Limited Companies

Limited companies may consider interest-free loans as part of their financial strategy. Ensure that any such loans are managed in compliance with HMRC regulations to avoid tax implications.


Paper Tax Returns: A Fading Tradition

While online tax returns have become the standard, some individuals and businesses may still opt for paper returns. Be aware of the deadlines and follow the necessary procedures if you choose the traditional paper filing method.


Make A Note Of These Key Dates & Keep Updated Throughout The Year!

Staying aware of key tax dates in 2024 is paramount for the financial health of your business or self-employed venture. By understanding and adhering to these important deadlines, you can avoid penalties, maintain compliance with HMRC regulations, and ensure a smooth and prosperous year ahead.


Make it a priority to mark these dates in your calendar, seek professional advice from 10.CA when needed, and approach your tax obligations with diligence and foresight.

The FRS 102 rules are changing again: How will they affect you?

By Charlie Flockhart • March 19, 2026
The revised version of FRS 102 accounting standards has already brought new reforms for accounting periods starting on or after 1 January 2026 and now the rules are changing again. The Financial Reporting Council (FRC) has announced further amendments to FRS 102 and FRS 105, affecting how certain businesses present their financial statements. With the changes taking effect over the next two years, now is the time to understand what is coming and how it could affect you. Why are the FRS 102 rules changing again? The updates follow the introduction of IFRS 18, which replaces IAS 1 on the presentation of financial statements. To ensure they are aligned with international accounting standards, the FRC has introduced amendments to UK GAAP. However, after consultation, it stopped short of adopting the full IFRS 18 model. What are the new FRS 102 changes? The latest amendments apply to entities using updated Companies Act formats. They include: · Revised presentation requirements for businesses applying adapted balance sheet and profit and loss formats · Moving presentation requirements into new appendices within Sections 4 and 5 · Updated definitions of current assets, non-current assets and current liabilities, plus additional application guidance These changes are taking effect for accounting periods beginning on or after 1 January 2027. Alongside this, earlier reforms came into force from 1 January 2026 and changed revenue recognition and lease accounting. Revenue must now follow a five-step control-based model and businesses must reassess customer contracts. Most leases must also now be recognised on the balance sheet as a right-of-use asset with a corresponding lease liability. Instead of a single lease expense, businesses will record depreciation and interest separately. How can you prepare? To prepare for the current FRS 102 changes, you should now be reviewing contracts and lease liabilities and ensuring you have the correct presentation formats. If you are unsure how the new FRS 102 rules will affect your business, now is the time to seek professional advice. For further support, contact our team today.

The final countdown: Is this your last chance to get ready for MTD for Income Tax?

By Charlie Flockhart • March 19, 2026
With just a few weeks before Making Tax Digital (MTD) for Income Tax comes into effect on 6 April, the countdown is on. HMRC has been sending letters to thousands of sole traders, landlords and self-employed individuals, warning them their reporting obligations are about to change. Whether you have received your letter or not, you should act now to ensure you are compliant. What is MTD for Income Tax? MTD for Income Tax is HMRC’s move towards a fully digital tax system. If you are affected, you will need to: · Keep digital records of your income and expenses · Use HMRC-compatible software · Submit quarterly updates to HMRC · Complete an end-of-year declaration Quarterly updates will not replace your annual Self-Assessment, but it does mean that you will interact with HMRC more regularly throughout the year. Who will be affected? MTD for Income Tax is being rolled out in stages based on your gross income: · April 2026 – gross income over £50,000 · April 2027 – gross income over £30,000 · April 2028 – gross income over £20,000 Those who fall into the first phase of MTD for Income Tax in April must submit their first quarterly update by 7 August 2026. You must also keep your digital records accurate from the start of the tax year and file your Self-Assessment return by 31 January 2027. How can you prepare for MTD for Income Tax? The time to act is now. You need to move away from paper records and understand your new obligations. You will then need to choose an MTD-compatible software or use a suitable bridging solution that works for your finances. It is necessary to sign up for MTD for Income Tax, as HMRC will not automatically do this for you. You can then begin digital record-keeping. HMRC is taking a soft launch approach to MTD for Income Tax and is waiving penalties for the first year, but you must still remain compliant. Our team can advise you on your reporting requirements, help you implement the right software solution and handle quarterly submissions on your behalf. For further advice or support, get in touch today.
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Do I Have to Declare Savings Interest to HMRC?

By Dexter Stevens • March 16, 2026
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