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At TaxAssist Accountants (Falkirk & Stirling), we know that keeping up with tax deadlines can be overwhelming for busy business owners. With the 2025/26 tax year now underway, staying organised can help you avoid penalties and last-minute stress. Here are the key dates you need to know.
Important Tax Deadlines to Remember
· 6 July 2025 – Deadline for submitting P11D forms, which report any benefits or expenses provided to employees (e.g., company cars, healthcare). Employers must also pay any Class 1A National Insurance due on these benefits.
· 31 July 2025 – If you’re self-employed and required to make advance tax payments, this is the deadline for your second Payment on Account for the 2024/25 tax year.
· 5 October 2025 – If you started a business or became self-employed this year, you must register with HMRC for Self-Assessment by this date.
· 31 October 2025 – If you still submit a paper Self-Assessment tax return (instead of online), this is your filing deadline.
· 31 January 2026 – The big one! Your online Self-Assessment tax return for the 2024/25 tax year must be submitted by midnight. Any outstanding tax due must also be paid by this date to avoid penalties.
Avoid Common Tax Pitfalls
At TaxAssist Accountants, we’ve helped countless businesses avoid costly tax mistakes. Here are some of the most common pitfalls to watch out for:
· Missed Deadlines: Late filings result in penalties, starting at £100 for missing the Self-Assessment deadline, with additional fines if left unpaid.
· Underestimating Your Tax Bill: A good rule of thumb is to set aside 25-30% of your income for tax throughout the year to avoid an unexpected bill.
· Not Claiming Allowable Expenses: Many business owners miss out on tax relief for expenses such as home office costs, travel, professional fees, and even some energy bills.
· Poor Record-Keeping: HMRC requires businesses and self-employed individuals to keep tax records for at least five years. Having organised records ensures a smooth filing process and helps in case of an audit.
Planning Ahead
With so many deadlines throughout the year, it’s important to stay informed and organised. Keeping track of key dates, setting reminders, and maintaining good financial records can make tax time much less stressful.
For more information on tax deadlines and obligations, visit gov.uk/self-assessment-tax-returns.
