Key dates for SMEs: what you need to know for 2025

Throughout the year there are key dates that affect businesses. If you miss a deadline, it can be expensive.

Missing deadlines can have serious consequences: from financial penalties to damaged reputations, the repercussions can be far-reaching.

It’s not just disappointed customers: late tax payments can result in hefty fines and interest charges, so it’s crucial to stay on top of tax deadlines, such as VAT returns and corporation tax filings.

Business owners need to be aware of, and plan proactively for, key dates throughout the year. This includes budgeting for upcoming tax payments or having a plan in place to secure additional funding if necessary. By anticipating these financial obligations, businesses can mitigate risks and maintain a healthy cash flow.

Tax deadlines 

Sole traders 

Sole traders pay income tax and National insurance in two stages: 

• 31 January 2025 – balance of any tax for year 2023/24 is due
• 31 January 2025 - first payment on account of tax for year 2024/25 is due 
• 31 July 2025 – second payment on account of tax for 2024/25 is due 
• 31 January 2026 – balance of any tax for year 2024/25 is due 
• 31 January 2026 – first payment on account of tax for year 2025/26 is due 

Self Assessments 

Self-assessment tax returns must be filed by: 

• 31 October 2025 following the end of the tax year (paper returns) 
• 31 January 2026 following the end of the tax year (online returns) 

Limited Companies

The payment deadline for Corporation Tax depends on your accounting period end date. Typically, you’ll have 9 months and 1 day after your accounting period ends to pay your corporation tax bill.

• Return Filing Deadline: This is usually 12 months after your accounting period ends.

VAT

• Quarterly VAT Returns: If you’re VAT-registered, you’ll need to submit quarterly VAT returns and pay any VAT due. The exact deadlines for these will depend on your VAT return period.
• Annual VAT Return: Some businesses may need to submit an annual VAT return.

Other Important Dates

• Confirmation Statement Filing: You’ll need to file a confirmation statement annually. The specific deadline will depend on your company’s incorporation date.
• Company Accounts Filing: The deadline for filing your company’s annual accounts will depend on your company’s accounting period end date.

Statutory rate increases to note for employers:

National Minimum Wage rate increase will come into force from 1 April 2025: 

• For workers aged 21 or over, NMW increases from £11.44/hour to £12.21/hour
• For workers aged 18-21, NMW increases from £8.60/hour to £10.00/hour
• For workers under 18, NMW increases from £6.40/hour to £7.55/hour
• The apprentice rate increases from £6.40/hour to £7.55/hour

Payroll deadlines 

If you have employees, you’ll need to know the following payroll reporting and payment deadlines: 

• 6 April 2025: Update employee payroll records for the new tax year 

• 19 April 2025: Submit your final Full Payment Summary and Employer payment summary for the year ended 5 April 2023 and pay any tax/NIC due for the year. 
• 31 May 2025: Give a P60 to all employees on your payroll who are working for you on the last day of the tax year 
• 6 July 2025: Reporting of employee expenses and benefits 
• 19 July 2025: Payment of Class 1A NICs by post, 22 July 2025 if paid electronically 

Disclaimer: all information correct at time of writing, 11 December 2024. Swoop does not give financial advice and recommends you confirm due dates and deadlines with independent financial advisors.