The new tax year is just around the corner. But after the government announced – and U-turned on – many alterations, are you sure of the changes set to come into play this April?
Navigating tax legislation while running your business can be a challenge. But don’t worry, the experts at Nabarro Poole have put together a list of key dates and legislation for the next tax year.
Back in November 2022, Chancellor of the Exchequer, Jeremy Hunt, announced a number of tax threshold alterations in his Autumn Statement – many of which will come into effect on 6th April. So, what is and isn’t changing? Let’s take a look…
- National Insurance: After many back and forths, National Insurance contributions won’t change on 6th April. Instead, they’re frozen at 12%, and no further changes are expected in the coming tax year.
- Capital gains and dividends: The capital gains tax-free threshold will be cut dramatically to £6,000, while the dividend allowance will be slashed from £2,000 to £1,000.
- Income tax: The tax-free personal allowance will remain at £12,570.
Key dates for 2023/24
Getting up to speed with key tax dates means you can stay on top of your books and avoid any penalties for failure to declare. Important dates include:
- 5th April: End of tax year for individuals, trusts, and partnerships.
- 6th April: Start of tax year for individuals, trusts, and partnerships.
- 31st May: P60 deadline – employers must give a P60 to every employee, and to those they’ve completed a Full Payment Submission for.
- 31st July: Second payment on account due for individuals, trusts, and partnerships.
- 5th October: Deadline for notifying HMRC of chargeability and registering for self-assessment for individuals, trusts, and partnerships.
- 31st October: Standard filing deadline for paper returns for individuals, trusts, and partnerships.
- 30th December: Filing deadline for online returns if HMRC are to collect owed tax automatically from wages and pension – applicable for individuals, trust and partnerships.
- 19th of every month: Deadline for payment of PAYE and NICs to HMRC’s Accounts Office by non-electronic method. Also, the last day for submitting Employer Payment Summary for the previous tax month.
- 22nd of every month: Deadline for payment of PAYE and NICs to HMRC’s Accounts Office by electronic method.
Stay tax savvy with Nabarro Poole
Our extensive experience and understanding of UK tax legalities can help your business succeed. For more information, speak to our team today.