Mark Your Calendars for December’s Tax Deadlines

As the year-end approaches, businesses, property owners, and investors must meet tax filing deadlines. Missing these deadlines can lead to penalties and added stress. At UK Property Accountants, we help our clients prepare for their tax obligations. Here is a clear list of the key tax filing deadlines for December 2024 and some tips to ensure everything goes smoothly.

Key Tax Filing Deadlines in December 2024

Here is the list of all the tax filing deadlines for the month of December:

1 December 2024: Personal Tax and Corporation Tax

• Online Personal Tax Returns - Submit online personal tax returns for the 2023/24 tax year if you want HMRC to collect any underpayment through PAYE.
• Corporation Tax Payments - Companies with accounting periods ending 28 February 2024 must settle their corporation tax unless paying by instalments.
• Fuel Rates Review - HMRC will review advisory fuel rates for company cars.

7 December 2024: VAT Returns and Payments

This is the deadline for submitting VAT returns and making associated payments for the month or quarter ending 31 October 2024.

14 December 2024: Corporation Tax Instalments

Large Companies:

•  Instalment 4 - Year ending 31 August 2024.
• Instalment 3 - Year ending 30 November 2024.
• Instalment 2 - Year ending 28 February 2025.
•  Instalment 1 - Year ending 31 May 2025.

Very Large Companies:

• Instalment 4 - Year ending 31 December 2024.
• Instalment 3 - Year ending 31 March 2025.
• Instalment 2 - Year ending 30 June 2025.
• Instalment 1 - Year ending 30 September 2025.

19 December 2024: PAYE and CIS Deadlines

• PAYE, NICs, and CIS Payments - For the month ending 5 December 2024, payments must be made if not done electronically.
• CIS Returns - Submit Construction Industry Scheme returns for the same period.
• EPS Submission - File the Employer Payment Summary to adjust Full Payment Submission (FPS) reductions.

20 December 2024: PAYE and NICs (Electronic Payments)

Ensure electronic payments for PAYE, NICs, student loans, and CIS deductions for the month ending 5 December 2024 are submitted.

30 December 2024: Online Self-Assessment

This is the final day to submit online self-assessment tax returns for the 2023/24 tax year if any underpayment (below £3,000) is to be collected via PAYE in the following tax year.

31 December 2024: Corporation and Inheritance Tax Deadlines

• Corporation Tax Returns - Submit returns for accounting periods ending 31 December 2023.
• Amendments - Deadline to amend returns for periods ending 31 December 2022.
• Inheritance Tax Payments - Due for estates where the date of death occurred in June 2024.

Tips to Stay on Track with Tax Filing

1. Organise Your Documents

Make sure you have all necessary invoices, receipts, and financial statements available. Keeping digital records can make filing easier and help prevent mistakes.

2. Double-Check for Accuracy

If you are filing VAT, PAYE, or self-assessment, mistakes in your calculations or missed information can result in penalties. Carefully check your submissions or get help from a professional to make sure everything is accurate.

3. Plan Payments in Advance

Tax payments can put pressure on your cash flow, especially at the end of the year. Plan for these payments ahead of time. Consider setting aside money each month to make it easier to handle the costs.

Conclusion

As December 2024 arrives, it is essential to be aware of key tax filing deadlines that could affect your finances. By preparing in advance and knowing these important dates, you can avoid last-minute stress and close out the year confidently, setting yourself up for a smoother tax season ahead.

For expert insights, visit UK Property Accountants or read our article on important December tax filing deadlines.