Tax Deadlines Are Looming

The first 3 months of the year are always the busiest for financial services. Almost all of the major deadlines fall in this period. As we build up towards the end of the 2024/25 tax year, I wanted to lay out some of the key upcoming dates/deadlines so you can make sure your finances are well organised.

🚨 Looming Self-Assessment Deadline: 31st January
This is the big one right now - Time is running out for UK individuals to file their self-assessment tax returns! Here's what you need to know:

• Deadline: Midnight on 31st January 2025 for online returns and payment of any tax owed.

• Late Filing Penalty: £100 if your return is up to 3 months late, plus additional penalties for longer delays.

If you're feeling overwhelmed, it's not too late to seek advice or use HMRC’s resources.

📆 Key Financial Dates for the Next 4 Months

Here’s a quick look at other important dates to keep on your radar:

February 2025:

• 1st February: Interest starts accruing on unpaid self-assessment tax bills.

March 2025:

• 31st March: End of the tax year for many companies—ensure you’ve reviewed expenses and financial records.

April 2025:

• 5th April: End of the 2024/25 tax year. Maximise your ISA allowance and review pension contributions.

• 6th April: Start of the 2025/26 tax year. New tax rates and thresholds take effect.

📈 Making full use of your pension and ISA allowances is the best way possible to build tax-efficient wealth for your future plans. Whilst there are circumstances where unused pension allowances can be carried forward into the next tax year, your ISA allowance can not. So if you don’t use it, you do lose it.

🔎 If you’re not sure whether you have made full use of your pension or ISA allowances, now is the time to check. Maybe revisit your financial plan, or make one, and see if there is scope to be adding more to your longer term goals. Need some help or guidance? Get in touch and I can help.

Key Articles I Have Read This Week:

• Money Saving Expert - practical advice for individuals scrambling to meet the 31st January self-assessment deadline. It includes guidance on allowable expenses, common mistakes to avoid, and how to use HMRC tools effectively: Read it here

• Investopedia - early market reactions to President Trump’s policy decisions. Read it here

Investment Markets This Week:

Best Cash Savings Rates This Week

🇺🇸 Last week we were watching to see what would happen when Trump was sworn in….

He’s been busy!! Lots of executive orders and actions. I’ve consolidated some of the key actions that have happened so far below: