The 2024/2025 Tax Calendar for LTDs

Changes that happened in April 2024

The VAT registration threshold increased to £90,000. The VAT deregistration threshold also increased to £88,000, so if VAT taxable sales fall below £88,000 in 2024/25, you can  deregister from VAT.

National Living Wage increased to £11.44 – this rate only applies to workers aged 21 and over.

Things that changed on 6 April 2024

The tax free dividend allowance decreased to £500. If you own shares in a limited company, your first £500 earned in dividends is taxed at 0%, after which your dividend income is taxed at a rate based on your overall income.

The National Insurance contributions that come out of your wages through PAYE went down 2% to 8%. Whether you’re a director on the payroll or an employee, this means more take-home pay. Someone on an average salary of £35,000 per year will now have an extra £450 a year in their pocket.

Dynamic dates

There are also lots of dynamic dates that it can be hard to keep track of (which is why we’d recommend you use ANNA +Taxes to stay on top of your deadlines.

• Companies House Accounts Filing Date. You have 9 months after the end of your company’s financial year to file your accounts to Companies House.
• Company Tax Return due date to HMRC. These need to be with HMRC 9 months and one day after the end of your company’s financial year.
• Accounts and CT600 Company Tax Return due to HMRC. These are due 12 months after the end of your company’s financial year.
• Confirmation Statement Filing Date. This is due by every anniversary date of the incorporation date of the company.

Other dates to be aware of

The deadline for submitting forms P11D and P11D(b) for the year 2023-24 is 6 July, 2024. These forms have to be submitted electronically. HMRC offers an online service for submitting P11D and P11D(b) forms.

What are P11D and P11D(b) forms?

The P11D  form is used to report all Benefits in Kind (BiKs) to HMRC. BiKs are non-cash payments or benefits that an employer provides to an employee. That’s things like a company car, private health insurance, or a company loan.

The P11D(b) form is used to report Class 1A National Insurance payments that are due on BiKs. Class 1A NICs are a type of National Insurance that is paid by employers on the value of BiKs that they provide to their employees.

If you’ve previously reported Benefits-in-Kind and have no BiKs or expenses to report, you can either submit a ‘nil’ return or inform HMRC online that no return is necessary. Late submission of a P11D incurs a penalty of £100 per 50 employees for each full month it’s late, so don’t forget about it.

Late payments on any NICs amount due will attract a 5% penalty charge after 30 days, rising to 10% after 6 months and 15% after 12 months as well as interest due.

Payment of Class 1A NICs on the BiKs listed on form P11D(b)  is due on 22  July (online) or 19 July (cheque).