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Tax season can be stressful with various deadlines to remember. Missing any could result in penalties, so hereâs a simple guide to key UK tax deadlines:
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If youâre filing a self-assessment tax return for the first time, register with HMRC by 5th October. This is required if you’re self-employed or have extra income like rental or savings interest.
Registering on time ensures youâre ready to file your tax return.
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The UK tax year begins on 6th April, often bringing new tax codes and allowance updates.
Being aware of these changes helps prevent surprises later.
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If you’re required to make payments on account, the deadline is 31st July. This is an advance payment toward next yearâs tax bill based on what you owed last year.
Staying on top of this mid-year payment makes tax season easier.
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If you’re filing a paper return, the deadline is 31st October. Though many prefer to file online, paper returns are still allowed.
31st January is the final day to file your online self-assessment and pay any due taxes. Missing this deadline could lead to penalties.
For more information, visit the official HMRC website.
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Need assistance with iXBRL compliance for HMRC CT600 filings? Our experts can help ensure you’re always in compliance. Contact us at +44 (0) 203 608 8035 or email [email protected].
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“The CGT increase on asset sales/business sales could affect future retirement plans, meaning clients are working longer to some degree or saving more heavily. Salary sacrifice is now more attractive given that NI rates have increased.”
Stamp Duty Land Tax: The increase in Stamp Duty Land Tax for additional properties will affect businesses purchasing property.
This is bad news for budding property barons:the Higher Rate for Additional Dwellings surcharge of Stamp Duty Land Tax will rise from 3% to 5% as of 31 October 2024, providing those looking to move home, or purchase their first property, with a comparative advantage over second home buyers, landlords, and businesses purchasing residential property.
At the moment, buyers of homes worth less than £250,000 don’t pay stamp duty. This was doubled from £125,000 under Liz Truss’s mini-Budget in September 2022.
The threshold is £425,000 for those buying their first property. This was raised from £300,000 as part of the mini-Budget. These higher thresholds will end in March 2025, when they will revert to their previous levels.
Current thresholds:
The single rate of stamp duty charged when firms buy dwellings worth more than £500,000 will also increase from 15% to 17%.
For small business owners in the UK, recent news of an interest rate cut from 5% to 4.75% is a welcome relief. This change marks the lowest rate in over a year and offers real benefits for businesses looking to reduce financing costs, manage debt more effectively, or explore new growth opportunities. In this blog, we’ll discuss how this rate cut could benefit your business and practical steps to make the most of it.
Andrea Reynolds, CEO of Swoop, shares her perspective:
“Another rate cut is starting to move the dial back in favour of borrowers which is great news following an eventful couple of weeks with the Labour budget and the US election. We all needed a bit of cheer going into the weekend.”
What this rate cut means for small businesses
A lower interest rate means borrowing becomes cheaper, which can have many positive effects for small business owners. Whether you’re looking to finance new projects, invest in property, or refinance existing loans, this reduced rate can further your money by lowering your repayment costs.
3 key opportunities for small business owners:
With interest rates now lower, here are some practical ways to make the most of the change:
If you have existing loans or debts, refinancing them at a lower rate could save you money on monthly payments, freeing up cash flow that can be reinvested into your business. Check with your lender or speak to Swoop to see if refinancing could reduce your overall costs.
If you’ve been holding back on growth plans due to high borrowing costs, this rate cut might be a chance to move forward. Lower interest rates mean it’s more affordable to access funds for growth projects like new equipment, staff, or expansion. This could be a good time to work with your financial advisor to revisit those plans and see if they’re achievable with the new rates.
For businesses looking to invest in property, such as buying premises or expanding locations, lower interest rates on commercial mortgages can make financing these projects more attainable. This cut could help reduce the monthly costs of a mortgage, which might make property ownership a sound long-term investment.
How Swoop can support you
At Swoop, we’re here to help small business owners make sense of their options. With our platform, you can compare financing options—from loans and refinancing to commercial mortgages—tailored to your business needs.
Next Steps: Make the Most of the Rate Cut
This rate cut provides a valuable moment for UK small business owners to evaluate their financial strategies. Whether it’s refinancing current debt, investing in growth, or exploring property ownership, now could be an ideal time to act.
If you’re considering your financing options, visit Swoop to see how we can help. By exploring your funding options with us, you’ll be well-positioned to make the most of this lower interest rate environment and plan for a strong year ahead.
Here’s what our team has to say about the rate cut:
Ciaran Burke, Co-Founder and COO at Swoop emphasises the impact of the recent change, stating:
“After the recent budget brought tough news for many businesses, this rate cut is a welcome relief. I anticipate a surge in activity within the commercial mortgage market as savvy business owners move quickly to capitalise on the current lower rates and stamp duty rules before these are set to rise in April next year.”
AnnMarie Swift, Senior Funding Manager Commercial Property at Swoop added:
“The expected, but not guaranteed base rate cut is a relief to see – it comes on the back of a more settled economic environment with the budget now behind us, and the political landscape more clear. The lower rate is welcomed for property-based transactions, as borrowing costs start to edge down. Increased activity is expected to result”