1 November 2024 – Due date for Corporation Tax due for the year ended 31 January 2024.

19 November 2024 – PAYE and NIC deductions due for month ended 5 November 2024. (If you pay your tax electronically the due date is 22 November 20244.)

19 November 2024 – Filing deadline for the CIS300 monthly return for the month ended 5 November 20244. 

19 November 2024 – CIS tax deducted for the month ended 5 November 2024 is payable by today.

1 December 2024 – Due date for Corporation Tax payable for the year ended 28 February 2024.

19 December 2024 – PAYE and NIC deductions due for month ended 5 December 2024. (If you pay your tax electronically the due date is 22 December 2024).

19 December 2024 – Filing deadline for the CIS300 monthly return for the month ended 5 December 2024. 

19 December 2024 – CIS tax deducted for the month ended 5 December 2024 is payable by today.

30 December 2024 – Deadline for filing 2023-24 self-assessment tax returns online to include a claim for under payments to be collected via tax code in 2025-26.

HMRC has issued a press release urging 18-22 year olds who have yet to claim their Child Trust Fund (CTF) cash to do so as soon as possible. According to HMRC, over 670,000 young adults in this age group have unclaimed funds, with the average savings pot estimated to be marginally in excess of £2,000.

Anyone who turned 18 on or after 1 September 2020 could have unclaimed money in a dormant CTF. Parents of children aged 18-22 should also check if their children have claimed the funds to which they are entitled.

Children born between 1 September 2002 and 2 January 2011 were eligible for a CTF account, with the government contributing an initial deposit, typically at least £250. These accounts were set up as long-term savings for newly born children.

HMRC’s Second Permanent Secretary and Deputy Chief Executive, said:

Thousands of Child Trust Fund accounts are sitting unclaimed – we want to reunite young people with their money and we’re making the process as simple as possible.

You don’t need to pay anyone to find your Child Trust Fund for you, locate yours today by searching ‘find your Child Trust Fund’ on GOV.UK.

Approximately 6.3 million Child Trust Fund (CTF) accounts were created during the scheme's operation. If a parent or guardian was unable to open an account for their child, HMRC stepped in and set up a savings account on the child’s behalf.

HMRC’s 'Check your State Pension age' tool is available at www.gov.uk/state-pension-age/y.

The online tool allows taxpayers to check the following:

• the earliest age they can start receiving the State Pension;
• their Pension Credit qualifying age; and
• when they will be eligible for free bus travel.

The State Pension age is currently 66 years old for both men and women but will increase again from 6 May 2026 to 67 years old for those born on or after April 1960.

The Pensions Act 2014 requires the Secretary of State for Work and Pensions to regularly review the State Pension age. This helps ensure that the government is able to consider the latest information to inform any future decision on the State Pension age. This review includes life expectancy and population projections, the economic position and the impact on the labour market.

The government is currently required to provide 10 years notice of changes to State Pension age, enabling people to plan effectively for retirement. It is thought that all options for increasing the rise to the State Pension age from 67 to 68 that meet the 10 years notice period will be in scope at the next review.

When hiring a new employee, employers must determine the appropriate tax code and starter declaration for their payroll software. Using incorrect tax codes can result in the new employee over or underpaying their taxes. To ensure the correct information is entered, employers need certain details from the new employee, most of which are usually provided on the employee's P45. It's important to remind new employees to bring their P45 on their first day.

If the employee does not have a P45, the required information can be gathered by asking them to complete HMRC’s online PAYE starter checklist. If they cannot use the online version, a paper version is also available. Employers must keep this information in their payroll records for the current tax year and the following three tax years. Once the information is collected, employers can use HMRC’s online tool to determine the employee’s tax code.

The starter checklist should be completed by new employees in the following cases:

• They have a student or postgraduate loan
• Their personal details differ from those on their P45
• They do not have a P45
• They have been sent to work temporarily in the UK by their overseas employer

Once the checklist is completed, the employee can submit it to their employer via email, post, or in person. There is no need to send the checklist to HMRC.

Corporation Tax relief may be available when a company or organisation incurs a trading loss, a loss on the sale or disposal of a capital asset, or on property income. Tax relief may be available to reduce Corporation Tax by offsetting it against other profits or gains from the same accounting period.

Additionally, companies can carry a trading loss back to previous years to claim relief by offsetting it against earlier profits, which may result in a Corporation Tax refund.

Typically, such claims can only be made after submitting a Corporation Tax return to HMRC. Losses can only be carried back to the preceding accounting period if the company was trading in that period.

Any claim for trading losses must be included in the Company Tax Return. The trading profit or loss for Corporation Tax purposes is worked out by making the usual tax adjustments to the figure of profit or loss shown in the company’s or organisation’s financial accounts.

Qualifying losses that are not offset in the current period or carried back can also be offset against profits in future accounting periods. There are restrictions on the total amount of carried forward losses that can be offset against profits.