Tax Year End 2024/25 Guide for Chester Clients

Tax Year End (2024/25) & Preparing Your Return

Date: April 04, 2025

As the 2024/25 tax year officially ends on April 5th,2025, and the new 2025/26 tax year begins on April 6th, 2025, we’re writing with some important reminders and information to help you prepare for your accounts and tax return preparation.

Action Required: Your 2024/25 Tax Year Records

Now is the perfect time to start gathering your financial information for the year ended April 5th, 2025, so we can prepare your accounts and/or tax return efficiently.

To help you identify exactly what information is needed, especially for Self-Assessment, please refer to our checklist here: https://phillipsco-accountants.co.uk/self-assessment-checklist/

Please begin collecting documents such as:

• Bank statements (business and relevant personal)
• Sales invoices and summaries of income
• Records of all business expenses (receipts, invoices)
• P60s, P11Ds, P45s (from employment/directorships, if applicable)
• Dividend vouchers received
• Details of any rental income and expenses (for landlords)
• Records of personal pension contributions made
• Any other information relevant to your income and expenses for the year.

Please send these documents to us via your usual secure method when ready. Providing information promptly helps us ensure timely filing and avoid any potential penalties.

Looking Ahead: 2025/26 Tax Year

The new tax year starting April 6th brings some updates which we will advise on when preparing your returns. For sole traders planning ahead, understanding allowable expenses is key to tax efficiency. You can find a helpful guide on our website here: https://phillipsco-accountants.co.uk/sole-trader-expense-guide-guide/

Important Deadline Reminders

Please keep these key dates in mind:

• 31st July 2025: Deadline for second Payment on Account for Self-Assessment individuals.
• 31st January 2026: Filing deadline for online Self-Assessment tax returns for the 2024/25 tax year.

We’re Here to Help

If you have any questions about the information required, the upcoming tax year, or wish to book a consultation to discuss your specific situation, please don’t hesitate to get in touch using the details below.