Don’t miss these critical 2025 financial deadlines

Getting your financial ducks in a row is less about being organised for organised’s sake. And more about making sure you don’t pay more tax than you need to. If you’re reading this, there's still plenty of opportunity to make sure you're saving as tax-efficiently as you can.

Here’s a summary of the key financial dates for your diary for 2025.

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2025 dates to watch out for

1 January - private school fees now subject to VAT - One of the major promises in the Labour party's manifesto was to eliminate the VAT exemption on private school fees. As a result, school fees are expected to rise by as much as 20% this year.

31 January - Self-Assessment tax deadline - You need to submit your Self-Assessment tax return by Friday, 31 January 2025. This deadline also applies to paying any tax you owe. If you're self-employed, you also need to make a payment on account. This is an advance payment for your next tax bill based on your previous tax liabilities. The first payment is due by 31 January.

Remember, payments to HMRC can take a few days to process. So, it's best to finish your tax return well before the 31 January deadline. 

26 March - Spring Forecast - The Chancellor, Rachel Reeves, announced that the Office for Budget Responsibility will publish an Economic and Fiscal Forecast on 26 March 2025, to meet its commitment to produce two forecasts each year. This will be accompanied by a statement to Parliament and quashes rumours of a Spring Statement. It supports the Chancellor’s commitment to one major fiscal event each year - aka the Budget - to give families and businesses more stability and certainty on upcoming tax and spending changes.

31 March - Stamp Duty holiday ends - In September 2022, the Stamp Duty threshold rose to £250,000 and for first-time buyers to £425,000. By the end of March 2025, the thresholds will return to their previous levels, leading to an expected increase in property transactions and house prices as buyers rush to complete before the change.

Late March - moving money from an Investment Account to your ISA (Bed and ISA) - if you’ve not used all your annual ISA allowance and hold money in an Investment Account, it’s possible to move money from your Investment Account to your ISA. It’s worth noting you’ll be out of the market while the money is being moved and it counts as a taxable event for Capital Gains Tax (CGT) purposes. The Bed & ISA process takes up to six working days to complete at Fidelity - meaning your money could be out of the market for up to four days. The official last chance date is being released soon, but I’d make sure you don’t leave any margin for error and get your completed instructions in week commencing 17 March. Better to be safe than sorry. Learn how to complete a Bed & ISA online.

5 April - end of 2024/2025 tax year - You have until midnight to use as much of your tax-efficient allowances as you can. Dividend and Capital Gains Tax now sit at vastly reduced rates than former years. CGT is at £3,000 and the dividend allowance is £500 for 2024/5 making it more important than ever to use as much of your ISA and annual pension allowances as you can.

You can learn more about your tax allowances here.

6 April - new 2025/26 tax year - you can start making use of your tax allowances straight away. Remember, the longer you invest for the more time you’re giving your investments to grow. You can learn more about the power of starting early here. 

6 April - state pension rises - The 2025/26 tax year starts on 6 April. State benefits, including state pension and Pension Credit, will increase by 4.1% from this date. 

31 July - if you're self-employed and pay tax through payment on account, you'll need to make your second payment by midnight. 

5 October - you must register for Self-Assessment by this date if you haven't sent one before. 

31 October - paper Self-Assessment tax returns must be returned by midnight. 

30 December - submit your online return by this date if you want HMRC to automatically collect tax you owe from your wages and pension. Find out if you're eligible to pay this way. 

Mistakes happen, so don’t panic…

We’re only human and tax returns aren’t always the easiest things to get right. You usually have 12 months from 31 January to correct any mistakes you make, so get in contact with the HMRC if you spot anything.

Important information - investors should note that the views expressed may no longer be current and may have already been acted upon. Tax treatment depends on individual circumstances and all tax rules may change in the future. Withdrawals from a pension product will not be possible until you reach age 55 (57 from 2028). This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice.