Important dates for UK business owners in May 2025
As a UK business owner, staying on top of key dates is crucial to ensure your operations run smoothly and you meet all legal obligations. May 2025 brings important deadlines for tax filings, compliance, and reporting. Beyond the paperwork, it also offers exciting opportunities for marketing, networking, and professional development through various trade events and industry conferences. In this post, we’ll walk you through the essential dates you need to know this month and how to make the most of the opportunities available to help your business thrive.
Visit Accounting Wise for a full breakdown of important Accounting and Tax dates in May 2025
1 May 2025 – Start of New VAT Penalty System for Late Payments
- The HMRC points-based VAT penalty system fully applies to all VAT-registered businesses by now.
- Penalties and interest charges for late filing and late payment are stricter.
7 May 2025 – VAT Return Deadline (Quarter Ending 31 March 2025)
- Last day to submit your VAT return and pay any VAT due for the quarter ending 31 March 2025, if you file quarterly.
19 May 2025 – PAYE, NICs, and CIS Payment Deadline (Postal)
- Payment deadline for PAYE, Class 1 NICs, and CIS deductions for the tax month ended 5 May 2025 if paying by post.
22 May 2025 – PAYE, NICs, and CIS Payment Deadline (Electronic)
- If paying electronically, the deadline extends to 22 May 2025.
- This is for payroll deductions from April earnings.
31 May 2025 – Issue P60s to Employees
- All employers must provide a P60 to each employee who was still employed on 5 April 2025.
- The P60 summarises their total pay and deductions for the 2024/25 tax year.
Bonus Reminder:
- Corporation Tax – If your company year-end was 31 August 2024, your Corporation Tax payment deadline is 1 June 2025.
Marketing and sales dates in May 2025:
With marketing and sales opportunities on the horizon, May is an excellent time to ramp up your efforts. May Day kicks off the month with a celebration of workers, while other dates provide chances for themed promotions or product launches. As summer approaches, you can tap into seasonal, promoting special offers for gift-givers or focusing on outdoor products and services. Don’t forget to target key dates for relevant campaigns and engage with customers on social media and email.
- 1st May – Labour Day (UK)
- 1st May – International Labour Day, World Password Day
- 2nd May – International Harry Potter Day
- 4th May – Star Wars Day, World Laughter Day
- 5th May – Early May Bank Holiday, Construction Safety Week, Met Gala
- 8th May – VE Day, Ovarian Cancer Day, World Facilities Management Day
- 11th May – National Eat What You Want Day
- 12th May – Wesak, International Nurse Day, Mental Health Awareness Week
- 13th May – Cannes Film Festival, World Cocktail Day
- 15th May – International Day of Families
- 16th May – International Day of Light
- 17th May – FA Cup Final, Eurovision
- 18th May – World Baking Day
- 19th May – Vegetarian Week
- 20th May – Rescue Dog Day, Chelsea Flower Show
- 21st May – Private Rent and House Prices ONS Data Release
- 25th May – Monaco Grand Prix, French Open
- 26th May – Spring Bank Holiday, Gloucestershire Cheese Rolling
- 29th May – National Biscuit Day, National BBQ Week
- 31st May – UEFA Champions League Final
Tips for May 2025 Business Planning and Strategy:
- Review Financials: May is an excellent time to take a step back and review your business’s financial health. Assess your year-to-date performance, and ensure that you’re on track to meet your financial goals. This is a great opportunity to review cash flow projections, evaluate your profit margins, and ensure you have robust accounting systems in place to handle any fluctuations.
- Tax Planning: With the end of the tax year still a recent memory, May is a good time to start thinking ahead for any tax filings or payments. Work with your accountant to plan for any anticipated taxes, and make sure you’re taking full advantage of available allowances, reliefs, and deductions before deadlines approach.
- Budgeting for the Year: If you haven’t already, now is the time to revisit your business budget for the remainder of the year. Make adjustments to reflect any changes in revenue or unexpected costs that have come up. Consider any new business strategies, product launches, or campaigns and factor these into your revised budget.
Spring Cleaning Your Business Operations:
- Review Business Processes: May is a great time to evaluate and refresh your business operations. Take a closer look at your internal processes to identify any inefficiencies and explore ways to streamline your workflow. Consider implementing new tools or software to enhance productivity and reduce time spent on repetitive tasks. This is the perfect time to modernise your operations in line with any growth or changes in your business.
- Update Your Business Plan: If your business plan hasn’t been updated recently, May is an ideal opportunity to revisit it. Reflect on any changes in your industry, market, or internal operations that could impact your business over the next few months. Use this time to set clear, achievable goals, and ensure your strategies are aligned with current business realities.
Seasonal Marketing Ideas:
- Spring Sales: May is a great time to capitalise on the spring season by launching a Spring Sale. Offer discounts on products that fit the seasonal vibe, such as outdoor gear, home décor, or products that cater to the warmer weather. You could also create seasonal-themed packages that offer value for customers preparing for the summer months.
- Spring Product Launches: May continues to be a great month for introducing new products or services. Consider launching items that align with spring trends, such as eco-friendly products, outdoor essentials, or new collections that reflect the season’s spirit. Highlighting fresh releases in your marketing campaigns can attract attention and encourage customers to make purchases in anticipation of summer.
