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As the UK Tax Year 2024-25 ends, taxpayers should note which rules carry over and which reset. Income tax bands, ISA allowances, and pension annual limits may remain frozen, but unused reliefs (like trading allowances or CGT exemptions) won’t roll over. Employees will receive P60s by May 31, while sole traders must finalize accounts for Self Assessment. With HMRC increasing scrutiny on side hustles and crypto gains, ensure all income streams are reported accurately. Whether you’re an individual or business owner, understanding these nuances helps avoid surprises—plan now to align finances with HMRC’s requirements before the new tax year kicks in.
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