What they mean for you From 8 April 2025, Companies House has launched a new identity verification system as part of changes under the Economic Crime and Corporate Transparency Act 2023. If you’re a director, person with significant control (PSC),…
Digital record keeping and quarterly reporting requirements for traders and landlords (“MTD”)
Updates are continuing to come through on HMRC’s ‘Making Tax Digital for Income Tax’ (‘MTD for IT’) initiative. It will initially apply from 6 April 2026 for sole traders and property landlords who generated gross trade and rental income (‘qualifying…
Are you ready for April 2025?
The new National Living Wage and National Minimum Wage rates will come into force from 1 April 2025. There are also changes to the National Insurance employers pay that take effect from 6 April. For many businesses, the April payroll…
Are you trading?
2024 was the first year for which digital platforms such as Amazon and eBay were required to send information about vendors to HMRC. The reporting requirements apply unless the vendor made fewer than 30 sales in a year and received…
Making Tax Digital for Income Tax
With just over a year to go before Making Tax Digital for Income Tax (MTD for IT) is mandated, now is the time to consider whether your business will be required to comply with the new requirements from 6 April…
Charity Commission warns charities about fraud prevention
The Charity Commission has issued a warning reminder to large, incorporated charities about changes to the law on preventing fraud. A new failure to prevent fraud offence will come into force on 1 September 2025 for all large organisations, including…
Payrolling benefits in kind
‘Payrolling benefits in kind’ means that employee benefits in kind (e.g. company cars and medical insurance) are reported to HMRC through the employer’s payroll. Employees’ tax codes are amended so that any income tax due on the benefits is paid…
Corporate tax roadmap
The Government published a ‘Corporate tax roadmap’ as part of Autumn Budget 2024. The roadmap is designed to give corporate businesses (and, in some areas, non-corporate businesses) certainty about the tax framework ahead to give confidence in business decisions being…
Spread the cost of your Self Assessment tax bill with HMRC’s Time to Pay
With the end of the year fast approaching, it’s a good time to plan your finances for the new year. For those who file Self Assessment tax returns, the prospect of having to make a heavy tax payment at the…
