06/01/2025
๐ง๐ต๐ฒ ๐ป๐ฒ๐ ๐๐ฒ๐ฎ๐ฟ ๐ถ๐ ๐ต๐ฒ๐ฟ๐ฒ, ๐ฎ๐ป๐ฑ ๐ถ๐โ๐ ๐๐ถ๐บ๐ฒ ๐๐ผ ๐ต๐ถ๐ ๐๐ต๐ฒ ๐ด๐ฟ๐ผ๐๐ป๐ฑ ๐ฟ๐๐ป๐ป๐ถ๐ป๐ด! ๐
As we step into 2025 with fresh goals, letโs talk about some tax and reporting changes from last year ๐๐๐๐ ๐๐๐๐๐
๐๐๐๐๐๐ ๐๐๐๐ ๐๐๐๐๐๐๐๐ ๐๐๐๐ ๐๐๐๐. Hereโs what you need to know and how to prepare:
1๏ธโฃ ๐๐ฎ๐๐ ๐๐ญ ๐๐๐๐ ๐๐๐ฑ ๐๐ก๐๐ง๐ ๐๐ฌ โ ๐๐จ๐ฐ ๐ฐ๐ข๐ฅ๐ฅ ๐ข๐ญ ๐ข๐ฆ๐ฉ๐๐๐ญ ๐ฒ๐จ๐ฎ?
If youโre a small business owner or a director, your company will pay at least ยฃ500 more in taxes due to adjustments in dividend tax rates and personal allowances. This means itโs time to revisit your tax strategy! We can help identify ways to manage this increase and potentially save elsewhere.
2๏ธโฃ ๐๐ข๐ ๐ข๐ญ๐๐ฅ ๐๐๐ฑ ๐๐๐ฉ๐จ๐ซ๐ญ๐ข๐ง๐ & ๐๐๐ โ ๐๐ซ๐ ๐ฒ๐จ๐ฎ ๐ซ๐๐๐๐ฒ ๐๐จ๐ซ ๐ญ๐ก๐ข๐ฌ?
If your business earns over ยฃ50,000, HMRC now requires you to use approved Making Tax Digital (MTD) software to file returns.
๐ ๐๐ก๐ฒ ๐ญ๐ก๐ข๐ฌ ๐ฆ๐๐ญ๐ญ๐๐ซ๐ฌ: If youโve been using spreadsheets or manual records, youโll need to switch to compatible tools. Donโt worryโwe can guide you on the best software for your needs.
3๏ธโฃ ๐๐ง๐๐จ๐ฆ๐ ๐๐ซ๐จ๐ฆ ๐๐ฅ๐๐ญ๐๐จ๐ซ๐ฆ๐ฌ ๐ฅ๐ข๐ค๐ ๐๐ข๐ซ๐๐ง๐ ๐จ๐ซ ๐๐๐๐ซ โ ๐๐จ๐งโ๐ญ ๐ ๐๐ญ ๐๐๐ฎ๐ ๐ก๐ญ ๐จ๐ฎ๐ญ!
Platforms are now reporting your earnings directly to HMRC.
๐ ๐๐ก๐ฒ ๐ญ๐ก๐ข๐ฌ ๐ฆ๐๐ญ๐ญ๐๐ซ๐ฌ: If youโre renting out property or working through delivery and ride-sharing apps, your self-assessment MUST match these reports. Mistakes can lead to penalties. Letโs ensure your declarations are accurate.
4๏ธโฃ ๐๐๐ ๐๐๐๐๐ฅ๐ข๐ง๐๐ฌ โ ๐๐ญ๐๐ฒ ๐จ๐ง ๐ญ๐ซ๐๐๐ค!
For those under the Construction Industry Scheme (CIS), thereโs no wiggle room for missing monthly deadlines.
๐ ๐๐ก๐ฒ ๐ญ๐ก๐ข๐ฌ ๐ฆ๐๐ญ๐ญ๐๐ซ๐ฌ: Every 19th of the month is submission day for CIS. Late filings could mean hefty fines. Weโll help you stay compliant and keep your cash flow steady.
โจ ๐๐ค๐ช๐ง ๐ผ๐๐ฉ๐๐ค๐ฃ ๐๐ก๐๐ฃ ๐๐ค๐ง 2025:
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Review your income and set reminders for key deadlines like VAT returns, CIS filings, and self-assessments.
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Check if your reporting software is MTD-compliant.
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Contact us for tailored adviceโweโre here to simplify your obligations and keep you penalty-free.
We communicate in English, Latvian, Romanian, and Russian, so youโll feel supported every step of the way.
๐ Call us at +44 7527 173780 for a free 30-minute consultation today! Letโs make this your best financial year yet.
