News
| 18-02-2025
The UK government is consulting on changes that will require private landlords in England and Wales to meet higher energy performance ratings by 2030. Currently, 48% of all private rented homes have an Energy
| 18-02-2025
The government announced major plans last week to modernise the house buying and selling process. The reforms centre on digitalising and making property and identity data available electronically. This will allow
| 11-02-2025
Legislation was laid before Parliament last week confirming that the new National Living Wage and new Minimum Wage rates will take effect from 1 April 2025. While many businesses are feeling and have expressed
| 11-02-2025
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
| 11-02-2025
HM Revenue and Customs (HMRC) have revealed that 37,000 people have plugged gaps in their National Insurance (NI) record since last April, boosting the amount of State Pension they will receive when they reach
| 11-02-2025
The Bank of England reduced their base rate to 4.5% last week, as had been widely expected in the days leading up to the decision. The decision was made by a 7-2 majority. The minority of two members were looking for
| 04-02-2025
The Prime Minister and Chancellor met with business leaders last week and unveiled proposals to give occupational defined
| 04-02-2025
The new economic secretary to the Treasury, Emma Reynolds, has said that there are no plans to regulate businesses, whether big or small, to compel them to accept cash.
| 04-02-2025
The annual self-assessment tax return deadline has just passed, and for many business owners,
| 28-01-2025
There are only a few days left now to file 2023-24 tax returns before the 31 January deadline. Failing to meet the deadline can result in penalties as well as interest on tax that’s paid late.
| 28-01-2025
A report released by the Public Accounts Committee (PAC) has further criticised HM Revenue & Custom’s (HMRC) phone service. It found that nearly 44,000 customers were cut off without warning after being put on hold
| 28-01-2025
Starting from 31 January 2025, entry summary declarations will now be required for goods imported into Great Britain (GB)
| 28-01-2025
Recent economic developments have sparked concerns among UK businesses. Government borrowing costs surged in December to their highest levels in four years, and this has drawn heavy criticism of the Chancellor’s
| 14-01-2025
Tax measures taking effect in April mean that businesses are facing rising wage costs in 2025. As a result, many businesses are looking at whether price increases could help them manage the
| 07-01-2025
January can often be the time of year when entrepreneurs start to make plans for a new business. The Information Commissioner’s Office (ICO) has published some guidance to help entrepreneurs think about data protection when setting up their business, so they get it right from the start.
| 07-01-2025
HM Revenue and Customs (HMRC) have revealed that 4,409 people chose Christmas Day to file their tax returns, ensuring their 2023-2024 tax affairs were in order well before the 31 January deadline. In total, 40,072 taxpayers submitted
| 07-01-2025
The start of January marks a time of new beginnings, and for business owners, it’s the perfect opportunity to pause, reflect, and plan ahead. After the whirlwind of the festive season, January offers a quieter moment to
| 17-12-2024
HM Revenue and Customs (HMRC) have announced the launch of a new interactive online tool and clearer guidance for those who are already self-employed and those considering it. The new tool explains what records a
Download our latest Newsletter here
Get in touch
The UK government is consulting on changes that will require private landlords in England and Wales to meet higher energy performance ratings by 2030.
Currently, 48% of all private rented homes have an Energy Performance Certificate (EPC) of C or above. However, under new plans the government is proposing that by 2030 all privately let properties will need to meet a minimum EPC C. Currently the minimum level required is EPC E.
The government estimates the average cost to landlords to comply with the proposals by 2030 would be between ÂŁ6,100 and ÂŁ6,800.
The consultation is looking for views from landlords and tenants on the proposals, including:
- Whether landlords should be required to meet a fabric standard through installing measures such as loft insulation, cavity wall insulation or double glazing, before moving onto other options including batteries, solar panels and smart meters.
- A maximum cap of ÂŁ15,000 per property for landlords, with support schemes such as the Boiler Upgrade Scheme and Warm Homes: Local Grant.
- An affordability exemption that lowers the cost cap to ÂŁ10,000.
- All landlords being required to meet the new standard by 2030 at the latest.
The consultation closes on 2 May 2025. If you are a landlord and wish to take part, the details can be found
here.
In view of the potential costs involved, landlords will be following these proposals with interest.
See:
https://www.gov.uk/government/news/warm-homes-and-cheaper-bills-as-government-accelerates-plan-for-changeThe government recently announced major plans to modernise the house buying and selling process. The reforms centre on digitalising and making property and identity data available electronically. This will allow mortgage companies and surveyors to have information within easy reach.
It is thought that these changes will help to avoid surprises being encountered late in the process, with the waste of time and money that goes with that.
In Norway, property transactions complete in around one month and the reforms take account of learning about how this has been achieved.
HM Land Registry (HMLR) is involved in the changes and the next step is a 12-week project to identify the design and implementation of agreed rules so that the data can be easily shared. HMLR will also be working with councils over coming months on how to open up more of their data and make it digital.
For estate agents and surveyors these reforms could make a big difference to the amount of time and money lost in sales falling through.
See: https://www.gov.uk/government/news/home-buying-and-selling-to-become-quicker-and-cheaper
Legislation was laid before Parliament last week confirming that the new National Living Wage and new Minimum Wage rates will take effect from 1 April 2025. While many businesses are feeling and have expressed concern about the increases, the sight of the legislation suggests that no reprieve is in sight.
As a reminder, the National Living Wage will increase to ÂŁ12.21 from 1 April. This is a 6.7% increase and will be worth ÂŁ1,400 a year to an eligible full-time worker.
The National Minimum Wage for 18-20 year olds will increase to ÂŁ10.00 an hour. For an eligible full-time worker, this will work out to an extra ÂŁ2,500 a year.
An impact assessment published on the same day the legislation was laid indicates that these increases will put around ÂŁ1.8 billion into the pockets of workers over the next six years.
While these measures will benefit many workers, you may be concerned about the anticipated cost of this increase causing problems for your business.
If you need help costing out what the increases will cost you and advice on the potential strategies you have to manage these costs, please get in touch and we would be happy to help you!
See: https://www.gov.uk/government/news/april-pay-rise-set-to-boost-pockets-of-over-3-million-workers
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 charities.
Who does this apply to?
This new offence is introduced by the Economic Crime and Corporate Transparency Act 2023 and will affect large, incorporated charities that meet two of the following three criteria:
- More than 250 employees.
- More than ÂŁ36m of income.
- More than ÂŁ18m in total assets.
What is the change?
Where an employee, agent, subsidiary, or other “associated person”, commits fraud that intends to benefit the organisation (or its clients) and the organisation did not have reasonable fraud measures in place, the organisation may be criminally liable under the new law.
Guidance has been published on the new offence, which can be read here. This guidance has been published by the Home Office after consulting with the Scottish Government and Department of Justice in Northern Ireland.
If you would like any help with reviewing your approach to fraud prevention, please get in touch. We would be happy to help you!
See: https://www.gov.uk/government/news/failure-to-prevent-fraud-offence-regulatory-alert
HM Revenue and Customs (HMRC) have revealed that 37,000 people have plugged gaps in their National Insurance (NI) record since last April, boosting the amount of State Pension they will receive when they reach retirement age.
The amount of State Pension you will receive is based on how many completed years you have in your NI record. Currently it is possible to review your record going back to 2006, and where there is a gap, you can contribute to plug the gap and ensure that you maximise the amount of State Pension that will be available to you.
There is limited time to be able to do this though. From 6 April 2025, you will only be able to make voluntary NI contributions for the previous 6 tax years. This means there is now less than two months left to be able to plug any gaps that go back to 2006.
HMRC have an online service that allows you to check and view any gaps in your NI record, calculate the difference any payment will make to your State Pension and then make a payment for the years you would like to top up.
If you would like any help in finding out whether you have any missing years and how much benefit you could get from a top up, please contact us and we would be happy to help you!
See: https://www.gov.uk/government/news/35-million-added-to-state-pension-pots
The Bank of England reduced their base rate to 4.5% last week, as had been widely expected in the days leading up to the decision. The decision was made by a 7-2 majority. The minority of two members were looking for the rate to be reduced to 4.25%.
In announcing their decision, the Monetary Policy Committee (MPC) outlined their thoughts on the economy. Here are some highlights.
Inflation forecasts
The Consumer Price Index (CPI) was 2.5% for the last quarter of 2024. The Bank expects CPI inflation to increase to 3.7% by autumn 2025 due to higher global energy costs and regulated price changes.
However, the MPC also feel that pressures on inflation at a domestic level are moderating and will wane further as 2025 progresses. So, they expect CPI inflation to fall back to 2% from the end of 2025.
Growth forecasts
The Bank expects GDP growth to pick up from the middle of this year. They believe that the economy’s ability to produce goods and services has grown more slowly than previously estimated. So, while they’ve noted a slowdown in demand, they judge that only a small amount of unused capacity has been created in the economy.
These and other factors led the MPC to reduce the rate to 4.5%.
Will there be future rate cuts?
Looking forward to future potential rate cuts, the MPC has said “a gradual and careful approach to the further withdrawal of monetary policy restraint is appropriate.” They stressed that there are ongoing uncertainties around demand and supply in the economy.
The MPC also highlighted the global economic uncertainty and a pickup in financial market volatility due to the recent announcements in the US on trade tariffs and subsequent retaliatory measures. This is something they continue to monitor.
To review the Monetary Policy Summary in full, see: https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2025/february-2025
The Prime Minister and Chancellor met with business leaders last week and unveiled proposals to give occupational defined pension schemes more flexibility.
Restrictions will be lifted on how well-funded, occupational defined benefit pension funds that are performing well will be able to invest their surplus funds. It is hoped that this will pave the way for future growth across the economy.
Currently, around 75% of such pension schemes are in surplus amounting to ÂŁ160 billion. However, restrictions have meant that businesses have found it difficult to invest these funds, even when both trustees and sponsors want to do so.
The proposals will allow trustees, if they agree, to share a portion of the scheme surplus with a sponsoring employer. The employer can then choose to invest the funds in its core business and/or provide additional benefits to members of the pension scheme.
Jonathan Lipkin, Director of Policy, Strategy & Innovation at the Investment Association said: “With the right guardrails in place, the government’s proposals could help channel more funding into the economy, by enabling schemes to invest more widely and take on greater risk, while allowing for members to receive an uplift to pension benefits.”
See: https://www.gov.uk/government/news/pension-reforms-to-go-further-to-unlock-billions-to-drive-growth-and-boost-working-peoples-pension-pots
The new economic secretary to the Treasury, Emma Reynolds, has said that there are no plans to regulate businesses, whether big or small, to compel them to accept cash.
Concern has been raised about various shops and service firms not accepting cash and therefore excluding those who rely on cash to pay for things. While some countries appear to be planning to put rules in place that require essential services to accept cash, the UK does not seem as though it will be following suit.
Cards have been used for many years in the UK, with mobile payments by smartphone now becoming increasingly popular. 72% of 16-24 year olds now regularly use mobile payment services. This increase is reflected across all age groups, with 27% of those aged 45-54 now also regularly using this method.
However, cash still remains a popular choice for making payments. Cash was used in a fifth of shop transactions last year. After decades where use of cash has been shrinking, this is the second year in a row where cash use in shops has increased. It seems that many find that using cash helps them to budget better.
Should you accept cash?
The answer to this question really depends on who your customers are. If your customers are largely older or more value conscious, then it seems that these types of customers are more likely to rely on paying with cash. If you don’t accept cash, you may risk losing sales.
On the other hand, if you mainly sell to younger, more digital savvy customers, not accepting cash may have little effect on sales. This may help you save the costs and security issues involved in handling cash.
See: Â https://www.bbc.co.uk/news/articles/c20gevkx8gyo
The annual self-assessment tax return deadline has just passed, and for many business owners, the experience may have been a mad scramble to gather documents, double-check figures, and submit their returns and pay the tax on time.
If that was your situation, you were in good company! HM Revenue and Customs said that 3.4 million taxpayers, almost a third, hadn’t submitted their tax return yet going into the final week before the deadline.
The stress of last-minute filing may have made you determined to get it all done earlier this year. The good news is that with proactive planning, next year’s tax return can be a much smoother process.
Here are some practical steps you can take now to avoid a last-minute rush and enjoy a more relaxed 2025.
- Review and reflect on this year’s process
Start by evaluating what worked well and what didn’t during this year’s filing. Did you struggle to locate receipts or invoices? Were you unclear about certain tax rules? Taking stock of these challenges now allows you to address them early. Make a list of improvements to implement, such as better record-keeping or seeking professional advice.
- Organise financial records regularly
Committing to updating your financial records on a regular basis can really help to eliminate last-minute stress. This could involve:
- Digitising receipts and invoices: There are apps and software you can use to scan and store receipts as they come in. Many programs will even categorise expenses automatically, saving you time later.
- Reconciling accounts monthly: Regular reconciliation ensures that your bank statements and your financial records match up. This can really help you to avoid missing something out.
- Maintaining a tax file: You could create a dedicated file (digital or physical) to store documents like business expenses, income records, and correspondence with HMRC. That way everything can easily be found when you need it.
- Use accounting software
Investing in reliable accounting software can simplify your tax preparation work significantly. Many modern tools will integrate directly with your bank accounts and track your income and expenses. Popular options include Xero, Sage and QuickBooks.
- Understand tax allowances and deductions
Tax rules can change annually, so it helps to stay informed and up to date. Try to familiarise yourself with the allowable expenses, reliefs, and deductions that are relevant to your business. For example, you may be able to claim for home office expenses, equipment, or professional services.
- Set up a tax savings account
Noone likes paying tax at the best of times, but a large, unexpected bill can cause a lot of financial strain. To avoid that, you could set aside money regularly for your tax. For instance, you could open a dedicated savings account and deposit a percentage of the income received each month.
- Plan ahead with a tax calendar
Many find it useful to create a tax calendar that highlights the key dates and deadlines that apply to them. Setting reminders well in advance can help to give you more time to prepare and avoid penalties.
These proactive measures can help you turn filing your tax return from a stressful ordeal into a manageable task. By starting early, staying organised, and making good use of technology you’ll save time, reduce stress and allow yourself to focus on growing your business.
If you would like any personalised advice on how to keep your tax records or advice and training on using accounting software, please give us a call and we would be happy to help you!
There are only a few days left now to file 2023-24 tax returns before the 31 January deadline. Failing to meet the deadline can result in penalties as well as interest on tax that’s paid late.
If you are self-employed and usually complete your own tax return, you may find that the 2023/24 tax return requires you to complete extra entries due to basis period reform. There may also be additional tax to pay as a result.
If you need any help with your tax return, please do not hesitate to get in touch and we will be happy to help you.
A report released by the Public Accounts Committee (PAC) has further criticised HM Revenue & Custom’s (HMRC) phone service. It found that nearly 44,000 customers were cut off without warning after being put on hold for more than an hour in the first 11 months of last year.
Having criticised HMRC’s phone service last year, the committee said the service was worse again since it’s last report. It said HMRC had “damaged trust in the tax system” as a result.
The chair of the PAC, Geoffrey Clifton-Brown MP, has suggested that HMRC is degrading the service as a matter of policy.
HMRC has refuted this, with HMRC chief executive Jim Harra saying that the tax authority has made huge improvements to their service standards. He cited a cut in call waiting times of 17 minutes since April.
In the 2024 Autumn Budget, the Chancellor committed to investing ÂŁ1.7 billion over the next five years to recruit an additional 5,000 HMRC compliance staff and 1,800 HMRC debt management staff. The report perhaps just confirms that this investment is needed by HMRC.
If you are frustrated by dealing with HMRC or would like help with any tax matter, please give us a call. We would be happy to help you!
See: https://www.bbc.co.uk/news/articles/cn4zjnd2llyo
Starting from 31 January 2025, entry summary declarations will now be required for goods imported into Great Britain (GB) from the EU. This extends the already existing requirements to submit entry summary declarations for imports into GB from countries outside the EU and exit summary declarations for exports to the EU.
To help businesses, HM Revenue and Customs (HMRC) are reducing the amount of safety and security data that needs to be provided. There will be 20 mandatory fields which will always need completing. There are then 8 conditional fields and a remaining optional 9 fields.
If you already submit safety and security declarations, then HMRC advise that you don’t need to change your existing systems and procedures. However, you may prefer to benefit from the reduced data requirements.
Carriers and hauliers are legally responsible for submitting safety and security declarations. However, in some situations the importer or an intermediary lodge the declaration. Therefore, if you import goods from the EU you should check with the carrier and supplier who is responsible and what the most suitable method is.
Entry summary declarations are submitted into an IT platform called Safety and Security Great Britain (S&S GB). You need a Government Gateway account and a Great Britain Economic Operators Registration and Identification (EORI) number to register. You will also need suitable software to be able to lodge the declarations as there is no way to do so directly.
HMRC has encouraged businesses to start lodging the new declarations early if they are ready.
See HMRC’s guidance: https://www.gov.uk/government/publications/preparing-for-the-new-safety-and-security-declaration-requirements
Recent economic developments have sparked concerns among UK businesses. Government borrowing costs surged in December to their highest levels in four years, and this has drawn heavy criticism of the Chancellor’s fiscal strategy.
The BBC reported that the gap between government spending and tax revenue widened to £17.8 billion in December, compared with £10.1 billion a year earlier. This was notably higher than the Office for Budget Responsibility (OBR)’s forecast of £14.6 billion.
Adding to this, interest on government debt reached ÂŁ8.3 billion in December, the third highest on record for the month since 1997. While yields on 10-year gilts have since retreated to 4.5% (they peaked at 4.9%), the situation underscores the volatility of financial markets.
What do these developments mean for your business, and how can you respond to any challenges ahead? Let’s explore.
The ripple effects on businesses
Rising borrowing costs often signal trouble for businesses seeking financing. Elevated gilt yields – which influence corporate borrowing rates – could result in higher interest payments on loans. If your business relies heavily on debt financing, this means tighter budgets and less room for growth.
Another concern is the potential for reduced government spending. As more public funds are directed towards servicing debt, the government may cut back on infrastructure projects, public services, or business support schemes. This could directly impact you if you depend on public sector contracts or subsidies.
Inflationary pressures add another layer of complexity. Predictions of rising US inflation due to tariffs under Donald Trump’s administration could disrupt global supply chains. This may mean that the cost of imported goods and raw materials could go up. While the latest UK figures show that inflation here has dropped back again, this international factor could put pressure on your profit margins, especially if they are already tight.
It’s worth noting too that rising borrowing costs aren’t unique to the UK government. France, Italy, Spain, and Germany are also experiencing pressures. Differences in how these nations respond to these pressures could further affect the financial and economic environment.
Navigating the challenges
To stay ahead, you may need to review your financial strategies. If you have existing debt, you might consider refinancing to lock in lower interest rates while they are available, if these look likely to increase. Diversifying your funding sources, for instance by inviting equity investment, might be a way of reducing your reliance on traditional loans.
Rising costs have been with us for some time and cost management continues to be a key focus. Can you streamline the way you do things to trim expenses without compromising quality or reducing customer satisfaction?
Building resilience is important. Where you can maintain healthy cash reserves, this will help you to weather economic fluctuations.
Some think the pressure on the Chancellor might result in an adjustment to tax and spending measures in the Spring Statement in March. This could potentially provide some good news to businesses if taxes are reduced in some way. However, the government’s strategy appears to be to promote growth as the way forward. This may mean that measures are introduced that could help your business grow. It may pay to be alert to government proposals.
Adapting for the future
Ultimately, staying informed and flexible will be key. While the current economic environment looks challenging, staying agile and proactive can help you to find opportunities amid the uncertainty.
If you would like help reviewing your financial strategies or need a cost audit, please contact us at any time. As experienced business advisers, we would be happy to help you position yourself for future growth.
See: https://www.bbc.co.uk/news/articles/cpwxzpqrnjko
Tax measures taking effect in April mean that businesses are facing rising wage costs in 2025. As a result, many businesses are looking at whether price increases could help them manage the financial impact without losing customers.
High Street retailer Next recently announced a price increase of 1% on some clothing items to help offset an anticipated ÂŁ73 million rise in staff wages and taxes. Their strategy and decisions provide some useful lessons.
Why wages costs will increase
Wages are increasing due to changes announced in the 2024 Autumn Budget, that start in April 2025, including:
- An increase in employers’ National Insurance contributions from 13.8% to 15%.
- A rise in the National Living Wage from ÂŁ11.44 to ÂŁ12.21 per hour.
Next’s 1% price increase, despite being below the rate of inflation, reflects a broader trend among businesses. The British Chambers of Commerce business group recently said that over half of companies plan to raise prices in the coming months to cope with higher costs.
A pricing strategy based on a shift in behaviour
For businesses like Next, keeping the price increase modest allows them to avoid alienating their price-sensitive customers. Their decision to target specific product lines – rather than implementing a blanket rise – may help to retain customer loyalty while addressing the immediate financial strain.
Next acknowledged that the price increase is “unwelcome”, however they feel their analysis supports their strategy. They have observed a trend in shoppers choosing mid to higher priced items instead of buying cheaper items. They are not necessarily spending more overall but are buying fewer, slightly more expensive items. This is a trend Next expects to continue in the short term.
This shift in behaviour has influenced Next’s decision on pricing strategy. By targeting price increases on product lines where customers may be less sensitive to paying more, they can maintain value for their customers while managing their margins.
Lessons for businesses
Next’s approach offers valuable lessons for businesses developing pricing strategies in response to rising wage costs.
- Incremental adjustments: Small, targeted price increases can help mitigate your cost pressures without overwhelming customers.
- Focus on value perception: Shopper trends suggest that emphasising mid-to-higher priced items could help maintain your profitability.
- Monitor your customer’s behaviour: Next have undertaken a strategy based on what they’ve observed in their customer’s behaviour. Likewise, if you can understand any shifts in the spending patterns of your customers, this may help you to see where price increases are less likely to alienate them.
There is no doubt that rising wages costs will present challenges to businesses over the coming months. However, if Next have got their sums right, they are expecting to be able to increase their profits by 3.6%. This demonstrates that a carefully planned pricing strategy may also help you to adapt to the rising costs while maintaining competitiveness in these challenging times.
If you need help with an analysis of how changing your pricing strategy could help your business, why not give us a call? We would be happy to help you!
See: https://www.bbc.co.uk/news/articles/cgkxlnlne0po
January can often be the time of year when entrepreneurs start to make plans for a new business. The Information Commissioner’s Office (ICO) has published some guidance to help entrepreneurs think about data protection when setting up their business, so they get it right from the start.
The ICO has an e-learning site that provides videos and advice for small organisations. This can be found here and is well worth a look.
The ICO also provides a couple of helpful online tools that can take a lot of the guesswork out of what you need to do.
Privacy notice
The ICO highlights that every organisation that holds people’s information needs to explain why it holds it and what it does with it. This is usually provided through a privacy notice, which can be placed on the business’ website or included in other communications.
Helpfully, the ICO have a privacy notice generator that can help you create bespoke privacy notices for your organisation. It takes 10 to 15 minutes and can help you create privacy notices for your customer and supplier information and for your staff/volunteers.
Direct marketing advice generator
If you advertise or communicate marketing messages to particular people or organisations, you are involved in direct marketing. If so, you will need to comply with the Privacy and Electronic Communication Regulations (PECR) and the UK GDPR.
The ICO’s direct marketing advice generator can provide you with reliable compliance advice that is tailored to your direct marketing activities. This makes it easier to know what you need to do to stay compliant with the law and stick to contacting people who are happy to hear from you.
The idea of tackling data protection can seem overwhelming when starting a new business. However, these new tools can be very helpful in reducing this stress.
See: https://ico.org.uk/about-the-ico/media-centre/news-and-blogs/2025/01/new-year-new-start-ups-get-data-privacy-right-from-the-start/
HM Revenue and Customs (HMRC) have revealed that 4,409 people chose Christmas Day to file their tax returns, ensuring their 2023-2024 tax affairs were in order well before the 31 January deadline.
In total, 40,072 taxpayers submitted their returns over the Christmas break, proving that even amidst the festive cheer, there’s always time for a little financial housekeeping.
Festive filing highlightsÂ
The holiday filing statistics offer a glimpse into the habits of those who opted to tackle their tax obligations during the break:
- Christmas Eve: This was the busiest day, with 23,731 returns filed, as some chose to avoid the chaos of last-minute shopping. The most popular filing hour was 11:00 to 11:59, when 3,458 taxpayers submitted their returns.
- Christmas Day: 368 people filed their returns during the most popular hour of 15:00 to 15:59.
- Boxing Day: 11,932 customers prioritised tax returns over leftover turkey sandwiches, with the busiest hour being 16:00 to 16:59, when 1,108 submissions were made.
Why file early?Â
Filing early can bring peace of mind knowing that the job is done for another year. However, it can also allow more time for planning how to pay any tax that will be due on January 31st.
If you could do with help filing your tax return or are not sure whether you need to fill one in, give us a call at anytime and we would be happy to help you!
See: https://www.gov.uk/government/news/its-a-self-assessment-wrap-for-40000-festive-filers
The start of January marks a time of new beginnings, and for business owners, it’s the perfect opportunity to pause, reflect, and plan ahead. After the whirlwind of the festive season, January offers a quieter moment to consider where your business is headed, how it’s performing, and whether you’re still on track to meet your goals.
Why review your goals now?
Setting goals is one thing – keeping track of them is another. Running a business is often about managing the immediate – urgent emails, pressing deadlines, and day-to-day challenges. Without a clear plan, though, it can be easy to drift away from your bigger goals. This is why it’s so important to intentionally carve out time at the start of the year.
Why not ask yourself:
- Are you meeting your financial targets?
- Have your priorities changed since you first set your goals?
- Are there new opportunities or challenges you need to plan for?
This kind of review isn’t about dwelling on what’s gone wrong; it’s about making sure you’re steering your business in the direction you want to go.
For instance, it can help you clarify what you want to achieve this year. Is it more growth, more stability, or more innovation? It can also help you focus on the areas that truly drive results as well as allow you to prepare for potential problems and have strategies ready to address them.
A word on the role of a budget
Finances often need to be aligned to help you reach your goals. A budget can be an invaluable tool in helping with that.
Even if you’ve never drawn one up before, it’s not as daunting as it might sound. There’s no need to make it complicated. A simple budget can help you understand where your money is going, plan for upcoming expenses, and avoid surprises. Start by reviewing last year’s financial performance and based on that set some realistic income and expenditure targets for the months ahead.
Steps to get started
Here’s how to make the most of this reflective period.
- Review your goals: What were your key objectives last year? Did you meet them? If not, why? Use these insights to refine your goals for the coming year.
- Set SMART objectives: Make sure your goals are Specific, Measurable, Achievable, Relevant, and Time-bound. For instance, instead of “I want to grow my business,” aim for something like “Increase revenue by 15% by the end of September.”
- Plan for action: Break down your goals into actionable steps. What resources do you need? Who will be responsible? Setting milestones along the way can help you track progress.
- Monitor and adapt: Remember, a plan is only as good as its execution. Regularly review your progress and be willing to adapt it as new challenges and opportunities present themselves.
A resolution worth keeping
January is more than just a fresh start; it’s a chance to be intentional about where your business is headed. Taking the time out for a review of your goals will help to make sure that your efforts are aligned with your ambitions.
Make this the year you take control of your business’s future. With clear goals, a solid plan, and the discipline to follow through, 2025 could be your best year yet.
HM Revenue and Customs (HMRC) have announced the launch of a new interactive online tool and clearer guidance for those who are already self-employed and those considering it.
The new tool explains what records a self-employed person may need to keep, taxes that may apply to their business, and includes other useful information, such as how to pay a tax bill.
HMRC’s new Set Up as a sole trader: step by step guide can help people who work for themselves understand the situations in which they may need to register as a sole trader and how they can do so.
The tools can be used on an anonymous basis and are only for information purposes. Using them will not result in being registered as self-employed, and the government have said that they do not collect or store any information about the user.
If you are unsure about whether you may need to register as self-employed, please feel free to contact us. We will be happy to help you.
See: https://www.gov.uk/government/news/new-support-for-small-business-from-hmrc
