Paper tax returns are due 31 October 2025, and new registrants must notify HMRC by 5 October 2025. Act early to avoid penalties.

Firstly, the deadline for submitting paper self-assessment tax returns is 31 October 2025. If you miss this deadline a £100 late filing penalty will usually apply, even if no tax is due, or if any tax owed is paid in full by the final deadline of 31 January 2026.

Further penalties increase the longer the return remains outstanding. If your return is still not filed three months after the deadline, daily penalties of £10 per day (up to a maximum of £900) will be charged. If the delay extends to six months or more, further fixed or percentage-based penalties may apply, significantly increasing the cost of non-compliance.

We strongly recommend that anyone still submitting paper returns consider switching to the online filing system. Filing electronically not only simplifies the process but also gives you an extra three months, with the deadline for online returns falling on 31 January 2026.

The second key deadline is 5 October 2025. This is the date by which you must notify HMRC if you need to complete a self-assessment return for the 2024-25 tax year and have not previously been required to file one. Failing to register in time can lead to penalties for late notification, even if you file your return on time later.

Being aware of these October deadlines and taking timely action can help you avoid unnecessary stress and potential fines if you were unprepared.

If your business operates in a sector covered by the Money Laundering Regulations, you must be monitored by a supervisory authority to ensure compliance. This article outlines who needs to register with HMRC for anti-money laundering (AML) supervision.

Your business must be registered with a supervisory authority if it operates in a sector covered by the Money Laundering Regulations. Some businesses are already supervised through authorisation by bodies like the Financial Conduct Authority (FCA) or professional associations such as the Law Society.

If your business is not already supervised and falls under one of the regulated sectors, you must register with HMRC.

Business Sectors Supervised by HMRC

HMRC is responsible for supervising businesses in the following sectors (where not already regulated by the FCA or a professional body):

• Money Service Businesses not regulated by the FCA
• High Value Dealers handling cash payments of EURO10,000 or more (in a single transaction or linked transactions)
• Trust or Company Service Providers not supervised by the FCA or a professional body
• Accountancy Service Providers not supervised by a professional body
• Estate Agency Businesses
• Bill Payment Service Providers not regulated by the FCA
• Telecommunications, digital, and IT payment service providers not regulated by the FCA
• Art Market Participants involved in buying or selling works of art valued at EURO10,000 or more (including linked transactions)
• Letting Agency Businesses managing property or land with a monthly rental value equivalent to EURO10,000 or more

If your business conducts these activities by way of business and is not already supervised, you must register with HMRC.

Money Service Businesses and Trust or Company Service Providers are not allowed to trade until their AML registration with HMRC is confirmed. Other businesses may continue operating while their registration is being processed.

Trading while not registered is a criminal offence and may result in a penalty or prosecution.

The Chancellor of the Exchequer, Rachel Reeves has confirmed, in a video message, that the next UK Budget will take place on Wednesday, 26 November 2025.

Details of all the Budget announcements will be made on a special section of the GOV.UK website which will be updated following completion of the Chancellor’s speech in November.

HM Treasury is inviting written representations for the Autumn Budget 2025 from individuals, interested groups, MPs and organisations. Submissions should propose evidence-based policy ideas or comment on existing policies, with clear rationale, costs, benefits, and deliverability. The deadline for submissions is 23:59 on Wednesday, 15 October 2025.

The Budget will be published alongside the latest forecasts from the Office for Budget Responsibility (OBR). This forecast will be in addition to that published for the Spring Statement and fulfil the obligation for the OBR to produce at least two forecasts in a financial year, as is required by legislation.

The OBR has executive responsibility for producing the official UK economic and fiscal forecasts, evaluating the government’s performance against its fiscal targets, assessing the sustainability of and risks to the public finances and scrutinising government tax and welfare spending.

Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). The NMW and the NLW are the minimum legal amounts that employers must pay their workers. The latest NMW and NLW rates took effect on 1 April 2025. The current hourly rate for the NLW is £12.21. For those aged 18 to 20, the NMW is £10.00 per hour. Workers aged 16 to 17 and apprentices are entitled to £7.55 per hour.

The minimum wage is calculated as an hourly rate, but it applies to all eligible workers however they are paid. This means that even if someone is paid an annual salary, and it is paid by the piece or in other ways, they must still calculate their equivalent hourly rate to check whether they are receiving at least the minimum wage.

To do this correctly, it is also important to understand what counts as working time under NMW rules.

According to HMRC guidance, for all types of work, this includes time spent:

• at work and required to be working, or on standby near the workplace (but do not include rest breaks that are taken);
• not working because of machine breakdown, but kept at the workplace;
• waiting to collect goods, meet someone for work or start a job;
• travelling in connection with work, including travelling from one work assignment to another;
• training or travelling to training;
• at work and under certain work-related responsibilities even when workers are allowed to sleep (whether or not a place to sleep is provided).

Working time does not include time spent:

• travelling between home and work;
• away from work on rest breaks, holidays, sick leave or maternity leave;
• on industrial action; and
• not working but at the workplace or available for work at or near the workplace during a time when workers are allowed to sleep (and you provide a place to sleep).

1 October 2025 – Due date for Corporation Tax due for the year ended 31 December 2024.

19 October 2025 – PAYE and NIC deductions due for month ended 5 October 2025. (If you pay your tax electronically the due date is 22 October 2025.)

19 October 2025 – Filing deadline for the CIS300 monthly return for the month ended 5 October 2025. 

19 October 2025 – CIS tax deducted for the month ended 5 October 2025 is payable by today.

31 October 2025 – Latest date you can file a paper version of your 2024-25 self-assessment tax return.

1 November 2025 – Due date for Corporation Tax due for the year ended 31 January 2025.

19 November 2025 – PAYE and NIC deductions due for month ended 5 November 2025. (If you pay your tax electronically the due date is 22 November 2025.)

19 November 2025 – Filing deadline for the CIS300 monthly return for the month ended 5 November 2025. 

19 November 2025 – CIS tax deducted for the month ended 5 November 2025 is payable by today.

A reminder that big changes are coming to the way company directors and people involved in running companies deal with Companies House. From late 2025, most directors, people with significant control (PSCs), and those filing on behalf of companies will need to have their identity formally verified. If you have not yet completed this process, now is the time to take action.

Why is ID verification being introduced?

The new rules are part of the Economic Crime and Corporate Transparency Act 2023. The government is introducing ID checks to help tackle fraud, money laundering, and the misuse of UK companies by criminals.

Until now, it has been possible for individuals to set up companies using false names or misleading details, with little oversight. This created opportunities for criminal activity and damaged confidence in the integrity of the UK’s register.

By requiring everyone who plays a key role in managing a company to verify their identity, Companies House aims to:

• Improve the accuracy of the information on the register.
• Prevent people from hiding behind false identities.
• Make it easier to hold directors and PSCs accountable.
• Increase trust and transparency in UK business.

Who needs to verify their identity?

The new requirements will apply to:

• Company directors.
• People with significant control (PSCs), usually those who own or control more than 25% of the shares or voting rights.
• Anyone filing documents on behalf of a company, such as accountants or agents, unless they are already registered with an authorised professional body.

If you fall into one of these categories, you will need to complete ID verification with Companies House before continuing in your role.

How will the process work?

Companies House will provide digital services to check your identity, likely using photo ID (such as a passport or driving licence) and a live photo or video check. Some people may be able to complete verification through their accountant or another authorised agent.

Once verified, your status will be linked to your Companies House profile. This means you will not need to go through the process every time you conduct a filing.

Why you should act now

Although the rules will not take full effect until later in 2025, the change is significant. Leaving verification until the last minute could delay your ability to file statutory documents, appoint directors, or conduct other necessary tasks. In the worst case, failure to comply could mean you are unable to function as a director.

How we can help

We can advise you on whether you need to complete ID verification, explain the process, and assist with the submission where required. Acting now will ensure you are not caught out once Companies House starts enforcing the rules.

If you are a director, PSC, or company secretary and you have not yet confirmed your identity with Companies House, please contact us today so that we can guide you through the process.

The government’s Making Tax Digital (MTD) programme is set to expand in April 2026, and it will affect many landlords and sole traders. From that date, anyone with annual business or property income above £50,000 will need to comply with the new rules.

Although April 2026 may sound distant, the changes are significant, and the steps needed to prepare take time. Affected business owners should begin making adjustments now rather than waiting until the deadline approaches.

Who will be affected

The first group brought into MTD for Income Tax will be:

• Sole traders with business income over £50,000 a year
• Landlords with property income above the same threshold

Income in this context means gross business or property income before expenses or allowances are deducted. For example, a landlord with £52,000 annual rental receipts and £15,000 of related costs would still fall within the new regime because the gross income is above £50,000.

From April 2027, the entry point will be lowered further, capturing those with income over £30,000. Partnerships will join at a later stage.

What will change

The biggest shift is the move from one annual tax return to quarterly digital updates plus an end-of-year declaration. This means:

• Keeping digital records of income and expenses
• Submitting updates to HMRC every three months using compatible software
• Completing a final declaration to confirm the figures for the year

This structure is intended to provide HMRC, and taxpayers, with a more up-to-date view of tax liabilities.

Why start preparing now

Adapting to quarterly reporting is not simply a case of pressing a new button in April 2026. Clients will need:

• Suitable bookkeeping software that is MTD compatible
• A regular process for capturing income and expenses digitally
• Training and support to make sure quarterly submissions are accurate

Waiting until 2026 risks a rushed transition during what is already a busy period for tax advisers and their clients.

Key message

Making Tax Digital for Income Tax is one of the most significant changes to the tax system in recent years. Preparing early will reduce disruption and allow affected taxpayers to adapt smoothly.

If you would like to discuss how these changes could affect you or your business, please contact us for guidance and support.

The idea of a wealth tax often makes the headlines, especially when governments look for new ways to raise revenue and address inequality. While the UK does not currently have a wealth tax, the subject has been widely debated, and several countries already operate versions of this type of levy. So, what would a wealth tax actually look like if it were introduced here?

What a wealth tax would cover

A wealth tax is based on the market value of an individual’s net assets, rather than on income or spending. Assets that might be included are:

• Property, both residential and commercial, less any mortgages
• Shares, bonds, and investment funds
• Business ownership interests
• Valuable personal assets such as jewellery, art, or classic cars

Debts and liabilities would usually be deducted to calculate net wealth.

Who might be affected

Most proposals suggest that only individuals with significant wealth would be subject to the tax. For example, one suggestion from the Wealth Tax Commission was a threshold of £500,000 per individual, or £1 million per couple. Other political proposals have mentioned higher limits, such as £2 million.

The purpose of these thresholds would be to target the very wealthy, rather than the majority of households.

How it could be charged

There are two main models for a wealth tax:

• A one-off tax: This might be a flat percentage, for example between 1 per cent and 5 per cent, charged on wealth above the threshold and payable over a number of years.
• An annual tax: This could be charged at a lower rate, perhaps between 0.5 per cent and 1 per cent, on wealth above the chosen threshold.

International examples vary. Spain has a progressive annual wealth tax, while France narrowed its former wealth tax to cover property only.

The challenges

Although the concept is simple, the practicalities are much more complex:

• Valuing private companies, artwork, or land is not straightforward.
• Individuals with large asset holdings but limited cash may find it difficult to pay an annual tax.
• Wealth is more mobile than income, which makes avoidance and relocation easier.
• Questions arise around whether this would amount to double taxation, since wealth is already subject to inheritance tax, capital gains tax, and property taxes.

A possible UK approach

If the UK were to introduce a wealth tax, it would probably be designed to:

• Apply only above a high threshold, such as £1 million.
• Allow payment over several years to ease cash flow.
• Exclude pension savings to avoid discouraging retirement planning.
• Include property, but with reliefs or deferrals available until sale or death.
• Align with existing taxes to minimise overlap.

Alternatives already in place

The UK already has several taxes that apply to wealth, including:

• Inheritance tax on estates above £325,000 (with certain allowances and reliefs).
• Capital gains tax on the sale of assets.
• Council tax and stamp duty land tax on property.

Some argue that adjusting these existing taxes would be more practical than creating a new system.

Key takeaway

A UK wealth tax would almost certainly be aimed at the very wealthy and would either be a one-off or a low-rate annual levy. While it could raise significant revenue, it would also bring challenges around valuation, fairness, and compliance.

For now, there is no indication that such a tax will be introduced in the UK, but it remains a topic of ongoing debate.

It is common for small business owners to put themselves at the back of the queue when it comes to pay. Staff are paid, suppliers are paid, tax bills are covered, and then, if anything remains, the owner may take a share. At first glance this may feel responsible and even admirable. However, there are strong reasons why owners should place their own remuneration higher up the list.

A reward for risk and effort

Running a business involves risk. Owners often commit capital, work long hours, and carry responsibility for decisions that affect employees and customers. It is reasonable that this commitment is rewarded. By prioritising their own pay, owners recognise the value of their contribution and avoid falling into the trap of always sacrificing personal needs for the sake of the business.

Encouraging discipline in the finances

If owner pay is treated as an afterthought, the business will expand to use whatever funds are available. This can create a cycle where there is never enough left for the person in charge. Setting a regular and realistic remuneration level encourages the business to operate within tighter boundaries. It focuses attention on efficiency and profitability since the owner’s pay is regarded as a non-negotiable cost in the same way as wages or rent.

Personal financial security

Placing personal income at the bottom of the pile can create real strain. Household bills, mortgages, and personal commitments do not wait until the business has a good month. Regular, predictable remuneration gives owners the stability to plan their personal finances with confidence. Without it, stress builds and can spill over into business decisions, sometimes leading to poor choices.

Clearer planning for growth

When owners set a fair level of pay from the outset, they gain a clearer picture of the true profitability of their business. If the company can cover staff, overheads, taxes, and the owner’s pay, then any surplus can be invested in growth or kept as reserves. This avoids the illusion of higher profits that appear only because the owner is underpaying themselves. Investors and lenders are also more likely to trust figures that include a realistic allowance for management remuneration.

Conclusion

Paying yourself first does not mean ignoring obligations to staff or suppliers. It means acknowledging that your role has a cost and that your efforts deserve fair reward. By building owner remuneration into the structure of the business, you create financial discipline, personal security, and a more accurate view of profitability. In short, prioritising your own pay strengthens both the business and your wellbeing.

From 13 October 2025, the way you log into Companies House WebFiling is changing. You will need to use GOV.UK One Login to access your WebFiling account. This means that the old style logins will no longer work. When you next try to sign in after that date, you will be prompted to link your existing WebFiling account with a GOV.UK One Login account before you can continue filing.

Why this change is being made

The government is moving towards a single, more secure login system across all GOV.UK services. GOV.UK One Login will allow you to use the same details for multiple services. It comes with two factor authentication and the option to verify your identity for Companies House. Over time, GOV.UK One Login will replace systems such as Government Gateway.

What you should do now

There are some steps that businesses and company directors can take before October to make the change smoother.

• Check and update your email address. If you also use the “Find and update company information” service, make sure both accounts use the same email. This will make linking the accounts simpler.
• Create a GOV.UK One Login account in advance, preferably with the same email address.
• Review your list of companies in WebFiling. If there are companies that you no longer file for, remove them from your list to avoid confusion.
• Make sure you have your authentication codes to hand. You may need them when linking your account.
• If you share a WebFiling account, only one person can link it to GOV.UK One Login. Other users will need to set up their own One Login accounts with different email addresses. This means they will lose access to the shared account.

Looking ahead

From 18 November 2025, new legal requirements mean that all directors and people with significant control (PSCs) will need to verify their identity with Companies House. You can complete this through GOV.UK One Login now or wait until later in the year.

Conclusion

The move to GOV.UK One Login is designed to provide a safer and more joined up experience when using government services. By preparing now, making sure your email and login details are ready, and checking your company authentication codes, you can ensure that the October switch does not disrupt your filing.