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November Wrapped Up – Key Finance News
November has brought a wave of regulatory updates, tax reminders and economic signals – we’ve summarised it all, and here are the key points you need to know:
Self-Assessment tax returns: under 70 days to file...
A sense of urgency from HMRC to complete your 2024/25 self-assessment tax returns now – this comes well ahead of the 31 January 2026 online deadline.
Why? Filing early can help you budget for any tax owed or receive repayments sooner.
A few important points this year:
- Capital Gains Tax changes after 30th October 2024 aren’t automatically calculated in the tax return, so anyone selling shares or other assets must check the correct rate is used.
- Some individuals may no longer need to file solely to pay the High-Income Child Benefit Charge, as HMRC begins collecting it through PAYE instead.
- Winter Fuel and Heating Payments fall into next year’s tax return, so they should not be included on 2024/25 returns.
For assistance preparing or filing your tax return, our service starts from £180 + VAT per return – contact us here.
REMINDER: Making Tax Digital for Income Tax (MTD ITSA) starting April 2026
- Many taxpayers are beginning to receive HMRC letters prompting them to prepare.
- Choosing compliant software early and understanding quarterly reporting requirements will ease the transition!
Advice for digitally excluded taxpayers:
HMRC has published guidance for taxpayers who are digitally excluded.
If you’d like help picking the right software, managing your MTD submissions, or deciding whether you qualify as digitally excluded, you can contact us here.
Red Tape Reduction: Less Reporting for Companies
The Government is planning to scrap the need for companies to prepare a directors’ report, extending the current micro-entity exemption to everyone.
- Medium-sized companies and wholly owned subsidiaries also won’t need to produce strategic reports anymore.
- Around 440,000 businesses expected to benefit.
- For SMEs, this could mean less paperwork, lower costs, and a smoother year-end, and you can spend more time actually running your business!
Autumn Budget 2025 finally announced
The Autumn Budget was delivered on Wednesday 26 November, bringing a wave of updates for businesses. Here’s a clear breakdown of the key announcements from the Chancellor’s statement:
- Income tax thresholds frozen until 2030–31
- The National Insurance saving on pension salary-sacrifice is being removed
- Corporation tax stays the same
- Changes to tax on selling a business
- "Stealth tax" effect (both business owners and employees may pay more tax over time)
- Expansion still encouraged - but more costly
- Dividend tax rates increasing
- Changes to tax relief on business equipment and investment
- Minimum wage increase
- Business-rates support reduced
Employment & Compliance Updates:
Cyber Security Reminder
Cybercrime is rising, and small businesses are increasingly being targeted. It’s worth noting that the Government offers free support and tools, including:
Even if your business doesn’t have a dedicated IT team, these tools provide a strong starting point for protecting yourself online. We urge you to make use of them.
Recruitment & HR Support
The Department for Work and Pensions (DWP) is offering free help with recruitment through Jobcentre Plus. This is especially useful for SMEs in sectors like manufacturing, logistics, retail, hospitality, health & social care, and construction. It costs businesses around £6,125 on average to fill a role – this support could save you both time and money.
Economic Snapshot: Jobs Market
- The UK unemployment rate has risen to 5%, the highest since early 2021
- Job vacancies remain generally unchanged
- Wage growth has slowed slightly, especially in the private sector, suggesting the labour market is cooling
A festive boost for small businesses!
This Christmas, small businesses could see over £5 billion in festive spending, with a fifth of all retail spend going to smaller firms. For retailers, hospitality, and service providers, it’s a perfect time to review stock, staffing, and marketing plans.
So, even in a challenging year, there are always opportunities to grow and finish the year on a high!
MAIN TAX EVENTS HAPPENING IN DECEMBER: GET AHEAD
DATE
WHAT’S DUE
1 December
Corporation Tax for year to 28/02/2025, unless quarterly instalments apply
19 December
PAYE & NIC deductions, and CIS return and tax, for month to 05/12/2025 (due 22/12 if you pay electronically)
30 December
Deadline for filing 2024/25 tax return online if you wish to request that HMRC collect outstanding tax via your PAYE tax code.
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