Author: Glenn

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.

Running a small business comes with plenty to juggle, and while insurance might not be the most thrilling task, it is absolutely essential. There is one policy you are legally required to have: employers' liability insurance (EL). If you employ anyone, EL covers legal and compensation costs if someone falls ill or gets injured at work. Missing it could cost you a hefty £2,500 per day in penalties.

Beyond what is required, there are a number of other smart protections to think about:

• Public liability insurance (PL) protects against claims from members of the public, for instance, if someone has an accident at your premises or your team accidentally damages someone's property. Many clients or suppliers will require proof of this cover before doing business.
• Contents and portable equipment insurance covers your essential business gear, such as furniture on-site or gadgets you take out (laptops, tablets, smartphones), in case of theft, fire, flood, loss, or damage.
• Professional indemnity insurance (PI) is vital if you offer expertise or advice. It covers you if a client suffers a financial loss because of something you did or did not do. Many clients expect this sort of protection before hiring you.
• Directors’ and officers’ liability (D&O) protects company leaders personally if there is a claim against them, such as breaches of health and safety laws, pension mismanagement, or financial errors.
• Cyber liability insurance is increasingly important in the digital world. It helps cover the costs of data breaches or cyber-attacks, including claims, compensation, and even IT or legal support.

Gifting assets can cut inheritance tax, but traps like “gifts with reservation of benefit” may undo the plan.

The majority of gifts made during a person's lifetime are not subject to tax at the time they are made. These lifetime transfers are known as "potentially exempt transfers" (PETs). A PET becomes fully exempt from Inheritance Tax if the individual making the gift survives for more than seven years after the transfer.

If the donor dies between three and seven years after making the gift, taper relief may apply, which reduces the amount of tax payable. The effective rates of tax on the excess over the nil-rate band for PETs are as follows:

• 0 to 3 years before death: 40%
• 3 to 4 years before death: 32%
• 4 to 5 years before death: 24%
• 5 to 6 years before death: 16%
• 6 to 7 years before death: 8%

However, different rules apply if the person making the gift retains some benefit or enjoyment of the asset. This typically occurs when the donor does not relinquish full control over the asset, and the transfer is made with a reservation of benefit. These are referred to as ‘gifts with reservation of benefit’ (GWROBs).

A common example is when a person gifts their home to their children but continues to live in it rent-free. In this case, HMRC is likely to argue that the donor’s position has not changed in substance, and that the arrangement constitutes a GWROB. If this is the case, HMRC will not treat it as a valid gift for inheritance tax purposes, and the property would remain part of the donor’s estate, even if they live for more than seven years after making the transfer.

A GWROB can usually be avoided in these situations if the donor pays full market rent for their continued use of the asset.

From 2024, platforms like eBay, Vinted and Airbnb must report seller data to HMRC, so check your tax responsibilities.

If you sell goods or services on a digital platform it is important to understand your tax responsibilities. This can apply whether your sales are a part-time income source or your main income. Even casual selling online may mean you need to report earnings and potentially pay tax.

You may need to pay tax if you engage in activities on digital platforms like:

• Buying and reselling items online or making things to sell (even as a hobby).
• Providing services online, such as tutoring, repairs, food delivery, dog walking, or equipment hire.
• Creating digital content, like podcasts, YouTube videos, or social media influencing.
• Earning income by renting out property or land, like letting a holiday home, running a bed and breakfast, or renting out a parking space on your driveway.

Since 1 January 2024, digital platforms (such as eBay, Vinted, Etsy and Airbnb) have been required to collect and report seller data to HMRC. The first reports covered the period from 1 January to 31 December 2024, with information submitted to HMRC by 31 January 2025.

The same rules apply in 2025, meaning income earned this calendar year (January to December 2025) will be reported by 31 January 2026.

Platforms must report your information if either of the following applies:

• You made 30 or more sales in the year.
• You earned over €2,000 (about £1,700).

The digital platforms will also give you a copy of the data they send to HMRC, which can help when completing your self-assessment return.

If you are earning money online you should ensure you check your tax responsibilities. The rules are clear, and platforms are now required to report many types of earnings directly to HMRC.

The letters in your tax code indicate whether you are entitled to the annual tax-free personal allowance. These codes are updated each year and help employers calculate how much tax should be deducted from your salary.

For the current tax year, the basic personal allowance is £12,570. The tax code corresponding to this amount is 1257L, which is the most common tax code used for those with a single job, no untaxed income, and no unpaid tax or taxable benefits (such as a company car).

HMRC updates your tax code when your circumstances change, and your taxable income is affected. Some common reasons why your tax code may change include:

• Starting a new job. If you begin working for a new employer, HMRC may issue a new tax code based on your earnings, especially if they haven’t yet received your full income details.
• Receiving taxable state benefits. Certain state benefits are taxable. If you start receiving them, HMRC may adjust your tax code to account for the additional income.
• Taking on an additional job or receiving a pension. If you begin earning from another job or start drawing a pension, your tax code may be updated to reflect this extra income.
• A change to your weekly State Pension amount. If your weekly State Pension payments change, HMRC may revise your tax code to ensure the right amount of tax is collected.
• Changes to job-related benefits. If your employer informs HMRC that you have started or stopped receiving benefits like a company car or private healthcare, your tax code will likely change to reflect this.
• Claiming Marriage Allowance. If you transfer part of your Personal Allowance to your spouse or civil partner, or they transfer it to you, HMRC will adjust your code to reflect the change in allowances.
• Claiming tax-deductible expenses. If you claim tax relief on work-related expenses (like uniforms, tools, or mileage), your code might change to reduce the tax you pay during the year.

It is important to check your tax code is correct. If you have any questions, we would be happy to help.