1 March 2025 – Due date for Corporation Tax due for the year ended 31 May 2024.

2 March 2025 – Self-Assessment tax for 2023-24 paid after this date will incur a 5% surcharge unless liabilities are cleared by 1 April 2025, or an agreement has been reached with HMRC under their time to pay facility by the same date.

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

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

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

1 April 2025 – Due date for corporation tax due for the year ended 30 June 2024.

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

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

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

30 April 2025 – 2023-24 tax returns filed after this date will be subject to an additional £10 per day late filing penalty for a maximum of 90 days.

Expanding into international markets can be a game-changer for UK small businesses, opening up new revenue streams and increasing business resilience. With the right knowledge and support, even small firms can successfully sell their products and services abroad. The UK government offers various resources to help businesses navigate the complexities of exporting.

Why Exporting Matters for Small Businesses

Exporting allows businesses to diversify their customer base, reduce dependency on the domestic market, and increase profitability. The UK has strong trade links with Europe, the United States, and emerging economies, providing numerous opportunities for businesses to grow.

However, international trade comes with challenges, including understanding customs regulations, dealing with fluctuating exchange rates, and adapting products to different markets. That’s where government support comes in.

Government Support for Exporting

The Department for Business and Trade (DBT) provides extensive resources to help small businesses start or expand their export operations, including:

• Export Academy – A free training programme designed to help businesses understand the basics of international trade.
• UK Export Finance (UKEF) – Provides financial support such as export insurance, loans, and guarantees to protect against non-payment risks.
• Market Research and Guidance – Access to information on demand for products in different countries, cultural considerations, and regulatory requirements.

Steps to Start Exporting

1. Identify Your Target Markets – Research countries where there is demand for your product or service.
2. Understand Customs and Compliance – Each country has its own regulations for imports, and businesses must comply with local laws.
3. Consider Logistics and Shipping – Work with freight forwarders or couriers who specialise in international shipping.
4. Adapt to Local Preferences – Modifying packaging, pricing, or marketing strategies to suit the target audience can enhance success.
5. Use Trade Shows and Networking – Attending international trade fairs can help you connect with potential buyers and distributors.

With the right support and careful planning, small businesses can leverage international markets to achieve long-term success.

Cash flow is the backbone of any small business, yet late payments continue to be a major challenge for entrepreneurs across the UK. According to the Federation of Small Businesses (FSB), around 50,000 businesses close annually due to cash flow problems caused by overdue invoices. To help combat this issue, the UK government has set up the Small Business Commissioner (SBC) to support businesses in tackling late payment disputes and improving payment practices.

Why Late Payments Are a Problem

Late payments can cause severe disruptions to business operations, affecting your ability to pay employees, invest in growth, and maintain supplier relationships. Delays in receiving funds can lead to increased borrowing, higher interest payments, and unnecessary stress for business owners. Worse still, chasing unpaid invoices can be time-consuming and frustrating.

How the Small Business Commissioner Can Help

The SBC is an independent public body that provides free support and advice to small businesses dealing with late payment issues. Services include:

• Advisory Services – Guidance on how to prevent and manage late payments.
• Complaint Resolution – Assisting small businesses in resolving disputes with larger firms over unpaid invoices.
• Webinars and Educational Resources – Free workshops, webinars, and guidance on improving payment practices.

Practical Steps to Avoid Late Payments

To protect your business from cash flow disruptions caused by late payments, consider these strategies:

1. Set Clear Payment Terms – Ensure that all contracts specify payment deadlines, late payment penalties, and accepted payment methods.
2. Invoice Promptly – Send invoices as soon as work is completed, or goods are delivered and follow up promptly.
3. Use Digital Invoicing and Payment Tracking – Tools like QuickBooks, Xero, or Sage can automate reminders and track payments efficiently.
4. Charge Late Payment Interest – Under the Late Payment of Commercial Debts Act, businesses can charge interest on overdue payments.
5. Seek Mediation or Legal Action – If payment disputes escalate, consider mediation through the SBC or taking legal action.

By implementing proactive measures and utilising available support, small businesses can reduce the impact of late payments and maintain a stable financial position.

From 6 April 2025, new thresholds for student loan repayments will take effect, impacting borrowers across the UK. Whether you're on Plan 1, Plan 2, Plan 4, or repaying a postgraduate loan, here’s a breakdown of the latest changes and what they mean for you.

Student loans are a key component of the government’s financial assistance package for individuals pursuing higher education in the United Kingdom. These loans are designed to support students with their living and tuition expenses while studying. The responsibility for collecting repayments from borrowers in the UK lies with HM Revenue & Customs (HMRC). For those working outside the UK tax system, the Student Loans Company (SLC) is tasked with managing the repayment process.

Effective from 6 April 2025, the thresholds and repayment rates for various student loan plans will be as follows:

• Plan 1: £26,065
• Plan 2: £28,470
• Plan 4: £32,745

The loan repayment terms for students who commenced their courses before 1 September 2012 are categorised under 'Plan 1'. Those who began their studies after 1 September 2012 are subject to 'Plan 2' terms. Under these plans, repayments are set at a rate of 9% of income above the respective threshold.

Student loans taken out by borrowers in Scotland are classified as 'Plan 4' loans, with a repayment threshold of £32,745, and the repayment terms are similar to those of Plan 2 loans.

For postgraduate loans, the threshold remains unchanged at £21,000, with repayments deducted at a rate of 6% of income above this amount.

These loans are subject to varying interest rates, which are determined by the Retail Prices Index (RPI) and are also influenced by the borrower's income level. Specifically, the interest rate for Plan 2 repayments is variable, calculated as RPI plus an additional percentage that fluctuates according to income. The interest rates applied to Plan 1 repayments are usually significantly lower than those for Plan 2.

Big changes are here for the self-employed! From 2024-25, profits must align with the tax year, replacing the old "current year basis." Overlap relief is ending, and transition profits will be spread over five years. Here’s how the new system affects your tax bill.

The reform to the self-employed tax basis period has introduced significant changes in how trading income is allocated to tax years. Previously, the tax basis period operated on a "current year basis," but the reform has now shifted to a "tax year basis." As a result, all sole traders and partnership businesses are required to report their profits based on the tax year, commencing with the self-assessment return that was due by 31 January 2025. This return covered the tax year 2023-24.

Under the previous system, overlapping basis periods could occur, which resulted in certain profits being taxed twice. To counter this, businesses could claim ‘overlap relief,’ typically at the time of business cessation. The introduction of the "tax year basis" eliminates the possibility of overlapping basis periods, thereby preventing the generation of further overlap relief.

It is important to note that businesses which already prepare annual accounts to a date between 31 March and 5 April are not affected by these changes. These businesses continue to file their tax returns as they did under the old system, without any alteration.

The full implementation of the new rules takes effect in the current 2024-25 tax year, which ends on 5 April 2025. The 2023-24 tax year is considered a "transition year." During this transitional period, the basis periods for all businesses will be aligned with the tax year, and any outstanding overlap relief can be utilised against profits for that period.

In cases where profits exceed the period covered by the overlap relief—specifically profits that span more than 12 months—these are referred to as "transition profit." This transition profit will, by default, be spread across five tax years, from 2023-24 to 2027-28, to help ensure a smooth adjustment to the new rules.