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Month: May 2025

Company changes you must report

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Certain company changes—like a new registered address, email, or director—must be reported to Companies House promptly. Failure to update records risks penalties and non-compliance with UK company law.

These include the following:

Updating the registered office address

If you change your company’s registered office, you are required to notify Companies House. Note that the new address must remain within the same part of the UK where your company was initially registered. For instance, a company incorporated in England and Wales must maintain its registered address within those regions.

Your company’s new address will only be officially changed once Companies House has registered the update. Once this is done, they will automatically inform HMRC.

Changing the registered email address

If you need to update your company's official email address, this involves a separate process. To change a registered email address a request should be made at https://find-and-update.company-information.service.gov.uk/registered-email-address

Other changes that require notification

You should inform HMRC if there are updates to your contact information, business name, or if you appoint an accountant or tax adviser.

You must also notify Companies House within 14 days of any changes involving:

  • Company directors or their personal details
  • Individuals with significant control (PSC)
  • The address where you keep your records, and which records you keep
  • Appointment or resignation of company secretaries

Finally, if you issue new shares, Companies House must be notified within a month.

You can report these changes using the Companies House online service or by submitting the appropriate paper forms.

Source: Companies House Tue, 27 May 2025 00:00:00 +0100

Employing your family

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Employing family members can work well, but it does not mean you can skip the rules. HMRC expects full compliance on pay, tax, pensions, and working conditions—just as with any other employee.

When a new employee is added to the payroll it is the employers' responsibility to ensure they meet the employees’ rights and deduct the correct amount of tax from their salary. This includes any employees who are family members.

HMRC’s guidance is clear that if you hire family members you must:

  • avoid special treatment in terms of pay, promotion and working conditions;
  • make sure tax and National Insurance contributions are still paid;
  • follow working time regulations for younger family members;
  • have employer’s liability insurance that covers any young family members; and
  • check if you need to provide them with a workplace pension scheme.

It is possible to employ young people if they are 13 or over but there are special rules about how long they can work and what jobs they can do. Young workers and apprentices have different minimum wage rates from adult workers for the National Minimum Wage.

There are different rules if you take on volunteers or voluntary staff, but the employer is responsible for health and safety and must give inductions and proper training for the 'job' at hand.

Source: HM Revenue & Customs Tue, 27 May 2025 00:00:00 +0100

Rolling Over Capital Gains

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Business Asset Rollover Relief, allows taxpayers to defer Capital Gains Tax (CGT) on gains arising from the sale or disposal of certain business assets, provided the proceeds are reinvested into new business assets. Rather than paying CGT immediately, the gain is "rolled over" into the cost of the new asset, and the tax liability is deferred until that new asset is eventually sold.

If part of the proceeds from the original asset’s sale is reinvested, a partial rollover relief claim can be made. Taxpayers may also apply for provisional relief if they intend to purchase replacement assets but have not yet done so. Additionally, rollover relief may apply where the proceeds are used to improve existing business assets, not just to acquire new ones. The amount of relief available depends on how much of the proceeds are reinvested.

To qualify, certain conditions must be met. The replacement assets must be purchased within three years after, or up to one year before, the disposal of the old assets. In some cases, HMRC may extend these time limits. Both the old and new assets must be actively used in the business, and the business must be trading at the time of sale and acquisition. Finally, the relief must be claimed within four years from the end of the tax year in which the new asset was acquired, or the old one sold, if that occurred later.

Source: HM Revenue & Customs Tue, 27 May 2025 00:00:00 +0100

What is a FIG?

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From 6 April 2025, non-doms face a major shift as the remittance basis is replaced by the Foreign Income and Gains (FIG) regime, now determined by UK tax residence, not domicile. Reporting obligations have expanded significantly.

Under the new rules, nearly all UK-resident individuals must report their foreign income and gains to HMRC, regardless of whether they had previously claimed remittance basis or are claiming relief under the FIG regime.

Former remittance basis users not eligible for the new FIG relief will now be taxed on newly arising foreign income and gains in the same way as other UK residents. However, they will still be taxed on any pre-6 April 2025 FIG that is remitted to the UK.

A key feature of the new regime is the 4-year FIG exemption, available to new UK residents who have not been UK tax resident in any of the 10 preceding tax years. These individuals can opt to receive full tax relief on their FIG for up to four years. Claims must be made through a Self-Assessment return, with deadlines falling on 31 January in the second tax year after the relevant claim year.

Importantly, claims can be made selectively in any of the four years but must include quantified figures for income and gains otherwise, tax will be due at standard rates. An individual’s ability to qualify for the 4-year FIG regime will be determined by whether they are UK resident under the Statutory Residence Test (SRT).

Source: HM Government Tue, 27 May 2025 00:00:00 +0100

Repay private fuel provided for company cars

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Employees using company fuel for private journeys can sidestep a hefty benefit charge by repaying the full private fuel cost to their employer by 6 July 2025. Miss the deadline, and tax becomes unavoidable.

This repayment process is known as "making good," and requires the employee to repay the employer for private fuel no later than 6 July following the end of the tax year. For the 2024–25 tax year, the repayment must be completed by 6 July 2025.

If the repayment is not made by the deadline, the employee becomes liable for the car fuel benefit charge. This charge is calculated based on the vehicle’s CO2 emissions and the car fuel benefit multiplier. The charge applies regardless of the actual amount of private fuel used, making it potentially costly for employees who only use a small amount of fuel for private journeys, such as commuting.

To avoid the tax, the employee must fully repay the employer for all private fuel used during the year, including fuel used to travel to and from work. Accurate record-keeping is essential, as HMRC will only accept that no benefit has arisen if the full cost is repaid by the deadline. In many cases, repaying the private fuel cost can be more financially beneficial than paying the fuel benefit charge.

Source: HM Revenue & Customs Tue, 27 May 2025 00:00:00 +0100

Employers, don’t forget to pay Class 1A NIC

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Employers must pay Class 1A NICs for 2024–25 benefits by 19 July (post) or 22 July (electronic). These apply to perks like company cars and private health cover—late payment risks penalties from HMRC.

Class 1A NICs are payable by employers on the value of most taxable benefits offered to employees and directors, including company cars and private medical insurance. They are also due on any portion of termination payments exceeding £30,000, provided that Class 1 NICs have not already been applied.

To ensure the payment is correctly allocated, employers should use their Accounts Office reference number as the payment reference and clearly indicate the relevant tax year and month. It is important to note that Class 1A NICs paid in July always relate to the previous tax year.

There are three key dates employers must remember for the 2024–25 Class 1A NICs. Forms P11D and P11D(b) must be submitted by 6 July 2025. Postal cheque payments must reach HMRC by 19 July 2025, and electronic payments must clear into HMRC’s bank account by 22 July 2025.

These contributions generally apply to benefits provided to company directors, employees, individuals in controlling positions, and their family or household members.

Source: HM Revenue & Customs Tue, 27 May 2025 00:00:00 +0100

Buying a business – a simple due diligence checklist

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Before you agree to buy a business, it is essential to carry out due diligence. This means carefully checking the facts and risks so that you can make an informed decision. Here is a basic checklist to guide you through the process.

1. Review financial records
Ask for at least three years’ worth of accounts, including profit and loss statements, balance sheets, and tax returns. Make sure the figures are consistent and professionally prepared. Check for signs of financial difficulty, falling profits, or unusual expenses.

2. Check VAT, PAYE and tax compliance
Request confirmation that the business is up to date with VAT, PAYE, Corporation Tax and Self-Assessment filings. Ask to see HMRC correspondence and payment records to ensure there are no outstanding liabilities.

3. Look at cash flow and working capital
A profitable business may still have cash flow issues. Review recent bank statements, aged debtor and creditor reports, and understand how money flows in and out of the business.

4. Understand what is being sold
Clarify what you are buying – assets, goodwill, stock, customer lists, contracts, premises, or an entire company. Make sure the seller has legal ownership of these and that contracts can be transferred.

5. Review key contracts and agreements
Look at customer contracts, supplier terms, leases, loans, and employee contracts. Check for clauses that may affect your ability to continue trading in the same way after purchase.

6. Investigate legal matters
Ask if there are any ongoing legal disputes, unpaid claims, or employment issues. You may need a solicitor to help you with this part of the due diligence.

7. Assess staff arrangements
Find out how many staff are employed, what their roles are, and what their terms and conditions include. You may need to honour these under TUPE regulations.

8. Review systems and processes
Check whether the business has good systems for bookkeeping, payroll, compliance, and customer management. Poor systems may mean extra costs after purchase.

Final advice
Proper due diligence helps protect you from future problems and ensures you are paying a fair price.

Always work with your accountant and solicitor when buying a business.

Source: Other Tue, 27 May 2025 00:00:00 +0100

Top 10 skills every business owner should acquire

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Running a business involves wearing many hats. Whether you are just starting out or looking to grow, developing the right skills can make all the difference. Here are ten practical skills that will help you manage your business with greater confidence and success.

1. Financial literacy
Understanding your numbers is vital. Learn how to read basic accounts, track cash flow, calculate profit margins, and understand tax obligations. This allows better decision-making and helps avoid costly surprises.

2. Time management
Managing your time well means focusing on what matters most. Learn to plan your day, delegate when needed, and avoid distractions so you can keep your business moving forward.

3. Leadership
Whether you employ staff or work with freelancers, good leadership helps you bring out the best in others. Clear direction, honest communication and the ability to motivate people all matter.

4. Problem-solving
Every business faces challenges. Building the habit of thinking through problems calmly, exploring options, and finding practical solutions will save time and reduce stress.

5. Basic marketing
You do not need to be a marketing expert, but you should understand the basics. Learn how to identify your ideal customer, promote your services, and use tools like social media or email newsletters effectively.

6. Sales skills
Being able to explain the value of your product or service, handle objections, and close deals is essential. Sales is not about pressure – it is about confidence and clarity.

7. Negotiation
Whether agreeing prices with suppliers or finalising a contract, negotiation skills can lead to better deals and long-term relationships.

8. Digital confidence
Modern businesses depend on digital tools. Learn how to use accounting software, manage online bookings or orders, and keep data safe. Embracing technology saves time and improves accuracy.

9. Strategic thinking
This means stepping back from daily tasks and thinking about where your business is going. Set goals, measure progress, and review what is working – and what is not.

10. Adaptability
Markets change, rules change, and customer needs evolve. Being open to new ideas and willing to adjust your approach is what keeps businesses alive and thriving.

Developing these skills takes time, but each one will give you more control and clarity in running your business.

Source: Other Tue, 27 May 2025 00:00:00 +0100

A return to gender rationality in the office? What does the Supreme Court ruling mean for trans people in the workplace?

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In a landmark ruling, the Supreme Court clarified the legal interpretation of the words ‘sex’, ‘woman’ and ‘man’ in Sections 11 and 212(1) of the Equality Act (EA) 2010 with respect to gender reassignment and sexual discrimination following a challenge by For Women Scotland (FWS), a leading feminist organisation. FWS had challenged the statutory guidance issued by the Scottish Ministers under the Gender Representation on Public Boards (Scotland) Act 2018 which stipulated that a trans woman with a full Gender Recognition Certificate (GRC) should be treated as a woman for the purposes of achieving the gender representation objective of 50% women on public boards. FWS argued that this interpretation was unlawful and outside the legislative competence of the Scottish Parliament. FWS contended that the definition of a ‘woman’ under the EA 2010 refers to biological sex, and a trans woman with a GRC is not a woman under this Act, while the Scottish Ministers argued that woman refers to ‘certificated sex’.

The Supreme Court unanimously allows the appeal and ruled that the terms “man”, “woman” and “sex” in the EA 2010 refer to biological sex citing the centrality of a woman’s capacity for pregnancy and giving birth, declaring that such provisions are “unworkable unless 'man' and 'woman' have a biological meaning”. Crucially, they further noted that the Sex Discrimination Act 1975 defines a ‘man’ and ‘woman’ in relation to biological sex and that “interpreting 'sex' as certificated sex would cut across the definitions of “man” and “woman” and thus the protected characteristic of sex in an incoherent way [thus] creating heterogeneous groupings.”

This decision has significant implications for the interpretation of anti-discrimination law, ensuring that the protections afforded by the EA 2010 are applied consistently and coherently. Although this case is not an employment case, prima facie, the ruling will impact separate-sex and single-sex services and will have important implications for gender pay gap reporting. However, this judgement should not be regarded as diminishing the protections afforded to trans employees in relation to discrimination, harassment, and victimisation on the grounds of gender reassignment. Employers must continue to create a workplace that is inclusive and respectful of trans employees. However, for the purposes of the Equality Act 2010, they will not be recognised on the basis of their certified sex.

Source: Other Tue, 27 May 2025 00:00:00 +0100

Changes to tax status of non-UK domiciles

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From 6 April 2025, the remittance basis for non-doms is abolished. A new UK tax regime now applies to non-domiciled individuals, focused solely on residence. New arrivals can benefit from a 4-year exemption on foreign income and gains, but action is needed. CGT rebasing, Overseas Workday Relief, and a limited-time 12%–15% repatriation facility could all offer planning opportunities. Review your position now.

Since 6 April 2025, significant changes to the UK tax status for non-UK domiciled individuals have come into force. The remittance basis of taxation has been abolished, and a simplified, residence-based regime is now in place. This marks a fundamental shift in how foreign income and gains (FIG) are taxed for individuals living in the UK.

Under the new system, a 4-year FIG regime has been introduced. Individuals newly arriving in the UK, who have not been UK tax residents in the previous ten consecutive years, can claim 100% tax relief on their foreign income and gains for their first four years of UK residence.

To ease the transition, Capital Gains Tax (CGT) rebasing is available. Those who previously used the remittance basis may rebase personally held foreign assets to their 5 April 2017 value, subject to conditions.

Overseas Workday Relief has also been extended to a four-year term, matching the FIG regime. From now on, this relief no longer requires employment income to remain offshore.

A Temporary Repatriation Facility (TRF) has also been launched. Running for three years from April 2025, it allows individuals taxed under the old remittance rules to bring in pre-reform foreign income and gains at reduced tax rates—12% for the first two years and 15% in the final year. This includes income and gains held in trust structures that were previously untaxed.

Source: HM Revenue & Customs Tue, 20 May 2025 00:00:00 +0100

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