May 2025 - Page 4 of 5

08 May 25

Mandating the Payrolling of benefits in kind update

HMRC has delayed mandatory payrolling of benefits in kind by a year to April 2027, giving employers and software providers more time to prepare. Penalties will be eased in the

08 May 25

Income reporting threshold increased

The £3,000 reporting threshold for trading, property, and other income will simplify tax returns—300,000 people could be freed from filing. A digital alternative is also

08 May 25

Electronic invoicing consultation

The government wants your say on e-invoicing. Quicker payments, fewer errors, and better VAT reporting are on the table. A 12-week consultation could shape the future. HMRC and

07 May 25

Fresh Ideas for Additional Revenue Streams

For many small and medium-sized enterprises (SMEs), the core business keeps the lights on, but additional income streams can provide much-needed stability and growth. Whether

07 May 25

How to Increase Gross Profit Returns

Gross profit is one of the clearest indicators of how well your business is performing. It’s the money left after deducting the direct costs of producing goods or services from

02 May 25

Tax Diary June/July 2025

1 June 2025 - Due date for corporation tax due for the year ended 31 August 2024. 19 June 2025 - PAYE and NIC deductions due for month ended 5 June 2025. (If you pay your tax

01 May 25

Is income from hobbies taxable?

Not every money-making hobby counts as a business for tax purposes. Knowing when a hobby crosses into trading territory is vital to avoid unexpected tax bills. If your side project

01 May 25

Tax relief if required to work from home

If employees must work from home and their employer does not reimburse certain costs, they may be entitled to claim tax relief. Understanding the rules for household expenses,

01 May 25

Tax refunds for dissolved companies

Dissolving a company ends its legal existence — but unresolved assets become property of the Crown under bona vacantia. Directors must act carefully to settle assets and

01 May 25

Tax treatment of income after cessation

After a business closes, income can still arise. Post-cessation receipts must be properly reported and taxed under specific rules. Knowing what qualifies — and what does not

Month: May 2025

Mandating the Payrolling of benefits in kind update

Income reporting threshold increased

Electronic invoicing consultation

Fresh Ideas for Additional Revenue Streams

How to Increase Gross Profit Returns

Tax Diary June/July 2025

Is income from hobbies taxable?

Tax relief if required to work from home

Tax refunds for dissolved companies

Tax treatment of income after cessation

Employing your family

What is a FIG?

Rolling Over Capital Gains

SJPR