Update on Tax Returns for 2025/26

There are some important updates about personal Tax Returns, which may be helpful to know ready for the new tax year. These are:

-Sole traders must report the date they started/ceased trading on tax returns, if they begin trading or stop trading in a tax year, the same applies also to partnership returns

-All Director’s of close companies (under the control of Directors or upto 5 shareholders) will need to do a tax return from 2025/26

-Director's of close companies will have to give the Company details on their tax return, as well as reporting these dividends separately to other UK dividends, & their percentage share in the Company (if their shares change in the year, shareholders will need to report the highest percentage)

-Not giving this newly required information can result in penalties or issues later on. The changes for 2025/26 will affect approximately 1.2 million sole traders & 900,00 directors

If you would like to discuss the changes & how they may affect you or your business, please call us on 01530 414285.