Business Newsletter - January 2025

Please see our January 2025 newsletter:

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For the self-employed, tax is charged on the taxable profit, once the allowable expenses have been deducted. Given this being one of the most common queries accountants receive in the run-up to the January personal tax return filing deadline, this newsletter addresses some of the common queries in this area including an explanation of the various types of expenses, including the allowable expense.

As we look ahead to 2025, business owners face a rapidly shifting tax landscape. This newsletter flags some of the significant changes on the horizon, from adjustments to Business Asset Disposal Relief (BADR) to the phased implementation of Making Tax Digital (MTD) for income tax and increases to employer National Insurance contributions (NICs), proactive planning is essential to mitigate the impact of these changes.