🚨 Important Update for Sole Traders and Close Company Directors – Are You Ready for April 2025?
Posted on 5th May 2025
If you’re a sole trader, company director, or shareholder in a close company, there are new HMRC reporting requirements coming into effect from 6 April 2025 that could affect your next tax return.
Whether you're already working with Bidwell Accountancy or just looking for expert support, now is the time to get ahead of the changes and avoid unexpected compliance issues.
🔍 What's Changing?
As part of ongoing HMRC efforts to improve tax transparency, additional information will soon be required as part of your Self Assessment tax return.
âś… For Sole Traders:
You’ll need to report:
The exact date your business started or ceased trading within the tax year.
âś… For Company Directors and Shareholders in Close Companies:
You must now include:
The name and registered company number of any close company from which you received dividends.
The total dividend amount received from each close company.
Your percentage shareholding in each close company.
If your shareholding changed during the year, you must report the highest percentage held at any time.
📌 A “close company” is defined as one controlled by five or fewer shareholders, or by its directors.
đź’Ľ What Does This Mean for You?
This is more than just an administrative tweak—it means more detailed record-keeping and greater responsibility to ensure the right information is submitted accurately and on time.
That’s where we come in.
🧾 Let Bidwell Accountancy Make It Simple
At Bidwell Accountancy, we stay ahead of legislation so you don’t have to. Whether you’re a long-standing client or considering making a switch to a proactive, detail-focused accountant, our team is here to:
Help you understand your new obligations
Ensure all reporting is HMRC-compliant
Take the stress out of year-end submissions
Don’t leave it to the last minute. If you're unsure how these changes affect you or your business, get in touch today and let’s put a plan in place.
đź“ž Contact us now to book a consultation. (01908) 380391
đź“© Email: info@bidwellaccountancy.com
Share this post: