October Newsletter

Posted on 2nd October 2025

As autumn begins, there are some important tax deadlines and business compliance updates that individuals and small businesses in Milton Keynes should be aware of. At Bidwell Accountancy Ltd, we’re here to make sure you stay ahead of deadlines, avoid unnecessary penalties, and keep your business running smoothly.

In this month’s newsletter, we cover:

Upcoming self-assessment deadlines and how to avoid HMRC penalties

Guidance on anti-money laundering (AML) supervision and which businesses must register

The latest on the Autumn Budget announcement

A reminder on National Minimum and Living Wage rules for employers

Your October and November tax diary

At Bidwell Accountancy, we provide tailored support for small businesses, landlords, and self-employed individuals across Milton Keynes and beyond. If you have any questions, our friendly team is here to help.

⚠️Self-Assessment Deadlines – Act Now to Avoid Penalties

Two important deadlines are approaching for the 2024–25 tax year:

5 October 2025 – If you’re newly self-employed or need to register for self-assessment, this is the date you must notify HMRC. Missing this deadline can result in penalties, even if you later file your return on time.

31 October 2025 – Deadline for filing paper self-assessment tax returns. If you miss it, HMRC will usually issue a £100 late filing penalty.

Further penalties escalate the longer the return remains outstanding, with daily charges after three months and higher fines after six months.

💡 Our advice: File your tax return online. You’ll have until 31 January 2026 to submit, giving you an extra three months and a smoother process.

If you’re unsure whether you need to register or need help preparing your self-assessment return, our team at Bidwell Accountancy Ltd can manage the process for you.

Do You Need to Register for Anti-Money Laundering (AML) Supervision?

Certain businesses must register with HMRC for AML supervision to stay compliant. This includes sectors such as:

Accountancy service providers not regulated by a professional body

High-value dealers handling cash payments of €10,000 or more

Estate and letting agency businesses with high-value transactions

Money service businesses not regulated by the FCA

Art market participants dealing with high-value sales

If your business is covered by the Money Laundering Regulations and not already supervised by a professional body, you must register with HMRC. Trading without registration is a criminal offence and can result in heavy penalties or prosecution.

✅ At Bidwell Accountancy Ltd, we support small businesses in Milton Keynes with compliance matters, helping you stay on the right side of HMRC.

Autumn Budget 2025 – Key Date Announced

The Chancellor, Rachel Reeves, has confirmed that the Autumn Budget will be delivered on Wednesday, 26 November 2025.

The Budget will set out the latest economic forecasts and government tax policies, which could impact both individuals and businesses. We’ll provide a full update once details are released, including how changes could affect SMEs, landlords, and self-employed individuals.

Employers – What Counts as Working Time for Minimum Wage?

If you employ staff, it’s vital to ensure you’re paying at least the National Minimum Wage (NMW) or National Living Wage (NLW). Current rates from 1 April 2025 are:

£12.21 per hour – NLW (for those 21+)

£10.00 per hour – NMW (ages 18–20)

£7.55 per hour – Apprentices and workers aged 16–17

But what counts as “working time”? According to HMRC, it includes:

Time spent at work, on standby, or waiting for work tasks

Travel between work assignments

Training or travelling for training

Certain work-related responsibilities, even while sleeping on site

Working time does not include commuting, rest breaks, holidays, or time away from the workplace.

⚖️ Staying compliant helps avoid HMRC investigations and ensures fair pay for staff. If you’d like a payroll review to ensure your business meets minimum wage rules, we can help.