Onwards and Upwards: How to Hit the Ground Running in 2025

And don’t worry, this won’t be a list of fiscal New Year resolutions to put upon you: arbitrary extra goals can simply add unrealistic pressure; no one needs that (and did you know most resolutions have already slipped before the end of the month?). But the New Year is a good opportunity to step back from head-down routine, look back over the last 12 months’ achievements, take a clear look at your 2025 goals, and break them down into achievable stepped milestones.

Sounds simple, eh? Following my own advice, I’ll share how at ICS Accounting we’re using recent industry recognition to plan forward for 2025, and highlight some vital early-year tax dates to ensure are highlighted in your calendar.

Pay it Forward: Awards to Rewarding

Being named Best Contractor Accountant in our category at the Contracting Awards 2024 rounded off the year on a high, and a well-deserved opportunity for the hardworking team to enjoy a fabulous black-tie evening, as well as catch up with industry friends, and make new ones.

While thrilling to get, awards aren’t the goal. Instead, they’re the confidence givers, from such endorsement to drive your mission, vision, actions and results further and to greater effect. For us, that’s demonstrating our core values: “Trust, Care and Compliance” through the best service possible to our clients, whether sole trader, new start-up, self-employed, contractor, umbrella employee, SMEs and PLCs. Client feedback was part of the judging process, and key to how we work: reading and acting on every Google and Trustpilot review you submit, every comment and suggestion from emails or conversations (thank you).

Every business, every owner and employee, sits within their community. I’m personally excited about building on our community and environmental impact in 2025, including reducing our office waste, driving for a carbon-neutral office, partnering with schools to deliver presentations and offer work experience, and supporting more local charities and initiatives. Many of these were suggested by or linked to staff members: recognising the strength of hearing everyone’s voice in an organisation. How much noise is your business making in the community it sits in?

Spring 2025 Red-Letter Dates You Can’t Afford to Miss!

So, in the spirit of “Trust, Care and Compliance”, make sure these vital HMRC deadlines are in your diary! Coming up fast for anyone registered for self-assessment, the first 2025 deadline is to submit your online paperwork and pay the tax due for the last complete financial year (6 April 2023 – 5 April 2024) by midnight on 31 January 2025. It’s also the Capital Gains Tax payment deadline, which may be applicable if you have sold assets and made gains.

If the closing-in date is causing you to hyperventilate, don’t risk the immediate and incremental penalties for late paperwork (even if the tax has been paid, or if there’s none to pay) by inaction. HMRC is staffed by humans, who can help when life throws up challenges- but only if you tell them (and as soon as possible: their phone lines are only going to get busier towards the 31st).

So, another red-letter day, especially if you’re resolved to be ahead of the game well before 31st January 2026, is the end of the 2024-25 tax year, 5 April 2025. This is also your last chance to make voluntary National Insurance (NI) contributions for any shortfall between April 2006 and April 2016. Take advantage, as from April 6th, you will only be able to voluntarily contribute for the previous rolling 6 years.

April 2025 will also see a raft of personal and business-affecting legislation from last autumn’s budget come into effect, including:

• National Minimum Wage increase by 6.7%, to £12.21 per hour for workers over 21
• Employers’ National Insurance contributions increase by 1.2% to 15%
• Threshold at which employers start paying NI to fall from £9,100 a year to £5,000 a year
• Business rate relief to hospitality, retail and leisure companies to drop from 75% to 40% (up to a £110,000 cap)
• Small business Employment Allowance to increase from £5,000 to £10,500 before NI payable
• Capital gains tax on carried interest to be increased from 28% to 32%
• Various inflation in-line increases, including energy price cap, universal credit, state pension, carer’s allowance and vehicle duty (car tax)

Delegate it to the Experts

There’s a reason those dates are seared into the mind of ICS Accountants- it’s our job! With over 75 years’ combined experience, shining at what we do helps self-employed, contractors and business owners shine at what you do. Into 2025 and beyond, our dedicated advisors are 100% committed to ensuring our clients meet any deadlines, paperwork and legislation, freeing you to concentrate on your business, community and personal priorities.

Whatever your size, situation or profession, we can create a bespoke package to meet all your company and personal tax returns (plus other headaches including VAT returns, umbrella and payroll services, annual accounts and much more).  For no-obligation advice, or to discuss your individual requirements with one of our friendly team simply call 01524 580720, or email info@icsuk.com