June Newsletter | 2025
Staying Ahead in a Shifting Financial Landscape
June has arrived with a fresh wave of financial updates that business owners can’t afford to miss. From HMRC reforms and VAT threshold changes to smarter payroll solutions, the world of bookkeeping and compliance is evolving fast. At DS Business Support, we’re here to break down what’s new, what it means for your business, and how you can stay one step ahead.
1. HMRC’s Bookkeeping Shake-Up. Major changes are underway as HMRC rolls out new rules for 2025:
- Basis Period Reform is now fully implemented, aligning taxable profits with the tax year. This affects self-employed individuals and partnerships—accurate record-keeping is more important than ever.
- New Data Collection Requirements: Self-Assessment returns must now include start/end dates of self-employment, dividend income breakdowns, and detailed PAYE employee hours.
- Making Tax Digital (MTD) for Income Tax is on the horizon—businesses earning over £50,000 must comply by April 2026, with those over £30,000 following in 2027.
2. VAT Threshold Increase. The VAT registration threshold has officially risen from £85,000 to **£90,000**. If your turnover is approaching this, it’s time to review your VAT position and plan accordingly.
3. Employer Bulletin Highlights. HMRC’s June bulletin includes:
- P11D & P11D(b) filing deadline: 6 July 2025
- PAYE Settlement Agreement calculations due by 31 July 2025
- National Insurance relief extended for hiring veterans
- New guidance on reporting benefits in kind via payroll software
4. Spotlight on Payroll. BrightPay’s April update is now in full swing. As mentioned in one of our previous updates, clients can expect the following changes:
- Payslips are automatically distributed via BrightPay Connect
- Employees can access historical payslips and update personal details through the app
- Employers benefit from reduced admin and improved payroll accuracy
5. What You Should Do Now
- Review your bookkeeping systems to ensure they’re MTD-ready
- Check your VAT turnover and registration status
- Prepare P11D submissions and PSA calculations
- Speak to us if you’re unsure how these changes affect your business
Need Help Navigating the Changes? We’re here to support you with expert advice, digital tools, and hands-on service. Contact us at 📞 0117 235 4699 or 📧 info@dsbusinesssupport.com.