Latest Business News & Key Updates | HMRC Tax Tips & SME Growth Insights

Welcome to our roundup of the latest business news for our clients. Below, we’ve highlighted key updates and developments that may impact your business.

If you’d like to discuss how these changes could affect your operations, finances, or future planning, please don’t hesitate to contact us. We’re here to support you!

Spread the Cost of Your Self Assessment Tax Bill with HMRC’s Time to Pay

With the holidays and year-end approaching, planning your finances for 2025 is a good time. The looming January tax payment deadline may feel overwhelming for those filing self-assessment tax returns.

Fortunately, HM Revenue & Customs (HMRC) offers a practical solution: the Time to Pay service, allowing you to spread the cost of your tax bill over manageable monthly payments.

What is Time to Pay?

Time to Pay is an HMRC scheme that helps taxpayers who cannot pay their full tax bill by the deadline. By setting up a payment plan, you can avoid further late payment penalties if you adhere to the agreed terms.

Key Points to Know

1. Eligibility:
   • For tax bills under £30,000, set up a payment plan online without contacting HMRC.
   • Tax bills over £30,000: You must contact HMRC directly to discuss options.
2. Deadline:
   • The Self-assessment filing and payment deadline for the 2023/24 tax year is 31 January 2025.
   • You must file your tax return before setting up a Time to Pay arrangement.
3. Payment Terms:
   • Plans can spread payments over a maximum of 12 months, helping to ease the financial burden.
   • Ensure payments are made on time to avoid interest or penalties for missed instalments.

Why Plan Ahead?

• HMRC reports that over 15,000 taxpayers have already set up Time to Pay plans for the 2023/24 tax year.
• Planning now can help you avoid unnecessary stress and make your financial commitments manageable.

Need Help?

If you’re concerned about meeting the tax payment deadline or need assistance setting up a Time to Pay arrangement, our team is here to support you.

Book a free meeting to discuss how we can help with:

• Filing your Self Assessment tax return.
• Negotiating payment arrangements with HMRC.

For more details, visit the official government page: HMRC Time to Pay Scheme.

Online Marketplaces and Vape Producers to Help Fund Recycling Costs

The UK Government has introduced new measures requiring online marketplaces and vape producers to contribute fairly to recycling electrical waste. These changes aim to create a circular economy, reduce waste, and support UK businesses that shouldered most recycling costs.

Levelling the Playing Field

Currently, UK retailers bear most recycling costs for electrical items like toasters, vapes, and kettles, leaving online platforms free from such responsibilities.

Under the new regulations:

• Online retailers must now register with the Environment Agency, report UK sales of their overseas sellers, and contribute financially to recycling costs.
• Vape producers will be placed under a new regulatory category, ensuring they pay their share for recycling vapes.

Circular Economy Minister Mary Creagh stated:

“We’re creating a level playing field for all electronics producers to ensure fairness and fund the cost of waste treatment.”

Tackling Waste and Boosting Recycling

The UK discards 100,000 tonnes of household electrical items each year, with valuable materials like copper and gold often lost in landfills. These measures aim to:

• Recover valuable resources.
• Reduce the health and safety risks associated with improper disposal.
• Boost recycling rates across the country.

Research from Material Focus highlights that 100,000 tonnes of small electrical items like kettles and lamps are improperly disposed of annually.

Alex Baldock, CEO of Currys, welcomed the new measures, saying:

“It’s good to see the Government tackling the waste caused by low-quality, unsustainable tech piling up in landfills.”

Circular Economy Taskforce and Broader Reforms

The government has established a Circular Economy Taskforce to develop a Circular Economy Strategy for England, which is set to be published next year. The strategy will include sector-specific plans to promote sustainability and waste reduction.

These measures complement other initiatives, such as:

• The upcoming Deposit Return Scheme for drinks containers (launching in 2027).
• Extended producer responsibility for packaging.

Together, these reforms aim to:

• Reduce waste.
• Improve recycling infrastructure.
• Create thousands of green jobs.

This announcement marks a critical step in tackling the throwaway culture. The changes aim to protect the environment, recover valuable materials, and ensure all businesses contribute to waste management costs.

For more details, see the official announcement: Online Giants to Pay Their Fair Share for Electrical Waste.

HMRC Introduces New Interactive Tool for Self-Employed People

HM Revenue and Customs (HMRC) has launched a new interactive online tool along with updated guidance to assist individuals who are already self-employed or considering self-employment.

What Does the Tool Do?

The tool is designed to provide key information and guidance, including:

• Record-keeping requirements for self-employed individuals.
• Taxes that may apply to their business.
• Practical steps, such as how to pay a tax bill.

Additionally, HMRC has introduced the Set Up as a Sole Trader: Step-by-Step Guide, which outlines:

• When you need to register as a sole trader.
• How to complete the registration process.

Key Features

• Anonymous Use: The tool does not collect or store any personal information. Using it will not automatically register you as self-employed.
• Information Only: It’s intended for guidance and does not replace formal registration or compliance with self-employment tax obligations.

How Can It Help?

For those starting or managing their self-employed business, this tool simplifies the process of understanding requirements and next steps. It also provides accessible support without needing to formally engage HMRC directly.

If you’re unsure whether you need to register as self-employed or need help with any part of the process, book a free consultation. We’re here to help you navigate your tax obligations and ensure compliance.

For more details, visit: New Support for Small Business from HMRC.

Coffee Prices at Record High

For coffee lovers, the cost of your daily brew may be on the rise as coffee prices hit record highs on international commodity markets.

Why Are Prices Rising?

1. Arabica Beans Soar:
   • Arabica beans, the most widely used coffee beans globally, have reached a price of $3.44 per pound—an 80% increase this year.
   • Robusta beans, commonly used in instant coffee, have also seen fresh price highs.
2. Weather Issues in Key Producing Countries:
   • Brazil (largest Arabica producer):
     • Faced its worst drought in 70 years during August and September 2025, followed by heavy rains in October.
   • Vietnam (largest Robusta producer):
     • Suffered from similar weather patterns, with droughts and heavy rainfall affecting crop yields.

Demand Continues to Grow

• Global Consumption: Coffee remains a staple worldwide, with increasing popularity in non-traditional markets like China, where consumption has doubled in the last decade.

Will Prices Be Passed to Consumers?

In recent years, major coffee brands have absorbed price increases to retain customers. However, experts warn that this trend may soon end, potentially leading to higher coffee prices for consumers in the near future.

If you rely on coffee to kickstart your day, consider preparing for rising costs or exploring alternative options.

For more details, see the full report: BBC News.

British Pork Producers Return to Chinese Market

British pork producers are celebrating a significant milestone as China has lifted its Covid-era restrictions on UK unprocessed pork exports. This decision is expected to boost revenues by £80 million, providing a major economic uplift for UK farmers.

Why Is This Important?

1. A Lucrative Export Market:
   • In 2023, China purchased £180 million worth of UK pigmeat, making it one of the most valuable non-EU markets for British pork.
   • With restrictions lifted, British producers can once again export premium pork products, including the iconic British bangers, to China.
2. Industry-Wide Benefits:
   • The decision is expected to create opportunities for UK farmers and support the overall economy.

How Did This Happen?

The breakthrough follows high-level discussions during the UK Foreign Secretary’s recent visit to China, where trade and market access were key topics.

Broader Success for UK Agriculture

This victory for pork producers comes alongside another recent success:

• US Market Access for UK Beetroot Growers:
• Earlier this year, UK beetroot gained access to the US market, adding an estimated £150,000 annually in export revenue.

The reopening of the Chinese market signals renewed confidence in British produce and highlights the government’s commitment to expanding trade opportunities for UK agriculture.

For more details, visit: Gov.uk.

Chancellor Seeks Economic Reset with the EU

Chancellor Rachel Reeves made history last week by attending a meeting of EU finance ministers, marking the first such appearance by a UK chancellor since Brexit. This move is part of the government’s effort to reset economic relations with the EU.

Key Points from the Chancellor’s Address

1. Shared Challenges:
   • Tackling issues such as the war in Ukraine and economic competitiveness.
2. Promoting Free Trade:
   • The Chancellor championed free trade as a driver of economic growth and mutual investment opportunities.
3. Breaking Down Barriers:
   • The focus is on reducing trade barriers, opening up markets, and enhancing opportunities for UK and EU businesses to operate across borders.

What’s Not on the Table?

• No return to:
  • The Single Market
  • The Customs Union
  • Freedom of Movement

Commitment to Stability

This speech aligns with recent discussions between Keir Starmer and European Commission President Ursula von der Leyen on strengthening the UK-EU partnership for a stable and predictable relationship.

What’s Next?

The business community now waits for concrete outcomes from these discussions, which aim to make it easier for UK and EU companies to trade and invest.

For more information, visit: Gov.uk.