Almost 300,000 people filed their tax return in the first week of the new tax year, setting a new record, HMRC has revealed.

Self assessment taxpayers can submit their tax return for the 2024/25 tax year between 6 April 2025, the first day of the new tax year and the deadline on 31 January 2026.

This year 299,419 filed in the first week, up 28,503 compared to the 270,916 people who did so in 2020.

There were 57,815 early filers on 6 April, which was lower than the 67,870 people who did so in 2024.

HMRC is encouraging people to file early so they know what tax they owe sooner, plan for any payments in advance and can avoid the stress of leaving it until January.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

‘Filing your self assessment early means you can spend more time growing your business and doing the things you love, rather than worrying about your tax return.

‘You too can join the thousands of customers who have already done their tax return for the 2024/25 tax year by searching ‘self assessment’ on GOV.UK and get started today.’

Internet link: HMRC

The UK government is taking the right approach to tariff negotiations with the US despite downgrades to the economic outlook, says the British Chambers of Commerce (BCC).

The International Monetary Fund (IMF) has cut its growth forecast for global GDP to 2.8% from 3.3% this year.

The IMF predicts that the increase in tariffs and uncertainty will lead to a significant slowdown in global growth.

US growth is now expected to be 1.8% this year, down from the IMF’s estimate of 2.7% for the US in January. The forecast for the UK has also been cut from 1.6% to 1.1%.

William Bain, Head of Trade Policy at the BCC, said: 

‘The downgrades for both the UK and global economy should come as no surprise to anyone.

‘Firms were already facing into a wall of higher domestic costs, including the national insurance rise, before the US unleashed its explosive tariff proposals.

‘But there is strong support for the government’s approach to continue negotiation and not immediately retaliate. The US has been open to talks and the signals that a deal can be reached are promising.

‘But talk of recession remains premature, it is by no means certain. The government must do all it can to boost business confidence by providing practical support around infrastructure projects, reforming business rates and cutting red tape in the right areas.’

Internet link: BCC IMF

The independent review into the loan charge has issued a call for evidence with examples of promotional material and marketing leaflets a priority for the review team.

The review was announced by the Treasury in January and is being led by Ray McCann, a former President of the Chartered Institute of Taxation.

It is now asking people affected by loan charge to get in touch with evidence of the schemes they were signed up to by noon on 30 May.

McCann said:

‘What the review needs most is documentary evidence, such as copies of marketing material, letters, emails and so on sent to you by the promoters of these schemes.

‘This will supplement the information the review already holds and add to the great deal of information, albeit mostly anonymous, that is in the public domain.

‘It will greatly help the review team understand why so many have become involved in these schemes, the responsibility the promoters have for bringing misery to so many and the difficulties you have had in bringing your involvement to a close.

‘The review team has suggested several questions in each section, these can be answered as they have been asked, where they are relevant, or used as a guide to the kind of information the review team needs. The review team also plan to speak to some of those involved as part of the review.’

Internet link: GOV.UK

Tax compliance costs the UK’s small businesses nearly £25 billion a year, according to recent research conducted by the Federation of Small Businesses (FSB).

The average small firm spends £4,500 and 44 hours a year on tax compliance, according to the research.

These annual totals could include time spent trying to contact HMRC, the cost of staff time used to manage compliance, and the price of software subscriptions and/or an external accountant, among other outlays.

Poor levels of customer service from HMRC are a recurring theme within the report, making tax compliance even more difficult and stressful for small businesses.

Tina McKenzie, FSB’s Policy Chair, said:

‘Tax compliance is far from a niche issue – it affects all five and a half million small businesses in the UK, costing them £4,500 and 44 hours a year each on average.

‘Collectively, that adds up to an annual total cost to the small business community of nearly £25 billion and over 240 million hours.

‘This is money and time that could be far, far better spent on building up their business, and the overall cost to the economy in terms of lost growth and wasted productivity is enormous.

‘Given the challenges facing the economy, and the need for growth, reducing the burden placed on small firms by tax compliance must be a priority – something the government has recognised as a priority for other regulators. HMRC should be included in the government’s drive to make regulation better support growth.’

Internet link: FSB

A new service has been launched that allows individuals to verify their identity directly with Companies House through GOV.UK.

The introduction of identity verification is one of the key changes to company law as part of the Economic Crime and Corporate Transparency Act 2023. Companies House has landmark new and enhanced powers to combat economic crime and boost economic growth.

More than six million people will be required to comply in the 12 months after identity verification becomes a legal requirement later this year. According to Companies House, identity verification will provide more assurance about who is setting up, running, owning and controlling companies in the UK.

Louise Smyth, CEO of Companies House, said: ‘Identity verification will play a key role in improving the quality and reliability of our data and tackling misuse of the companies register.

‘To save time later, we encourage directors, people with significant control of companies (PSCs) and those filing information with Companies House to verify their identity during the voluntary window.

‘We expect identity verification to become mandatory from Autumn 2025.’

Internet link: GOV.UK