If you’re a taxpayer in Glasgow, it’s crucial to stay updated with the latest changes to self-assessment tax returns. Our top level tax returns Glasgow service will certainly help you. The UK government has introduced new mandatory reporting requirements that will impact many taxpayers, including sole traders and company directors. These changes take effect from 5 April 2025 and will apply to tax returns for the 2025/26 tax year and beyond.
At ERAA Consulting Limited, we specialize in helping businesses and individuals in Glasgow navigate tax regulations efficiently. In this guide, we’ll break down the new requirements and what they mean for you.
Key Changes to Tax Returns in 2025/26
The new legislation introduces additional reporting obligations for:
- Taxpayers who start or cease to trade.
- Directors of close companies.
These updates aim to improve the accuracy of data collected by HMRC, ensuring compliance across all sectors. According to government estimates, around 1.2 million sole traders and 900,000 company directors will be affected.
Commencements and Cessations – Mandatory Reporting
If you start or stop trading during the tax year, you will now be required to report the exact date of commencement or cessation in your tax return.
Previously, this question was included in tax returns but was optional to answer. From 2025/26 onwards, this information must be provided for personal tax returns, partnership returns, and trustee returns. If you are running a business in Glasgow and need help with this, our expert tax accountants can assist you in ensuring compliance.
New Requirements for Company Directors
Company directors of close companies will now face stricter reporting obligations in their tax returns. The following information must be included:
- The company’s name and registered number.
- The value of dividends received from the close company (reported separately from other UK dividends).
- The percentage of shares held during the year, with the highest percentage recorded if shareholding fluctuates.
A close company is defined as one controlled by its directors or five or fewer shareholders. If you are a company director in Glasgow, understanding these new tax return requirements is essential to avoid penalties and ensure full compliance.
Why These Changes Matter for Taxpayers in Glasgow
These new rules are part of HMRC’s broader initiative to enhance tax transparency and data collection. With tax return compliance becoming more stringent, it’s more important than ever to seek professional tax advice. At ERAA Consulting Limited, we offer tailored tax return services in Glasgow to help individuals and businesses remain fully compliant while optimizing tax efficiency.
How to Prepare for the 2025/26 Tax Return Changes
- Keep Accurate Records – Ensure that all trading dates, company details, and dividend records are well-documented.
- Seek Expert Guidance – Our experienced tax accountants in Glasgow can help you navigate these new regulations with ease.
- Plan Ahead – These changes take effect from 5 April 2025, so it’s wise to start preparing now.
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Get Expert Assistance with Your Tax Returns in Glasgow
Navigating these tax return changes can be complex, but you don’t have to do it alone. ERAA Consulting Limited specializes in tax returns for individuals, sole traders, and company directors across Glasgow. Our expert tax advisors ensure that your tax return is completed accurately, avoiding unnecessary stress and potential penalties.
If you need assistance with your 2025/26 tax return or want to ensure full compliance with the latest tax regulations, contact us today. Let us help you stay ahead of the changes and optimize your tax position effectively.
Contact ERAA Consulting Limited for expert tax return services in Glasgow.
