April 2025 marks the start of the new financial year — and these start new financial year 2025 tax tips can help small business owners begin strong, stay compliant, and keep more money in their pocket. Whether you are based in Wimbledon SW19, Tooting, Clapham, or anywhere in South London, this is your moment to take control of your finances.
MTD & the New Financial Year: What Small Business Owners Should Do
With Making Tax Digital for Income Tax becoming mandatory in April 2026, start preparing this year by switching to software like Xero, QuickBooks or FreeAgent. Staying ahead now means less stress later — and cleaner records all year long.
Check Your Tax Code and Use 2025 Allowances
Incorrect tax codes lead to underpaid or overpaid tax. Review yours via HMRC or payslip. Use your Personal Allowance (£12,570) and Dividend Allowance (£500) wisely, especially if you are a director of a limited company.
Maximise Trading and Property Allowances
Do you earn from freelancing or Airbnb? You could be entitled to up to £2,000 tax-free by using the trading and property allowances (£1,000 each). Do not leave this relief unused.
Contribute to a Pension via Your Limited Company
Pension contributions can reduce your tax bill. If you run a limited company, your business can make employer contributions and claim it as a deductible expense. Win-win for tax and retirement.
Start New Financial Year 2025 Tax Tips: Plan Your Tax Return Early
Start logging receipts, invoices, and expenses now to make your 2024/25 tax return stress-free. Filing early avoids penalties, spreads tax bills, and uncovers missed reliefs.
Final Thoughts on Start New Financial Year 2025 Tax Tips
Use these start new financial year 2025 tax tips to get proactive. From choosing the right software to pension planning and tax reliefs, the earlier you act, the better. Need help? Southside Accountants supports sole traders, landlords and companies across Wimbledon SW19, Streatham SW16, and all of South London.
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