Debt Relief Order application fees removed

1% or £5k deposit to apply for a mortgage to buy property.

Basis period reform (Accounting & tax rules changed) Reporting profits on a tax year basis for “Sole Trader and Partnership” if had different accounting period must declare profits up to 5th of Apr or 31 of Mar and claim overlap relief, transitional profit spread over 5 years.

Accessing the Pension age limits

How many times you have to report Making Tax Digital for eligible Self Employed & Landlords? Now you can sign up to Make Tax Digital for Income Tax testing which you needs to submit account 4 times a year then 1 final declaration.

UK Inflation Rate Current inflation rate 2.3% targeting the drop to 2% in upcoming months.

Housing UK house prices return to growth in May as mark shows signs of resilience.

The enhanced “Check Your State Pension” forecast service is now available If you born after 1951 (men) or 1953 (women) you have until 2025 to pay Voluntary National Insurance Contributions to make up gaps from 2006 if you are eligible.

Tax reminder

Happy New Year! 🎉 May 2025 bring joy, success, and new opportunities to everyone. Wishing you all a year filled with happiness, growth and brighter future ! 🌟 Let’s make it a year to remember!”

2025 to 2026 student and postgraduate loans thresholds and rates: all income above: plan 1 — £26,065, plan 2 — £28,470, plan 4 — £32,745 (all at 9%) and postgraduate loan — £21,000 (at 6%). is it affects you? #StudentLoans #LoanRepayments #FinanceTips #MoneyMatters #PlanAhead

What is shrink-flation? #inflation #shrinkflation #business #finance #accounting #Currency #products

How #BusinessManagementConsultation can help you grow your business #BusinessGrowth #GrowYourBusiness #BusinessTips #Entrepreneur #Entrepreneurship #BusinessStrategy #DigitalMarketing #BusinessDevelopment #MarketingTips #GrowthMindset #Startup #Success #BusinessGoals

📌 *UK Budget 2025 Update Wrap* 🔸*Budget 2025: dividend tax up 2% from 2026* From the new tax year in April 2026, the base and higher rates of tax on dividend income will increase by 2% to 10.75% for basic-rate taxpayers and 35.75% for higher and additional rate taxpayers.

📌 *UK Budget 2025 Update Wrap* 🔸*Budget 2025: pension salary sacrifice capped at £2k* capping of national insurance contribution (NICs) relief on salary sacrifice into pension schemes to the first £2,000 of pension contributions per person from 2029.

📌 *UK Budget 2025 Update Wrap* 🔸*Budget 2025: thresholds frozen to 2031* In a blow for earners, chancellor extends income tax threshold freeze for another three years

📌 *UK Budget 2025 Update Wrap* 🔸Budget 2025: 2% rise in income tax on property For the first time, there will be separate tax rates for property income affecting earnings from renting lands and building. From April 2027,basic rate 22%, higher rate 42%, and additional rate 47%.

📌 *UK Budget 2025 Update Wrap* 🔸*Budget 2025: writing down allowance reduced to 14%* Main rate of writing down allowance cut to 14% and 40% first-year allowance introduced. From April 2026 the main rate WDA for corporation tax and income tax will be reduced from 18% to 14%.

📌 *UK Budget 2025 Update Wrap* 🔸*National living wage rate goes up 4.1%* Above inflation rises to national living wage to £12.71 per hour and a significant 8.5% hike in national minimum wage from 1 April 2026.

Wishing you a prosperous and successful new year from all of us at BMC. We are proud to support our clients through trusted accounting services and tailored business management consultation, helping you make confident decisions and achieve your goals.