News - Wapping Accountants

Winter 2025

A major overhaul to the UK Tax and Customs system was unveiled earlier this year by HMRC, which could impact approximately 35 million people on PAYE. Employees who pay tax through Pay As You Earn will be given access to a new digital service designed to make their tax affairs much easier and simpler to understand. It will be accessible through a personal tax account via the HMRC app.

From 18th November 2025, all new and existing company directors and people with significant control (PSC) will now be required to verify their identity to Companies House. Initially the identity verification service was rolled out in April this year on a voluntary basis and over 1 million people chose to do this before it became compulsory.

Following Rachel Reeves' budget on 26th November 2025, income tax thresholds will now be frozen until 2030-31. This could impact many workers who will find themselves pulled into higher tax bands, as their wages rise with inflation. There are also changes to the pension salary sacrifice scheme, ISA and dividend allowances and a rise in the basic rate of landlord tax from 20% to 22% from April 2027. For a full review of the Budget 2025 in full, please click here https://www.gov.uk/government/publications/budget-2025-document/budget-2025-html

From 1 February 2026, Companies House are introducing a new price structure for incorporation digital filing fee (£100) and confirmation statement digital filing fee (£50). For a full list of changes please click here https://changestoukcompanylaw.campaign.gov.uk/changes-to-companies-house-fees/