A major change is coming for all UK company directors in 2025. Companies House is introducing mandatory identity verification and we've created this essential guide to explain what the new director ID verification rules mean for you, ensuring you stay compliant and avoid significant penalties.

These new measures are part of the Economic Crime and Corporate Transparency Act (ECCTA), a significant piece of legislation designed to improve the quality of data on the UK Companies Register and prevent corporate structures from being used for fraudulent activities.

This guide will walk you through the key changes, deadlines, and the exact steps you need to take.

The post Companies House ID Verification 2025: A Director’s Guide to the New UK Rules appeared first on Taxfile.

by Ali at Taxfile.

For many self-employed UK taxpayers, the January Self-Assessment deadline looms like a tax-shaped storm cloud. But what if you could banish that pre-deadline panic and transform tax season into a breeze?

Psychology tells us that we are motivated when one set of thought processes outweighs the opposing ones, tipping the balance to make us act. With that in mind, here are 7 key things that may motivate you to act on your taxes sooner rather than later.

The post The Early Bird Catches the Worm — The Benefits of Acting on Taxes Sooner appeared first on Taxfile.

Companies House is the Government agency responsible for maintaining the public register of companies in the UK. Filing with Companies House typically refers to the submission of various documents and records, as required by the registrar of companies in the United Kingdom. In today's guide, we'll take a look at what types of document need to be filed, when to file them, and what happens if they're not filed on time.

The post Filing with Companies House – A Guide for Limited Companies appeared first on Taxfile.

The original deadline for buying National Insurance 'credit' was 31st July 2023, but you can now 'buy' incomplete years to boost your state pension until 5th April 2025. The extension was approved by the Government, giving HMRC more time to deal with the process.

You can view our original blog on what you need to do to plug the gaps in your National Insurance contributions here.

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^{IMPORTANT: the video mentions the original deadline in April 2023. This has now been extended to 31 July 2023.}

Do you have gaps in your National Insurance record? If so, it could mean that you could get a lower State Pension when you reach state retirement age, particularly if you are aged between approximately 45 and 70 at the moment. Generally speaking, you need 10 years of contributions for a basic state pension and around 30 to 35 years for a full state pension. It does vary by circumstance though and, even with gaps, some people might have enough qualifying years for the full state pension already.

Urgently Check Whether You Have National Insurance Gaps

Our advice is to urgently check whether you do have any gaps in your National Insurance record. If so, in many cases it would be wise to make some one-off payments to plug any gaps for the years 2006 to 2016. However, there is limited time to do so despite the deadline for this opportunity having been extended from early April to the end of July 2023 [UPDATE: This has now been extended again to 5th April 2025]. Thereafter, the chance to fix all 11 years from 2006 to 2016 will be gone forever.More information follows, including how to check, how to top up and more.

The post Boost State Pension by Plugging Gaps in National Insurance appeared first on Taxfile.

The new Taxfile brochure is out and you can download it here. Even if you're an existing client, it's worth taking a look in case we can help you in ways you weren't aware of. We can help anyone e.g. the self-employed, directors of limited companies, partners in partnerships, sole traders, retired people, landlords, taxi and cab drivers, construction workers and just about anyone.

The new brochure covers:

The post New Taxfile Brochure – Download Here appeared first on Taxfile.