Business
Tax Tips for 2025: How to Save Money and Avoid Stress, Say Experts
Taxpayers could save both money and headaches in 2025 by committing to better tax practices, according to leading audit and tax advisory firm Blick Rothenberg. As the deadline for the 2023/24 tax return looms on 31 January 2025, experts are urging individuals to plan ahead and take proactive steps to minimize their tax burdens.
Robert Salter, a Director at Blick Rothenberg, points out that while many people set personal resolutions for health and lifestyle, managing financial health should be equally prioritized. “Being on top of your taxes plays a significant part,” Salter said. He emphasizes that taxpayers who complete their tax submissions early can avoid the stress of last-minute filing and reduce the risk of penalties from HM Revenue and Customs (HMRC).
For those who have not yet filed their tax return, Salter recommends resolving to submit it earlier this year. By doing so, individuals can ensure they have ample time to address any issues and avoid penalties. “It’s always best to tackle taxes early,” he advises.
In addition to timely submission, Salter highlights the importance of taking full advantage of available reliefs. Taxpayers in higher income brackets, such as those paying tax at 40 or 45 percent, may be overlooking valuable opportunities. For example, gift aid contributions made during the 2024/25 tax year can be claimed through a self-assessment tax return, potentially delivering immediate savings. Furthermore, these contributions can be brought forward for relief in the previous tax year if submitted before the filing deadline.
Pension planning also presents an opportunity to reduce tax liabilities. Salter suggests that employees receiving bonuses in February or March consider directing them into a pension scheme through an employer contribution. This strategy may help lower the overall tax bill, as pension contributions are typically tax-deductible.
Salter also highlights a National Insurance Contributions (NICs) easement available until 5 April 2025, which allows individuals to fill in any gaps dating back to 2006/07. By taking advantage of this easement, taxpayers can boost their future state pension payments.
For couples, particularly where one spouse is a non-taxpayer or lower-rate taxpayer, reviewing how investments are held can be beneficial. Transferring assets to the lower-rate taxpayer can make the most of personal allowances and potentially reduce the overall tax burden.
Finally, Salter advises individuals to review their PAYE tax code for the 2025/26 tax year to ensure that any pension contributions, professional subscriptions, or benefits-in-kind are accurately reflected. This will help ensure the correct tax relief is applied, avoiding any surprises when the return is filed.
By adopting these simple tax resolutions, taxpayers can save money and reduce stress throughout 2025.
Business
Barry-Based Social Enterprise Sees 20% Surge in Sales After Gavin and Stacey Cameo
The Goodwash Company, a social enterprise based in Barry, has reported a 20% increase in online sales following its appearance in the highly anticipated Gavin and Stacey Christmas special finale.
The company’s luxurious, cruelty-free handwash was prominently featured in the bathroom of Pam and Mick West in the special, marking a major milestone for the Welsh brand. The cameo brought national attention to the company and generated a significant boost in online engagement. In just two days, TikTok views soared from an average of 2,000 to nearly 100,000.
Mandy Powell, founder of The Goodwash Company, expressed her excitement at the unexpected feature. “Being featured in Gavin and Stacey has been incredible for us,” Powell said. “As a proud Barry resident and long-time fan of the show, it means so much to see our products on screen. I didn’t know our ‘Sebon Dwylo’ handwash would appear, but when I saw it behind Smithy in the bathroom, I let out a little scream of excitement!”
The appearance on the beloved show has significantly raised the profile of The Goodwash Company, which was established in 2018 with a commitment to providing sustainable, vegan, and cruelty-free skincare products. The brand is also known for reinvesting its profits into Welsh communities and charitable causes. The company’s growth has been supported by the Business Wales Accelerated Growth Programme (AGP), which has helped it scale sustainably.
In addition to the sales increase, the company’s visibility has been boosted, particularly for its bilingual branding, which incorporates both English and Welsh. Powell expressed pride in being able to showcase ethical Welsh products to a wider audience. “The Welsh language is central to our brand, and we’re thrilled to see that our products are resonating with so many people,” she said.
Looking ahead, The Goodwash Company is keen to build on the momentum generated by its Gavin and Stacey appearance. Powell revealed plans to expand its online marketing efforts, grow its presence on TikTok, and pursue new partnerships. “The increased visibility and sales spike have been phenomenal,” she said. “We’re excited to continue celebrating Welsh culture and growing our brand both in the UK and internationally.”
With its strong foundation in ethical business practices and a growing fan base, The Goodwash Company is poised to capitalize on its newfound exposure and continue expanding its reach worldwide.
Business
Britain’s Presence at CES Declines, Raising Concerns Over Innovation Potential
Britain’s participation in the Consumer Electronics Show (CES), the world’s largest technology trade fair, has significantly decreased in recent years, according to Gary Shapiro, CEO of the Consumer Technology Association (CTA), which organizes the event.
Shapiro expressed disappointment over the UK’s reduced engagement at the show, calling it “a shame” and noting that it “doesn’t make sense” given the country’s ongoing potential in technological innovation. He highlighted that other European nations, such as France and the Netherlands, had a stronger presence in Eureka Park, the section of CES dedicated to start-ups. He even noted that Ukraine had a more visible presence at the event than the UK, adding that the British government no longer provides the same level of support it once did for such international events.
CES, held annually in Las Vegas, draws thousands of exhibitors and around 400,000 visitors. It is a major global platform for the latest in technology, attracting both industry giants like Microsoft and a wide array of smaller start-ups. This year, only 41 UK companies are scheduled to attend the event, including BT Group’s incubation arm, Etc, healthtech company Elvie, and location-based service provider what3words.
The decline in UK attendance stands in stark contrast to 2019, when over 100 British firms participated under the leadership of then-International Trade Secretary Liam Fox. During that year’s show, eight UK companies won innovation awards, and the government touted “millions of pounds worth of deals” signed as a result. Shapiro described it as “crazy” that the UK no longer places as much focus on CES, considering the historic ties between the two countries.
“We are the largest technology event in the world by far,” Shapiro emphasized, noting that CES attracts over 50,000 international visitors and remains the largest business event in the United States.
Experts are now questioning whether the UK’s reduced presence at CES signals a broader shift in its tech industry, particularly given the current climate of innovation and international collaboration. Despite the decline in UK attendance, CES continues to serve as a vital venue for tech companies to showcase their innovations to a global audience, sparking both concern and calls for greater investment in the UK’s presence at future events.
Business
HMRC Launches New Disclosure Service for R&D Tax Relief Overclaims
HM Revenue & Customs (HMRC) has introduced a new disclosure service for businesses that have unintentionally overclaimed research and development (R&D) tax relief and failed to correct their returns. This move is part of the government’s ongoing efforts to combat misuse of the scheme, which has reportedly cost the Treasury over £1 billion in lost revenues.
The initiative targets companies that may have overstated their R&D expenditure in good faith, rather than those engaged in deliberate fraud. It follows a significant rise in HMRC investigations into questionable R&D claims, with the total amount of tax under review reaching £641 million this year, according to the department’s latest annual report.
R&D tax credits are designed to encourage businesses to invest in innovative projects, offering financial support for qualifying activities. However, the generosity of the scheme has also made it a target for fraudulent claims and organised criminal activity, with an estimated £1 in every £4 of the relief being lost to abuse in 2020-21.
Dawn Register, a tax dispute resolution partner at BDO, emphasized that companies now have various options to rectify their tax affairs. She noted that many “unscrupulous ‘claims’ agents” have taken advantage of the R&D tax credit system in recent years. “If a company now realises its past claims were ‘speculative’, a voluntary disclosure is definitely the best course of action,” she advised.
The new disclosure service is aimed at businesses that may have inadvertently overclaimed and wish to come forward voluntarily to amend their tax returns. HMRC has made clear that it is focusing on companies that may have made honest mistakes, but the service also acts as a deterrent to those who may attempt to exploit the system in the future.
As part of its crackdown on the misuse of the R&D tax relief scheme, HMRC has been stepping up its investigations and is continuing to scrutinize claims more closely. The department’s report highlighted the growing concerns surrounding the scheme’s integrity, and the new disclosure service is seen as a vital step in addressing these challenges.
For businesses looking to rectify overclaims, HMRC’s service provides a streamlined route to amend their returns and reduce potential penalties. The government is also urging companies to take responsibility for their claims, ensuring that they remain compliant with tax regulations and avoid any potential future disputes.
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