Sole traders and directors need to supply more info to HMRC
Are you a sole trader or a director of a close company? HMRC will need additional information from you from April 2025. We’ve summarised the changes.
If you’re a sole trader, director or shareholder of a ‘close company’, new legislation means there’s additional information you’ll need to supply to HM Revenue & Customs (HMRC).
What information will be needed?
From 6 April 2025, sole traders and owner-managed businesses (OMBs) will need to report specific additional information to HMRC as part of their self-assessment tax returns.
Sole traders: Will need to report the exact date their business commenced or ceased trading during the tax year.
Company directors and shareholders in (of close companies):
- Must include the name and registered number of each close company from which they received dividends.
- Must report the total value of dividends received from each close company.
- Must disclose their percentage shareholding in each close company.
If the shareholding changed during the year, they must report the highest percentage held at any point during the tax year.
A close company is defined as one controlled by its directors or by five or fewer shareholders.
Talk to us about about meeting your compliance obligations
If you’re a sole trader or the director of a close company, do come and talk to the team about HMRC’s new requirements and what you’ll need to report.
Get in touchRelated Articles
Alternative routes to funding: how to bring capital into your business
Capital is the fuel that fires your business. But when you need extra capital, what are the alternative routes to fast and efficient funding?
Read On
New routes into the defence sector: funding for UK tech companies
The UK Government is looking for the next defence unicorn, with new routes into the UK defence market for small UK-owned tech companies.
Read On
5 things your balance sheet can tell you about your finances
Your balance sheet is a key financial statement to understand.Here are 5 ways your balance sheet can keep you informed about your finances
Read On