Welcome to our October Newsletter.
As we head into autumn, there are several important updates and reminders to keep in mind. With paper self-assessment returns due by 31 October and new registrants required to notify HMRC by 5 October, acting early can help avoid costly penalties. We also take a closer look at who needs to register for anti-money laundering supervision and the potential consequences of failing to comply with these regulations.
Looking ahead, the Chancellor has confirmed that the Autumn Budget will be delivered on 26 November. We’ll provide full coverage once details are released, but in the meantime, HM Treasury is inviting policy submissions ahead of the mid-October deadline. For employers, we’ve included a helpful reminder of what counts as working time for National Minimum Wage and National Living Wage purposes, ensuring staff are paid correctly under the latest rules.
Finally, don’t miss our October and November tax diary, designed to help you keep on top of key filing and payment dates in the weeks ahead.
Two important 2025 self-assessment deadlines
Paper tax returns are due 31 October 2025, and new registrants must notify HMRC by 5 October 2025. Act early to avoid penalties.
Firstly, the deadline for submitting paper self-assessment tax returns is 31 October 2025. If you miss this deadline a £100 late filing penalty will usually apply, even if no tax is due, or if any tax owed is paid in full by the final deadline of 31 January 2026.
Further penalties increase the longer the return remains outstanding. If your return is still not filed three months after the deadline, daily penalties of £10 per day (up to a maximum of £900) will be charged. If the delay extends to six months or more, further fixed or percentage-based penalties may apply, significantly increasing the cost of non-compliance.
We strongly recommend that anyone still submitting paper returns consider switching to the online filing system. Filing electronically not only simplifies the process but also gives you an extra three months, with the deadline for online returns falling on 31 January 2026.
The second key deadline is 5 October 2025. This is the date by which you must notify HMRC if you need to complete a self-assessment return for the 2024-25 tax year and have not previously been required to file one. Failing to register in time can lead to penalties for late notification, even if you file your return on time later.
Being aware of these October deadlines and taking timely action can help you avoid unnecessary stress and potential fines if you were unprepared.
Who needs to register for anti-money laundering supervision
If your business operates in a sector covered by the Money Laundering Regulations, you must be monitored by a supervisory authority to ensure compliance. This article outlines who needs to register with HMRC for anti-money laundering (AML) supervision.
Your business must be registered with a supervisory authority if it operates in a sector covered by the Money Laundering Regulations. Some businesses are already supervised through authorisation by bodies like the Financial Conduct Authority (FCA) or professional associations such as the Law Society.
If your business is not already supervised and falls under one of the regulated sectors, you must register with HMRC.
Business Sectors Supervised by HMRC
HMRC is responsible for supervising businesses in the following sectors (where not already regulated by the FCA or a professional body):
- Money Service Businesses not regulated by the FCA
- High Value Dealers handling cash payments of €10,000 or more (in a single transaction or linked transactions)
- Trust or Company Service Providers not supervised by the FCA or a professional body
- Accountancy Service Providers not supervised by a professional body
- Estate Agency Businesses
- Bill Payment Service Providers not regulated by the FCA
- Telecommunications, digital, and IT payment service providers not regulated by the FCA
- Art Market Participants involved in buying or selling works of art valued at €10,000 or more (including linked transactions)
- Letting Agency Businesses managing property or land with a monthly rental value equivalent to €10,000 or more
If your business conducts these activities by way of business and is not already supervised, you must register with HMRC.
Money Service Businesses and Trust or Company Service Providers are not allowed to trade until their AML registration with HMRC is confirmed. Other businesses may continue operating while their registration is being processed.
Trading while not registered is a criminal offence and may result in a penalty or prosecution.
Budget date announced
The Chancellor of the Exchequer, Rachel Reeves has confirmed, in a video message, that the next UK Budget will take place on Wednesday, 26 November 2025.
Details of all the Budget announcements will be made on a special section of the GOV.UK website which will be updated following completion of the Chancellor’s speech in November.
HM Treasury is inviting written representations for the Autumn Budget 2025 from individuals, interested groups, MPs and organisations. Submissions should propose evidence-based policy ideas or comment on existing policies, with clear rationale, costs, benefits, and deliverability. The deadline for submissions is 23:59 on Wednesday, 15 October 2025.
The Budget will be published alongside the latest forecasts from the Office for Budget Responsibility (OBR). This forecast will be in addition to that published for the Spring Statement and fulfil the obligation for the OBR to produce at least two forecasts in a financial year, as is required by legislation.
The OBR has executive responsibility for producing the official UK economic and fiscal forecasts, evaluating the government’s performance against its fiscal targets, assessing the sustainability of and risks to the public finances and scrutinising government tax and welfare spending.
What counts as working time for minimum wage purposes
Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). The NMW and the NLW are the minimum legal amounts that employers must pay their workers. The latest NMW and NLW rates took effect on 1 April 2025. The current hourly rate for the NLW is £12.21. For those aged 18 to 20, the NMW is £10.00 per hour. Workers aged 16 to 17 and apprentices are entitled to £7.55 per hour.
The minimum wage is calculated as an hourly rate, but it applies to all eligible workers however they are paid. This means that even if someone is paid an annual salary, and it is paid by the piece or in other ways, they must still calculate their equivalent hourly rate to check whether they are receiving at least the minimum wage.
To do this correctly, it is also important to understand what counts as working time under NMW rules.
According to HMRC guidance, for all types of work, this includes time spent:
- at work and required to be working, or on standby near the workplace (but do not include rest breaks that are taken);
- not working because of machine breakdown, but kept at the workplace;
- waiting to collect goods, meet someone for work or start a job;
- travelling in connection with work, including travelling from one work assignment to another;
- training or travelling to training;
- at work and under certain work-related responsibilities even when workers are allowed to sleep (whether or not a place to sleep is provided).
Working time does not include time spent:
- travelling between home and work;
- away from work on rest breaks, holidays, sick leave or maternity leave;
- on industrial action; and
- not working but at the workplace or available for work at or near the workplace during a time when workers are allowed to sleep (and you provide a place to sleep).
CSR
A huge well done to our very own Darren Green who is once again taking on the Oxford Half Marathon, this year in support of African Children’s Fund, a fantastic Witney-based charity.
The charity works with grassroots partners in Kenya, Tanzania, Uganda and Zimbabwe to support education and children’s rights, helping over 5,000 children each year. Something as small as a mug of porridge (just 9p) can make the difference between a child being in school for the day or having to beg and scavenge.
Darren is aiming to raise enough for more than 10,000 mugs of porridge, an incredible target that will have a real impact.
If you’d like to support Darren in reaching his goal, you can donate via his JustGiving page here:
https://www.justgiving.com/page/darren-green-6
Best of luck, Darren, we’ll be cheering you on!
Tax Diary October/November 2025
- 1 October 2025 – Due date for Corporation Tax due for the year ended 31 December 2024.
- 19 October 2025 – PAYE and NIC deductions due for month ended 5 October 2025. (If you pay your tax electronically the due date is 22 October 2025.)
- 19 October 2025 – Filing deadline for the CIS300 monthly return for the month ended 5 October 2025.
- 19 October 2025 – CIS tax deducted for the month ended 5 October 2025 is payable by today.
- 31 October 2025 – Latest date you can file a paper version of your 2024-25 self-assessment tax return.
- 1 November 2025 – Due date for Corporation Tax due for the year ended 31 January 2025.
- 19 November 2025 – PAYE and NIC deductions due for month ended 5 November 2025. (If you pay your tax electronically the due date is 22 November 2025.)
- 19 November 2025 – Filing deadline for the CIS300 monthly return for the month ended 5 November 2025.
- 19 November 2025 – CIS tax deducted for the month ended 5 November 2025 is payable by today.
Feedback on our October Newsletter would be very welcome so that we can craft future ones based on what you want to hear about.