Welcome to our November Update
As we approach the end of 2025, several important updates are taking shape across the business and tax landscape. This month brings changes that will affect company directors, self-employed individuals, and UK residents with overseas income.
We begin with a reminder that, from 18 November, all company directors and people with significant control will be required to verify their identity with Companies House, a major step towards greater transparency and accountability.
โItโs good to see stronger safeguards coming in. Directors should act early to avoid a last-minute rush.โ
โ Ollie Squire, Partner, The MGroup
We also explore the Foreign Income and Gains (FIG) regime, replacing the remittance basis for non-domiciled individuals โ a major shift in how foreign income is taxed.
HMRC is urging 18- to 23-year-olds to check for unclaimed Child Trust Fund savings, and new self-assessment reporting rules will take effect from April 2025, affecting directors and traders alike.
Finally, youโll find key tax diary dates for November and December to help you stay ahead of deadlines.
๐ If any of these changes affect you or your business, please get in touch with your usual MGroup advisor.
Have You Verified Your ID at Companies House?
From 18 November 2025, all company directors and people with significant control (PSCs) must verify their identity at Companies House. The process will be phased in over 12 months, with Companies House contacting companies directly.
These measures will help ensure that people setting up and running companies are who they say they are. An estimated 6โ7 million people will need to complete verification by November 2026.
โItโs a one-time process but an important one. Directors should make sure they understand how and when to act.โ
โ Wendy Tatham, Partner, The MGroup
You can verify via GOV.UK One Login or through an Authorised Corporate Service Provider (ACSP). Options include app verification, online security questions, or in-person checks at the Post Office.
๐ Next Step: Visit GOV.UK โ Companies House verification to check the process and accepted forms of ID.
Claiming 4 Yearsโ Foreign Income and Gains (FIG) Relief
From April 2025, the new FIG regime replaced the remittance basis for non-UK-domiciled individuals. Nearly all UK-resident individuals must now report foreign income and gains to HMRC, unless eligible for 4-year FIG relief.
The relief is available to new UK residents who have not been UK-tax-resident in any of the previous 10 years, offering up to four years of exemption on qualifying foreign income and gains.
โThis change alters how non-doms plan their UK tax affairs. If youโve recently become UK-resident, itโs essential to understand how FIG relief could apply to you.โ
โ Jordan Lyne, Partner, The MGroup
Who Qualifies
Those eligible can claim relief on:
- Overseas trading profits
- Income from foreign property
- Dividends from non-UK companies
- Interest on overseas bank accounts
๐ง Action Point: Speak with your MGroup advisor about whether you meet the criteria and how to structure claims across your first four tax years in the UK.
Check If You Can Cash In a Child Trust Fund
HMRC is urging 18- to 23-year-olds to check whether they have unclaimed savings in dormant Child Trust Fund (CTF) accounts. Over 758,000 young adults may have unclaimed funds worth an average of ยฃ2,240.
Anyone born between 1 September 2002 and 2 January 2011 was eligible for a CTF, with government contributions of at least ยฃ250.
โThis is a great reminder that small savings can add up. Itโs worth checking โ especially for parents whose children have recently turned 18.โ
โ Wendy Tatham, Partner, The MGroup
๐ก Find your account: Search โFind my Child Trust Fundโ on GOV.UK.
Heads Up for Company Directors
From April 2025, new mandatory reporting rules will affect company directors and the self-employed when filing self-assessment tax returns for the 2025-26 year.
Directors of close companies must now report:
- Their companyโs name and registration number
- Dividends received
- Percentage shareholding (including any changes during the year)
โThe new requirements will make reporting more transparent, but directors should start gathering the right data now rather than waiting until filing season.โ
โ Ollie Squire, Partner, The MGroup
Self-employed individuals must also report the date their trade begins or ceases, which was previously optional.
๐ Action Point: Review your record-keeping processes now to ensure a smooth filing for 2025-26.
Tax Diary โ Key Dates for November and December 2025
| Date | Deadline |
| 1 Nov | Corporation Tax due for year ended 31 Jan 2025 |
| 19 Nov | PAYE and NIC deductions due (for month ended 5 Nov 2025) |
| 19 Nov | CIS return and tax payment due (for month ended 5 Nov 2025) |
| 1 Dec | Corporation Tax due for year ended 28 Feb 2025 |
| 19 Dec | PAYE and NIC deductions due (for month ended 5 Dec 2025) |
| 19 Dec | CIS return and tax payment due (for month ended 5 Dec 2025) |
| 30 Dec | Online Self-Assessment filing deadline to include PAYE coding adjustments for 2026-27 |
๐ Need help preparing for any of these deadlines? Contact our team for tailored advice.
And Finally โ Join Us for Town v Gown 2025
Weโre proud sponsors of The MGroup Stadium and excited to host this yearโs Town v Gown on Thursday 13 November 2025, where Oxford City FC take on The University of Oxford in both the Womenโs and Menโs matches.
Whether youโd like to come along for an evening of football or enjoy dinner and networking in hospitality, thereโs something for everyone.
Read our October article for full details.
โTown v Gown is a brilliant mix of football, food and community. Itโs one of those evenings where work, sport and good conversation all come together.โ
โ Jordan Lyne, Partner, The MGroup
Weโd love to see clients, colleagues and local businesses join us. Bring your team, enjoy the match and be part of a great Oxford evening.