How to prepare your business for success in the new fiscal year

If you own a small business or work on your own, the new fiscal year is a notice for you to put your finances in order, if you have not yet done so, and ensure that you are aware of the new changes in the fiscal rules.

You must also make sure to be up to date with the new legislation that affects taxes, payroll, commercial issues and employment.

Not complying with the new legislation and tax regulations, for example, could leave it open to an HMRC investigation.

But it is also an opportunity, since it looks forward to the next 12 months, to update its accounting, payroll and human resources operations and review its entire commercial strategy.

In this article, we analyzed the changes in legislation that entered into force as of April 6, 2025, in the new fiscal year (some initiatives began as of April 1), why now it is a good time to start using technology to administer your business (if you are not yet), find the appropriate accountant for your business and how to take full advantage of your accountant or accountant.

This is what we cover:

Take into account the changes in fiscal year legislation 2025/26

We have covered the changes in legislation that have entered into force in a new article of broad fiscal year.

However, see some outstanding aspects of what you should take into account:

• National Employers Insurance: This rate increased from 13.8% to 15% on April 6, 2025. And the threshold that employers begin to pay the contributions of the National Insurance (NICS) have decreased from £ 9,100 to £ 5,000 per year.
• Employment Assignment: This increased from £ 5,000 to £ 10,500 per year from April 6, 2025. And the anterior threshold of £ 100,000 has been eliminated.
• Minimum wages: The national decent salary is now £ 12.21, as of April 1, 2025. The national minimum wage is £ 10 for employees between 18 and 20 years, and £ 7.55 for those children under 18 and for apprentices.
• Cause of growth and skills: This will replace the learning memory, which is a scheme to finance the training of apprentices.
• Retail scheme, hospitality and leisure: This has been extended for fiscal year 2025/26.
• Neonatal care: This new form of parental license began on April 6, 2025 and offers parents whose babies have neonatal care the right to take up to 12 weeks of additional license.
• Make digital prosecutor for income tax: You can voluntarily register in this scheme, before the mandatory date of April 2026, when it will be applied to unique merchants and owners who have an annual income of £ 50,000 or more.

Make movement towards technology

Are you using technology to manage your commercial processes or manual processes (think of paper and spreadsheets) that continue to lead the way?

If it is the last, the new fiscal year is the perfect time to review its processes and see where technology can make it more efficient and effective.

Technology can be used to administer many of the manual and repetitive tasks involved in the administration of a business and administer its accounts.

This releases time to speak with customers, suppliers and their equipment, in addition to allowing you to think creatively and strategically.

Take your accounting, for example.

There is no need to cross spreads sheets, make calculations and then verify them.

By using cloud accounting software, you can monitor your finances in real time from your laptop or mobile phone, where and when you want.

Not only use it to send invoices, but you can automatically pursue them if they have not been paid within an established period.

In addition to monitoring cash flow, you can identify which commercials, lines and commercial activities are the most profitable.

In addition, at the time of self -assessment, you will have easy access to your income and exits, which will make things more direct when you have to submit your tax statements.

When it comes to paying your staff, instead of tracking the payroll with spreadsheets and sending paper payment rooms, you can use payroll software in the cloud to manage your processes.

And it will be useful when it comes to dealing with your payroll end of the year.

Meanwhile, the Human Resources software in the cloud can also automate all aspects of the administration of its people from vacations and the incorporation of a new staff.

With the self -service tools that are part of a good package of human resources software in the cloud, their employees can make vacations, update their personal data, such as their address and contact numbers, and even access their own personalized learning and development content.

By automating these manual processes, from now on you can save time and money, and release time to talk to your teams and enjoy the type of human interactions that can improve your commitment and commitment.

Very important, as you advance during the new fiscal year, as well as to look back to administer your balances and profit and losses accounts, new technologies can be used to look forward and make projections.

AI and predictive analysis can help you have an idea of ​​where your business could be in six or 12 months of time. You can use it to model what happens if raw material costs increase or your increase or reduce your prices.

You can plan more in advance with more precision and confidence.

Understand why a digital approach can help your business

Gathering your bank extracts, income, expenses, receipts, bill lists and other details can take time and effort.

If you are managing a small business or work on your own, it is very possible that you have been so focused on doing your job, keep your employees happy and look for new commercial opportunities that your financial paperwork is not updated.

When adopting a digital approach for your business, all these figures can automatically update and store in one place.

With digital technology, it is often a case of simply clicking on the relevant button on a screen to produce the type of calculations that could take hours or even days to do manually.

This means that you can devote more time to the aspects of your business in which you enjoy and excel. You are less likely to make mistakes and can also connect more easily with your accountant and accountant and HMRC systems.

Digital technology not only facilitates life. His teams can also benefit from him.

Increasing your digital capacity will help you find new commercial opportunities and make your marketing and communications more specific.

Once you have gained new businesses, digitalization will allow you to serve these customers more effectively.

You can respond to your requests more quickly, even outside work hours, through the use of chatbots and automated responses.

You can use the data that you have collected in your customers to offer them products and services that are more relevant to your needs.

Find the appropriate accountant or accountant and take full advantage of them

The new fiscal year gives you a great opportunity to find the appropriate accountant or accountant, so he is obtaining the best professional support around his finances.

Obviously, he will want his accountant to help him calculate and pay his tax, as well as other aspects of financial management, such as:

• Payroll
• Completing its P11d forms
• Advise what you can and cannot face taxes.

But a good accountant should be able to do more.

They must act as advisors, commercial partner, providing continuous advice and support instead of simply contacting when their accounts are due.

They need to understand their business.

This means knowing about the sector in which it operates, in addition to appreciating the particular challenges it faces, in addition to having an eye on opportunities.

Your accountant must be proactive.

This means informing you about changes in regulations and legislation in advance so that together they can plan your strategy.

It also means warning you about any problem with your cash flow before they get seriously.

An accountant must be ready to act as a critical friend for his business, offering independent ideas based on his knowledge and experience.

If your accountant does not add this additional value, it is worth asking if they can.

Verify in advance if they will charge you more during the additional hours they give and, if so, how much this could be.

You will find that with a good accountant this increase in rates can end up being a sensible investment that brings more long -term yields.

You can ask if you need a accountant to administer your daily financial transactions.

This generally implies issuing invoices and chasing them and ensuring that their expenses records are precise and that you have receipts for all loadable items you have bought.

It is important to ensure that your accountant and accountant, if you have one, are using the latest digital technology.

In addition to providing more precise and timely information about your business and make sure you already pay your tax, this means that they do not charge for the hours that pass by making manual calculations.

You must also ensure that the accounting software you use is compatible with your own systems.

Final thoughts on the new fiscal year

Many of us make new year resolutions, and some of us even keep them. It is worth taking the opportunity at the beginning of the fiscal year to make some new resolutions for your business.

Now is the time to make sure you are using the latest digital technology to manage your accounting, payroll and human resources processes so that you can concentrate on your business.

In these times of interruption, economic uncertainty and technological transformation, it is also important to spend time with your accountant and your commercial partners, if you have them, to look beyond everyday challenges.

The new fiscal year provides a great opportunity to develop your commercial strategy and future evidence of your company.

Editor’s note: This article was first published in April 2024 and has been updated by relevance.