The Online Accounts and Company Tax Return (CATO) service is scheduled to close on 31 March 2026. ​

This service has enabled businesses to file their company accounts and tax returns simultaneously with both Companies House and HMRC. However, due to its outdated nature and misalignment with modern digital standards and recent changes in UK company law under the Economic Crime and Corporate Transparency Act (ECCT Act), the decision has been made to discontinue it.​

Key Actions for Businesses:

• Download Past Filings: It's advisable to download and save at least three years of your company's account filings before 31 March 2026, as access to previous submissions will not be available after this date.​
• Explore Software Options: Begin researching and selecting suitable commercial accounting software that meets the filing requirements for both Companies House and HMRC. Transitioning to software-based filing can offer enhanced features, improved accuracy, and better integration with your financial records.​

This shift aligns with the broader Making Tax Digital (MTD) initiative, aiming to streamline tax compliance through digital tools. While adapting to new software may present challenges, the benefits include increased efficiency and reduced errors in tax filings.​

For detailed guidance and updates, visit the official GOV.UK website.​

By proactively preparing for this transition, businesses can ensure continued compliance and take advantage of the efficiencies offered by modern digital filing systems.

The UK is making significant strides in promoting gender equality within its top companies. According to the latest FTSE Women Leaders Review, women now occupy nearly 43% of board positions across FTSE 350 companies, totalling 1,275 roles. Additionally, women hold 35% of leadership roles, equating to 6,743 positions.

This progress indicates that the voluntary target of 40% women's representation by the end of this year is within reach for many businesses. Over 60% of FTSE 350 companies are close to achieving this goal, reflecting ongoing efforts to dismantle barriers and foster inclusive leadership.

Chancellor of the Exchequer Rachel Reeves emphasised the importance of this momentum, stating that while the UK leads in gender equality in boardrooms, continuous efforts are necessary to eliminate obstacles preventing women from ascending to decision-making roles.

Minister for Investment Baroness Gustafsson OBE highlighted the positive impact of female leadership, noting that strong female voices inspire change and add value throughout organisations.

Despite these advancements, challenges persist, particularly in increasing the number of women in top executive positions such as Chairs and CEOs. The government remains committed to collaborating with businesses to ensure equal opportunities for all, aiming to unlock economic growth and enhance living standards across the nation.

This concerted effort underscores the UK's dedication to fostering a diverse and dynamic business environment, recognising that inclusive leadership is key to driving innovation and economic success.

Not sure if your hobby is actually a taxable trade? HMRC uses ‘badges of trade’ to assess whether an activity is a business. Factors like profit motive, transaction frequency, and asset changes help determine if tax rules apply to your earnings.

The 'badges of trade' tests, although not definitive, serve as important tools for HMRC in determining whether an activity constitutes a legitimate economic trade or business, or whether it is simply a personal hobby. There comes a point at which a careful and thorough evaluation is required to assess whether what initially started as a hobby has indeed transformed into a taxable activity.

As part of their investigation into whether a hobby has evolved into a trade, HMRC typically examines the following badges of trade:

• Profit-seeking motive
• The number of transactions
• The nature of the asset
• The existence of similar trading transactions or interests
• Changes made to the asset
• The manner in which the sale was carried out
• The source of finance used
• The interval of time between purchase and sale
• The method of acquisition

It is important to note that there is no statutory definition of the term ‘trade.’ The only statutory clarification available is that ‘trade’ includes a ‘venture in the nature of trade.’ As a result, it is the courts that have provided a definition of what constitutes a 'trade,' and these decisions serve as a framework for guiding HMRC's assessments when disputes arise.

The badges of trade have proven to be valuable indicators in numerous cases, providing practical guidance in distinguishing between a hobby and a taxable trade or business.

The 2023 Revaluation updates business property rateable values, based on April 2021 valuations. While challenges are open until March 2026, beware of false claims about earlier deadlines and unscrupulous agents pushing for quick decisions or upfront payments.

The Valuation Office Agency (VOA) periodically reassesses the rateable values of business properties through a process known as Revaluation. This is done to update the rateable values in line with changes in the property market. The most recent revaluation took effect on 1 April 2023, with rateable values now based on the valuation date of 1 April 2021.

The VOA is aware of false claims that are being made about upcoming deadlines to appeal the 2023 rating lists. These are not true. You should be wary of anyone making these claims.

You are generally able to challenge your property valuation on the 2023 list at any time until March 2026. Any claims of an earlier deadline are false.

You should be cautious of any agent who:

• tries to pressure you to decide a course of action or sign a contract;
• makes claims about ‘unclaimed credits’ or similar;
• says they are acting on behalf of the VOA; or that
• demands large sums of money up front.

The VOA reiterates that, although the majority of agents are trustworthy and offer excellent service, there is a small minority that operate in bad faith.

The UK's Competition and Markets Authority (CMA) has initiated its new digital markets competition regime, effective from January 1, 2025, following the Digital Markets, Competition and Consumers Act's Royal Assent in May 2024.

Strategic Market Status (SMS) Designations

Under this regime, the CMA can designate firms with "Strategic Market Status" (SMS) concerning specific digital activities. This designation applies to companies with substantial and entrenched market power, allowing the CMA to impose conduct requirements or introduce pro-competition interventions to enhance outcomes for UK consumers and businesses.

Upcoming Investigations

The CMA plans to launch SMS designation investigations in three digital activity areas within the first six months of 2025. The initial two investigations are scheduled to commence in January, with details forthcoming later this month. A third investigation is anticipated towards the end of this period, allowing the CMA to manage resources efficiently and minimize stakeholder burden. Each investigation has a statutory completion timeline of nine months.

Commitment to Fair Competition

Sarah Cardell, Chief Executive of the CMA, emphasized the regime's role in balancing investment and innovation benefits from large digital firms with ensuring a level playing field for UK tech start-ups and scale-ups. The regime aims to foster more innovation, choice, and competitive pricing for UK businesses and consumers.

Guidance and Stakeholder Engagement

The CMA has published guidance detailing its approach to the new regime, including an 'explainer' guide for businesses, advisors, and stakeholders. This initiative underscores the CMA's commitment to transparency, proportionality, and predictability in enforcing the new regulations.

International Context

The UK's approach aligns with global trends in regulating digital markets. For instance, the European Union's Digital Markets Act enforces similar regulations to ensure fair competition among digital platforms.

The CMA's proactive measures reflect a commitment to fostering a competitive digital economy, ensuring that dominant market players do not stifle innovation or consumer choice. As the regime unfolds, its impact on the digital marketplace will become more evident, with the potential to set precedents for digital market regulation globally.