Sole traders and directors need to supply more info to HMRC
- Emma Walsh
- May 22
- 1 min read
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.
For advice about Accounting, Probate Law and Taxation; call our team
on 0203 488 7503, 01992 236 110 or contact us by email at
or via our website www.walshwestcca.com
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