If you’ve been a little lax about making tax payments on time, you might want to take note of some big changes coming in April 2025. In a bid to close the tax gap, the UK government has announced some hefty penalty hikes for those who miss tax deadlines. So, what does this mean for you?

The UK’s smallest companies could generate £77.3bn of extra revenue and create 885,000 new jobs if they all digitalised at the rate of the top 20% of tech adopters. This is according to new research from Xero, the global small business platform, and economics consultant, Cebr.