Almost half (45%) of UK sole traders are at risk of failing to comply with new tax legislation.Three quarters (76%) say that they feel they should be more aware of the changes.Awareness and preparedness declines with age, while younger generations are more likely to manage their finances using technology like third-party software.

LONDON, May 13, 2025 /PRNewswire/ — Nearly half (45%) of UK sole traders – representing approximately 1.4 million businesses* – report feeling unprepared for upcoming tax reporting changes, putting them at risk of non-compliance. That’s according to new research from IRIS Software Group**, who surveyed 1,000 UK sole traders.

Under the new Making Tax Digital rules, which mandate digital record-keeping and quarterly income tax updates starting April 2026, non-compliance can lead to significant penalties. These will likely match existing penalties for VAT non-compliance, which include fines of up to £400 for not using compatible software and £200 penalties for repeated late submissions, along with accruing interest charges for late payments.

Alarmingly, the study found that almost one in three (31%) sole traders have never heard of MTD, underscoring the urgent need for increased awareness and preparation to avoid potential financial repercussions.

MTD for Income Tax Self Assessment (ITSA) will require self-employed individuals, landlords and small businesses earning over £50,000 to keep digital financial records and submit quarterly updates using compatible software like IRIS Elements from April 2026. The threshold drops to £30,000 in 2027 and to £20,000 in 2028.

The changes could place a significant burden on business owners, who will be required to submit at least five  updates to HMRC each year. IRIS’ study suggested an anxiousness from sole traders, with three quarters (76%) of respondents telling IRIS they wished they were more aware of the requirements. Many sole traders pointed to a lack of awareness around the changes, with a third (34%) believing HMRC could have done more to proactively inform them. Almost three quarters (74%) of respondents told IRIS they would welcome more support and guidance from HMRC to help them navigate the changes.

Others were more relaxed, with nearly a third (32%) believing they should be more aware but plan on researching it in their own time, and 7% trusting their accountants to advise them at the appropriate time.

With less than a year to go, only 23% of sole traders believed they were very prepared for the requirements.

Mark Chambers, Managing Director at IRIS Accountancy, said: “These findings highlight an important moment of opportunity for the UK’s sole traders. With MTD just around the corner, there’s a real chance for businesses to modernise their financial processes, unlock efficiencies, and gain better visibility of their income and expenses.

“It’s encouraging to see that nearly a quarter feel ready to meet the requirements, but that leaves a significant portion not experiencing the benefits of digitalised tax reporting that compliance will bring.”

Generations divided over digital accounting

Younger sole traders were more likely to feel very prepared for the forthcoming requirements and expressed greater optimism about the changes compared to older respondents. This generational divide may reflect broader attitudes toward digitalisation — with MTD representing just the first step in the government’s wider push to modernise and digitise tax and accounting processes in the years ahead.

Nearly two in five (37%) of 25–34-year-olds felt they were very prepared for April 2026, compared to 23% of those aged 35-44, and only 10% of 45–54-year-olds. Following the trend, nearly two thirds (64%) of those aged 25-34 felt the changes would have a positive impact on their approach to filing taxes, compared to 48% of those 35-44 and only 30% of respondents aged 45-54.

Younger generations were the most likely to be using third party software for managing their taxes, and the least likely to be using paper-based filing systems, highlighting the link between technology and compliance.

Overall, more than half (56%) agreed that MTD will support their budgeting and help them to avoid surprises when paying their tax bill, with younger sole traders even more likely to agree. Respondents overall were also more likely to agree than disagree that MTD changes would have a positive impact on their costs.

Mark Chambers continued: “It’s particularly promising to see younger sole traders already embracing digital tools. That trend signals real momentum for a wider transition to more efficient, tech-enabled ways of working. The next step is making sure everyone, regardless of age or experience, has access to the knowledge and resources they need to move confidently towards compliance.

“As an HMRC-recognised software provider for Making Tax Digital, IRIS is well-positioned to support both sole traders and accountants on their journey to compliance. With intuitive tools and expert guidance, we’re here to help users not only meet regulatory requirements but also embrace the wider benefits of digital bookkeeping – from improved accuracy to greater efficiency.”

For more information, visit IRIS’ MTD hub.

*Based on 3.1 million sole traders operating in the UK

**A poll of 1000 UK sole traders aged 18+ completed independently by Censuswide, commissioned by IRIS, between the 9th April 2025 and 15th April 2025.

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PORTLAND, Ore., May 13, 2025 /PRNewswire/ — NWEA, a K-12 assessment and research organization, released a new study examining the impacts of COVID-19 school closures and disruptions on boys and girls in STEM skills. The new report, “Boys regain the advantage in middle school STEM skills: Post-COVID trends in gender achievement gaps,” highlights that STEM gaps in achievement between boys and girls that took more than a decade to close were reopened in just four years.

The study used a robust set of data from three national assessments, Trends in International Mathematics and Science Study (TIMMS), the National Assessment of Educational Progress (NAEP), and NWEA’s MAP Growth, to examine trends in gender gaps in 8th grade over the course of the pandemic. The study also analyzed MAP Growth data from approximately two million U.S. students to see if the gender gap widened for both low- and high-achieving students. The final part of the analysis looked at 8th-grade Algebra enrollment across 1,300 U.S. public schools to determine if participation rates differed by gender throughout the pandemic. Key findings indicate some concerning trends:

Girls’ STEM achievement declined more than boys’ between 2021 and 2024, reversing decades of progress in closing gender gaps in these subjects. This decline was not seen in reading scores.Similar patterns were observed in other English-speaking countries (Australia, England, New Zealand) and on state-level assessments in the U.S.Gender gaps widened after a return to in-person school. The gaps became more pronounced after 2022.Fewer girls are enrolling in 8th-grade Algebra, a gateway course to more advanced mathematics and STEM fields.

“These trends are concerning, especially since decades of progress in closing those gaps between boys’ and girls’ achievement in STEM skills were, essentially, wiped out in four years,” said Dr. Megan Kuhfeld, Director of Growth Modeling and Data Analytics at NWEA. “Our goal in providing this analysis is to shed light on concerning trends and the potential long-term impact if these gaps are not addressed. The data doesn’t tell us why these gaps were widened, and more understanding and research are needed to provide our education community with insights on how best to address this moving forward.”

One trend that could have long-term impacts on STEM pathways for girls is the decline in girls enrolling in 8th-grade Algebra. This course is a gateway to higher-level mathematics and is a key step in future college and career opportunities in STEM fields. The study found enrollment rates in 2022 had dropped for both boys and girls, but boys’ enrollment rebounded to 2019 levels by the 2024 school year, while girls’ enrollment remained two percentage points lower than before COVID-19 hit.

This new research study underscores that the pandemic was not an equal opportunity hitter and disruptions to learning impacted some student groups more than others. Moving ahead, we must look beyond surface-level comparisons and dig into how different groups of students are faring over time to ensure that recovery efforts don’t inadvertently reinforce old inequities or allow new ones to take hold. This includes:

Monitoring participation in key STEM milestones by gender, over time, not just within a single year.Providing targeted support for students’ academics and well-being.Examining classroom dynamics and instructional practices.

View the full report at https://www.nwea.org/research/publication/boys-regain-the-advantage-in-middle-school-stem-skills-post-covid-trends-in-gender-achievement-gaps/

About NWEA

NWEA® (a division of HMH) is a mission-driven organization that supports students and educators in more than 146 countries through research, assessment solutions, policy and advocacy, and professional learning that support our diverse educational communities. Visit NWEA.org to learn more about how we’re partnering with educators to help all kids learn.

Contact: Simona Beattie, Communications Director, simona.beattie@nwea.org or 971.361.9526

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SOURCE NWEA

LONDON, May 13, 2025 /PRNewswire/ — PharmaSentinel Limited, a leading provider of AI-driven digital health solutions, is pleased to announce a significant license agreement with Pay10 (Pay10.com) for its flagship product, Medsii.com. This strategic partnership offers mutual benefits: it empowers PharmaSentinel to further develop and refine its innovative solutions, whilst also enabling Pay10 to strengthen its offerings in a distinct vertical.

Medsii.com® is an advanced B2B platform that heavily leverages AI to provide a 360-degree verified view of scientific, clinical, regulatory, and competitive intelligence. Medsii enables PharmaSentinel to effectively penetrate and capitalise on the global £25 billion-per-year healthcare analytics market — a sector expanding at an impressive 20% CAGR.

“This agreement with Pay10 is a major milestone for PharmaSentinel,” said Fabrizio Ballantini, CEO of PharmaSentinel. “It validates our technology platform amid the growing demand for comprehensive intelligence solutions in the pharmaceutical and biotech sectors, reaffirming our commitment to innovation and informed decision-making. Although our platform is currently used by Life Sciences customers, its underlying technology is easily adaptable to other regulated industries such as law, financial services, and beyond”

The partnership will enable Pay10 to expand its intelligence services, offering enhanced insights and regulatory support to its global users. With this collaboration, both companies are set to drive innovation and improve data accessibility for stakeholders worldwide.

PharmaSentinel is a UK-based healthtech company that leverages AI to provide rapid, personalised, and timely regulatory and scientific medicines intelligence. Their platform is robust, scalable, secure, and GDPR compliant. PharmaSentinel’s technology helps pharmaceutical companies to discover faster medicines intelligence, save costs, and free up valuable resources to focus on higher-value activities 

PharmaSentinel’s flagship product, Medsii.com, offers trusted global health and medicines news and alerts, providing intelligence about various medical conditions, possible drug interactions, and is designed to make medicines and health information accessible and personalised for users globally.

Pay10 (http://Pay10.com) is a leading digital payment platform designed to simplify and secure financial transactions for both individuals and businesses. Pay10 offers a range of services including a digital wallet, payment gateway, and merchant app

For businesses, Pay10 provides tools to expand customer reach, optimise transactions, and access detailed analytics. The platform is certified with industry standards of compliance, ensuring secure and efficient payment processes.

Terms of the agreement are confidential and were not disclosed.

For further information, contact:

Fabrizio Ballantini

Director & CEO

PharmaSentinel Limited

Fabrizio@pharmasentinel.com

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