Tax Tips and News - Davies Tracey - Accountants in Tees Valley - Accountants in Tees Valley
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Tax Tips and News

  • Tax changes expected as pressure grows on public finances

    Newsletter issue – March 2025 A Government surplus would normally be seen as good news. But despite reaching £15.4bn in January - a record high for the month - it's actually caused further headaches for the Chancellor, adding pressure to break her pledges on tax. The Government had been expecting a much higher surplus of…Read More

  • Taxman collects more than £400m in interest charges

    Newsletter issue – March 2025 The amount the tax man collects from interest charges has grabbed some media attention in recent weeks, as new data was published. Following a Freedom of Information request, it was revealed that HMRC received more than £400m purely from interest charges in the last calendar year (January to December 2024).…Read More

  • Businesses reminded over final payment submissions

    Newsletter issue – March 2025 HMRC is reminding business they need to be thinking about final preparations for their last Full Payment Submission (FPS) or Employer Payment Summary (EPS) of the year. These need to be sent on or before an employees' last payday of the tax year which ends on 5 April 2025 and…Read More

  • A million taxpayers miss filing deadline

    Newsletter issue – March 2025 About 1.1 million taxpayers missed the deadline to file their self-assessment tax returns and pay tax that was owed, HMRC has estimated. The failure to meet the 31 January cut-off leaves them facing fines. An initial £100 fixed penalty applies even if there is no tax to pay, or if…Read More

  • March Questions and Answers

    Newsletter issue – March 2025 Q:I run a relatively new business. Our employer National Insurance contributions are quite modest at this point, standing at £13,900 annually so far since we set up. I'm aware that various changes are set to come in soon but could you please summarise what we need to be preparing for?…Read More

  • March Key Dates

    Newsletter issue – March 2025 19th For employers operating PAYE, this is the deadline to send an Employer Payment Summary (EPS) to claim any reduction on what you'll owe HMRC. 22nd Deadline for employers operating PAYE to pay HMRC. This is also the quarterly deadline for businesses that pay per quarter. 26th Chancellor to deliver…Read More

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