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18/02/2025

February Tax Tips & News

Welcome to the Philip Burley & Co. monthly newsletter, bringing you the latest news and information.

Spring Statement announced: more tax changes to come?


The debates and arguments over the merits or otherwise of some of the tax changes from the Budget have barely settled down, even two months after it happened...
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Millions at risk of fines as Self-Assessment deadline looms


With only days to go until the Self-Assessment Tax Return deadline (at the time of writing), millions of people were still apparently yet to submit theirs and pay up, as warnings were issued over fines for failing to comply...
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Millions at risk of fines as Self-Assessment deadline looms


A list of the biggest mistakes and errors made by businesses when claiming Employment Allowance and reporting their Apprenticeship Levy has been revealed...
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Changes for Companies House address rules


Changes have taken effect regarding Companies House rules on the public register...
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February Questions and AnswersFebruary Key Dates

Q: I’ve started a new business this year selling my hand-made craft items. At this stage it’s only earning me a relatively modest income. Up until now my profits are just £600 but I do have a big order that is set to earn me £3,500 in the next two months. I’m slightly confused about what I should be declaring in a tax return. Answer

Q: I recently tied the knot with my long term partner and we’re now in a civil partnership. A friend mentioned that there’s a possible tax relief my partner and I could take advantage of. She is the higher earner, earning £40,000 per year. I earn £11,500. What’s the position? How much relief, if any, can we benefit from? Answer

Q: Last year I earned £4,500 approximately from making interest on my savings. I’ve never come close to earning anywhere near that much previously so I’m not sure about the rules. I realise that there are potential tax implications but I’m not sure exactly what I need to do. Can you please explain? Answer

Newsletter issue – February 2025

14th

  • The deadline to claim a deferral of class 1 NIC for employees with more than one employment.

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.
About Us

We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year. If you need further assistance just let us know or send us a question from our Question and Answer Section. Philip Burley & Co. Accountants are based in Whitby, North Yorkshire, offering local business owners and individuals a wide range of services.

 
 

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