NORTH YORKSHIRE BUSINESS WEEK
The first North Yorkshire Business Week will run from 16-20 June 2025 with a programme of free in-person and online events themed around innovation and growth. For a full list of events and to reserve your free place(s) visit North Yorkshire Business Week | North Yorkshire Council
2025 TAX RETURNS
Some of you will have already received our first reminder to send in your 2024-25 documents. But in case you haven’t, here are some of the benefits of filing your Self-Assessment returns earlier rather than later:
Better financial planning – you don’t have to pay early! But you’ll know how much you need to set aside before the payment deadline on 31 January 2026 and can budget ahead. There may also be an opportunity to reduce payments on account ahead of 31 July.
Greater fraud protection – fraudsters target taxpayers before the January deadline so filing early helps safeguard you from these opportunists.
Reduced stress – your tax return is out of the way and you know how much tax you need to pay, so you can get on with other things.
SIMPLE TAX ASSESSMENTS
Starting in June 2025, HMRC will begin issuing Simple Assessment letters to individuals who are not part of Self-Assessment or where tax cannot be deducted through PAYE, providing them with a calculation of tax owed. If you receive one of these letters and have queries regarding how it is calculated or why you have underpaid tax, please get in touch for support and advice.
HMRC ADVISORY FUEL RATES EFFECTIVE FROM 01 JUNE 2025
HMRC have adjusted the advisory fuel rates for petrol vehicles 1401cc – 2000cc and diesel engines up to 1600cc. The previous rates (shown in brackets below) can be used for up to one month. The rate for electric cars remains unchanged at 7p per mile.
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Engine Size
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Petrol – rate per mile
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Diesel – rate per mile
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1400cc or less
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12p
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1600cc or less
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11p (12p)
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1401cc – 2000cc
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14p (15p)
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1601cc – 2000cc
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13p
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Over 2000cc
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22p (23p)
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17p
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DIGITAL MARKETS, COMPETITION AND CONSUMERS ACT 2024
Mostly replacing the Consumer Protection from Unfair Trading Regulations 2008, this new legislation expands consumer rights from unfair commercial practices. Businesses, especially those who sell products or services online, are advised to review their current practices to avoid breaches such as publishing fake consumer reviews, drip pricing or hiding the true cost until late in the purchase process. Fines can be imposed of up to 10% of turnover.
