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Welcome...
To October's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.
If you need further assistance just let us know or you can send us a question for our Question and Answer Section.
We are 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.
Please contact us for advice on your own specific circumstances. We're here to help!
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Deferring your state pension will lose your income tax exemption
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Earlier in the year, the then Chancellor, Rachel Reeves, promised that pensioners who rely solely on the state pension will not pay income tax, but this exemption will not apply to those who defer their state pension.
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HMRC reviewing over 100,000 tax calculations due to system error
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New scheme for those with Loan Charge liabilities
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HMRC is manually reviewing 107,000 tax calculations from the 2025-26 tax year after taxpayers complained that they had been overcharged. The underlying fault has existed for years - first acknowledged in 2021 - and still hasn't been fixed.
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HMRC is writing to households with outstanding Loan Charge debts, offering a new Settlement Scheme that can cut liabilities by up to £70k. The scheme aims to reduce most customers' bills, and around one-third may end up paying nothing at all.
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Family heirlooms could reduce your inheritance tax liability
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Certain family heirlooms, artworks, manuscripts, collections, land, or historic estates can significantly reduce - or even eliminate - inheritance tax (IHT) if they qualify as items of national importance and are kept under specific HMRC schemes.
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October Questions and Answers
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Q: I'm in a marriage where one of us is not earning and one still is. If we move money between our personal savings accounts, who is treated as earning the interest income to work out the tax?
Answer
Q: I've had many jobs in my career which means I have multiple, but small, pensions. I've heard it might be tax efficient for me to use the 'small pension pots' rule. Can you advise?
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Q: I run my own limited company and need to withdraw a £40k lump sum (on top of my annual 'salary' of £30k). What's the best way to do this, to incur the least amount of tax?
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1st
- Corporation Tax payments are due for companies with a year-end of 31st December.
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.
- It is also the deadline for employers operating PAYE to pay HMRC by post, for September.
22nd
- Deadline for employers operating PAYE to pay HMRC electronically, for September.
31st
- Corporation Tax Returns (CT600 form) are due for companies with a year-end of 31st October.
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Please contact us if we can help you with these or any other tax or accounts matters.
In addition, if there's anyone else who you think would benefit from the newsletter, please forward the email to them or ask them to contact us to be added to the newsletter list.
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If you are not already a client and are interested in becoming one, we would love to come to meet with you to discuss how we can help and provide you with a competitive quote for our services.
All new client consultations are provided free of charge and without obligation.
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DMB Davies Accountants are based in Cardigan, Wales, offering local business owners and individuals a wide range of services.
All clients are entitled to fixed fees, work delivered on time and unlimited phone support. Visit our website https://www.dmbdavies.co.uk for more information.
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