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Welcome...
To August'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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ISA Reforms on the way
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The government is consulting on a new ISA to replace the Lifetime ISA (LISA). It will be available to anyone aged 18+, removing the LISA's upper age limit of 40. This reflects the rising ages of first-time buyers.
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State pensioners receiving new 'earnings limit' tax codes
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Retirees reclaiming larger pension tax refunds
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HMRC is sending updated tax codes to state pensioners who exceeded the earnings limit for the Winter Fuel Payment. These letters began going out in June.
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New HMRC figures show large refunds reclaimed in early 2026. Thousands of retirees reclaimed money after being overtaxed on flexible pension withdrawals.
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Making Tax Digital (MTD) uptake is far behind requirements
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Fewer than half of sole traders required to join MTD have registered. Only 400,000 sign-ups have occurred since the start of the financial year, compared with 864,000 needed by 7th August.
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August Questions and Answers
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Q: I've heard that making charitable donations can increase my tax-free Personal Allowance. How does this work, exactly?
Answer
Q: How does investing in an Enterprise Investment Scheme help to reduce Inheritance Tax exposure, now that pensions are going to be included from next April?
Answer
Q: As a owner/director of an SME, what is the most tax efficient way for me to pay myself?
Answer
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1st
- Corporation Tax payments are due for companies with a year-end of 31st October.
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 July.
22nd
- Deadline for employers operating PAYE to pay HMRC electronically, for July.
31st
- Corporation Tax Returns (CT600 form) are due for companies with a year-end of 31st August.
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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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