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Welcome...
To July'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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HMRC Inheritance Tax Enquiries Hit Six-Year High
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HMRC opened 4,940 formal inheritance tax (IHT) enquiries in the last financial year - an 18% increase year-on-year. This is the highest level in six years, driven by a government crackdown on avoidance and non-compliance previously announced by the Chancellor, Rachel Reeves.
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Summer attractions see VAT reduced to 5%
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Increase in Mileage Allowance
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As part of the government's "Great British Summer Savings" package, aimed at helping families during rising costs linked to the Iran war, Rachel Reeves announced a VAT cut to 5% on tickets (for adults and children) for theme parks, zoos and museums.
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The Approved Mileage Allowance Payment (AMAP) for employees using their own car for work (not commuting) has risen from 45p to 55p per mile for the first 10,000 miles per tax year. After 10,000 miles, the rate remains 25p per mile.
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Reminder: check if you are eligible for the Employment Allowance
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178,000 people didn't receive tax rebates last year because they never cashed the cheques HMRC sent them.
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July Questions and Answers
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Q: I can no longer claim tax relief on my expenses when working from home. Is there anything I can do (I'm a basic rate taxpayer)?
Answer
Q: Is there a way to mitigate the recent increase in dividend tax?
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Q: With unspent pensions being included in my estate for inheritance tax purposes from next year, how can I reduce my estate's value below £2m so that I don't lose the residence nil-rate band?
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1st
- Corporation Tax payments are due for companies with a year-end of 30th September.
6th
- Deadline for submitting P11D and P11D(b) forms for the tax year 2025-26.
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 June.
22nd
- Deadline for employers operating PAYE to pay HMRC electronically, for June.
- It is also the deadline for paying class 1A National Insurance owed on expenses or benefits for the tax year 2025-26.
31st
- Corporation Tax Returns (CT600 form) are due for companies with a year-end of 31st July.
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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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