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Welcome...
To November'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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£1.28bn inheritance tax saved by leaving money to charity
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Families saved an estimated £1.28bn in inheritance tax (IHT) by leaving money to charity through their wills. This represents an 88% increase over the past six years.
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HMRC signs deal to modernise its data systems to help tackle evasion and fraud
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Estate valuation mistake leads to large IHT bill
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HMRC has signed a £175 million, 10-year agreement with Quantexa, a London-based technology company in what is described as one of the largest public-sector technology deployments.
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Justine Fernandes ended up paying around £8k too much in inheritance tax after she and her brother significantly overestimated the value of their late mother's possessions when dealing with her estate.
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Family heirlooms could reduce your inheritance tax liability
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Hundreds of second home and holiday-let owners in Pembrokeshire, Wales have accumulated large council tax debts following changes to Welsh rules on holiday accommodation.
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November Questions and Answers
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Q: How can I reduce the tax I'm paying on my substantial savings interest, particularly when the rates go up in April
Answer
Q: I'll be able to access my defined contribution pension soon and wanted to understand the difference between the initial withdrawal options.
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Q: I've heard that you can use a life insurance policy to help pay any inheritance tax bill you might incur. Is this true?
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1st
- Corporation Tax payments are due for companies with a year-end of 31st January.
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 October.
22nd
- Deadline for employers operating PAYE to pay HMRC electronically, for October.
30th
- Corporation Tax Returns (CT600 form) are due for companies with a year-end of 30th November.
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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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