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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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| Just how many of the super-rich are fleeing the UK over tax hikes? |
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Concerns over Chancellor Rachel Reeves' tax policy shift, scrapping tax benefits for non-domiciled residents (non-doms), has prompted concern amongst high earners. Legal experts warn that UK-based wealthy individuals - not just non-doms - are now considering leaving the UK to reduce their tax liabilities.
Read More
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| Billions paid into cash ISAs |
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| Tax raid pulls in £300 million less than predicted |
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UK savers deposited a record £14 billion into cash ISAs in April 2024, the highest monthly figure since ISAs were introduced in 1999. The surge is attributed to fears of potential changes to ISA rules under Chancellor Rachel Reeves. Read More
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Chancellor Rachel Reeves's £25 billion National Insurance hike brought in £300 million less than expected in its first two months. PAYE income tax and employer NI contributions totalled £37.2 billion in May - up 9.5% from last year but £200 million below forecast. Read More
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| "Time for a wealth tax", say the rich. |
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The 2025 Sunday Times Rich List reveals that a small group of 350 families control £772 billion in wealth – enough to fund the UK's annual healthcare budget three times over.
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| August Questions and Answers |
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Q: I was made redundant part way through the last tax year. I was a higher rate taxpayer but now live on income from my savings. What is my Personal Savings Allowance now and can I expect a tax bill? Answer
Q: I am a sole trader and have been looking into how to keep my tax bill as low as possible. I’ve heard about an Annual Investment Allowance (AIA) but am unsure if it relates to me. Can you advise please?
Answer
Q: I received a letter from HMRC saying I'm owed money. Does that mean I've been on the wrong tax code, or is this letter a scam? 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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