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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!
October 2025
· Making Tax Digital (MTD) for Income Tax starts in six months
· 100,000 HMRC accounts hit by scammers
· Government facing legal challenges over 'family farms tax'
· The Autumn Budget - potential tax changes
· October Questions and Answers
· October Key Dates
Making Tax Digital (MTD) for Income Tax starts in six months top
Making Tax Digital (MTD) for Income Tax begins in April 2026. It will initially affect sole traders and landlords earning over £50,000 annually. The thresholds will gradually lower to £30,000 in 2027 and £20,000 in 2028. Read More
 
100,000 HMRC accounts hit by scammers top
Government facing legal challenges over 'family farms tax' top
HM Revenue and Customs (HMRC) revealed that it suffered a phishing attack that led to the compromise of around 100,000 personal tax accounts. The incident was described by HMRC officials as 'organised crime', targeting identity data outside HMRC systems. Read More Chancellor Rachel Reeves announced changes in her October 2024 Budget that would reduce inheritance tax relief for farms and family-owned businesses. Starting April 2026, these entities will receive a £1 million exemption. Any assets above that threshold will face a 20% inheritance tax. Read More
 
The Autumn Budget - potential tax changes top
Chancellor Rachel Reeves has set the date for the Government's Autumn Budget. It will take place on the 26th of November. Speculation over tax reforms has begun to ramp up as Ms Reeves is under increasing pressure to grow the economy and fill the huge hole in the public finances. Read More
 
October Questions and Answers top
October Key Dates top
Q: My husband has been out of work for a year, so his income has dropped below the Personal Allowance. Is it correct that I can now qualify for the Marriage Allowance? Answer

Q: I'm thinking of going freelance but am unsure of how to account and save for any tax I might have to pay. Can you give any advice? Answer

Q: We've sold inherited assets at less than the estate valued them at but have already paid the Inheritance tax (IHT) based on the higher valuation. Is there anything we can do? Answer
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.

 
Need Help? top
New Clients Welcome top
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.
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.
 
About Us top
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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