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Welcome...
To May'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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Massive council tax hikes for second homes in Scotland
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Midlothian Council has introduced a 500% council tax premium on second homes from 1 April. This means some owners now face annual bills up to about £28,000, especially for Band G properties.
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Stamp Duty nets £307m more in the year since its change
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Chancellor planning tax changes to attract wealthy back to the UK
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First-time buyers are paying significantly more in stamp duty since temporary tax relief ended in April 2025.
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The Chancellor, Rachel Reeves, is preparing a package of tax breaks aimed at high earners, particularly those who left the UK following recent tax rises.
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178,000 taxpayers missed out on rebates sent by cheque
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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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May Questions and Answers
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Q: I'm converting a non-residential property into my new home. I've heard that I may be able to use the DIY Housebuilder Scheme but am unsure what it is. Can you explain?
Answer
Q: The new tax year has seen my council tax rise significantly. Is there anything I can do to reduce my bill?
Answer
Q: Can I pass on recently inherited cash (£10k) from my mum to my kids as a gift from surplus income (as I don't need it), and avoid inheritance tax?
Answer
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1st
- Corporation Tax payments are due for companies with a year-end of 31st July.
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, as well as the Final Payment Summary (FPS) for the previous tax year.
- It is also the deadline for employers operating PAYE to pay HMRC by post, for April.
22nd
- Deadline for employers operating PAYE to pay HMRC electronically, for April.
31st
- Corporation Tax Returns (CT600 form) are due for companies with a year-end of 31st May.
- It is also the deadline for providing P60s to employees for the 2025-26 tax year.
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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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