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Welcome...
To January'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 alert for the self-employed ahead of January deadline
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It's that time of year again! If you are required to submit a self-assessment tax return online, you must do so by January 31, declaring your income for the tax year ended April 5, 2025.
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Chancellor clarifies tax change on state pension
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Bank of England at odds with Chancellor's claims on impact of tax rises
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Following the Autumn Budget, the Chancellor has had to clarify what she meant when she said that nobody would pay tax on their state pension despite it certainly being higher than the personal allowance by April 2027.
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Catherine Mann, a rate-setter on the Monetary Policy Committee, told MPs that Rachel Reeves's policies - specifically the £26bn National Insurance tax increase and higher minimum wage - have slowed hiring.
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300,000 workers affected by scrapping of work-from-home tax relief
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Workers can currently claim either a flat £6 weekly allowance or actual additional costs, with claims backdated up to four tax years.
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January Questions and Answers
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Q: As the limit to investing in cash ISAs is being cut, can I buy cash in a stocks and shares ISA to maintain the tax-free benefit?
Answer
Q: Can you help me to understand what the impact will be on my take-home pay and pension of the salary sacrifice changes announced in the Budget?
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Q: I was thinking of deferring getting my state pension, so that I get more later. Are there any tax implications to this, post the Budget announcements?
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1st
- Corporation Tax payments are due for companies with a year-end of 31st March
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 December.
22nd
- Deadline for employers operating PAYE to pay HMRC electronically, for December.
31st
- Corporation Tax Returns (CT600 form) are due for companies with a year-end of 31st January.
- It is also the deadline to submit your online self-assessment tax return (if you are required to do one) for the tax year ended 5th April 2025, and to pay HMRC any tax owed.
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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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