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Welcome...
To June'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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Making Tax Digital (MTD) for Income Tax - deadline reminders
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From April 2026, MTD for Income Tax came into force for sole traders and landlords who had gross income over £50,000 in the previous tax year.
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HMRC rejects almost half of Making Tax Digital exemptions
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Pensions to be included in IHT calculations from April 2027
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At the time of its request, a Freedom of Information request has shown that HMRC rejected 47% of applications for exemption from the MTD for Income Tax scheme.
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From April 2027, unused defined contribution (DC) pensions will be counted as part of a person's estate for inheritance tax (IHT).
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Drop in tax relief on VCTs may affect economic growth
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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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June Questions and Answers
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Q: I retired last year but have since taken on a part-time job. My defined benefit pension uses up my Personal Allowance, so how much tax will I have to pay?
Answer
Q: Looking at my paperwork for the last tax year, I think I may have overpaid tax. What do I need to do to correct this with HMRC?
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Q: I am close to reaching the age where I can take my private pension but have no plans to retire yet. Are there tax benefits if I defer my pension until I do?
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1st
- Corporation Tax payments are due for companies with a year-end of 31st August.
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 May.
22nd
- Deadline for employers operating PAYE to pay HMRC electronically, for May.
30th
- Corporation Tax Returns (CT600 form) are due for companies with a year-end of 30th June.
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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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