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Welcome...
To February'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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Government climbdown on inheritance tax for family firms
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Chancellor Rachel Reeves recently reversed part of a planned inheritance tax change affecting family-owned businesses and farms.
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Government rejects call to raise pensioners' tax-free allowance
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Surge in Cash ISA Deposits
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A petition asked the Government to create a new tax code for people over state pension age and raise their personal allowance to £25,140. It passed 34,000 signatures, triggering an official Government response.
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Savers rushed to deposit money into cash ISAs in October, driven by speculation that the annual allowance might be cut. £4.2 bn was added in October - a 75% increase from September's £2.4 bn.
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Claims that the Chancellor's U-turns cost £3bn of headroom
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Chancellor Rachel Reeves is reported to have already used up to £3bn of the £22bn fiscal headroom she set out in her November Budget.
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February Questions and Answers
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Q: I'm close to going over the capital gains tax limit. How can I avoid a bill?
Answer
Q: I'm going to become a higher-rate taxpayer, which means my savings will start to be taxed. How do I pay this to HMRC?
Answer
Q: My income is close to hitting the tax-free personal allowance. Is there any way to increase it?
Answer
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1st
- Corporation Tax payments are due for companies with a year-end of 30th April
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 January.
22nd
- Deadline for employers operating PAYE to pay HMRC electronically, for January.
28th
- Corporation Tax Returns (CT600 form) are due for companies with a year-end of 28th February.
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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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