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Welcome...
To March'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 issues Making Tax Digital reminder to workers
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From 6 April 2026, self-employed workers and landlords earning over £50,000 in gross income will need to keep digital tax records throughout the year, submit quarterly tax updates to HMRC, and file an annual Making Tax Digital (MTD) tax return.
Read More
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HMRC issuing pensioners with new tax codes for winter fuel repayments
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High earners actively avoiding crossing the £100k income threshold
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Some state pensioners will receive updated PAYE tax codes. This is to recover winter fuel payments from those whose total income exceeded £35,000 in the 2025-26 tax year.
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According to the Chartered Management Institute, 43% of managers say they or their employees have taken steps to keep income below £100k.
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HMRC is increasing tax investigations
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HMRC is intensifying checks on individuals and small businesses. Many investigations begin because of avoidable mistakes that trigger automated red flags.
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March Questions and Answers
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Q: Are Premium Bonds a tax efficient way of saving?
Answer
Q: My father paid capital gains tax when selling our family home despite not living there (he still paid the mortgage). Shouldn't the sale have been covered by his private residence relief?
Answer
Q: I've used up my ISA allowance - is it worth putting money into a CITR savings account?
Answer
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1st
- Corporation Tax payments are due for companies with a year-end of 30th May
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 February.
22nd
- Deadline for employers operating PAYE to pay HMRC electronically, for February.
31st
- Corporation Tax Returns (CT600 form) are due for companies with a year-end of 31st March.
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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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