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Welcome...
To December'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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Top earners see an increase in HMRC investigations
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HMRC is intensifying its crackdown on wealthy taxpayers, backed by major government funding, with investigations rising sharply.
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Treasury dealt blow as thousands of EV drivers use tax loophole
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Many risk paying tax twice due to multiple HMRC letter demands
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Electric vehicle drivers exploited a loophole to secure another year of tax-free motoring, costing the Treasury millions.
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HMRC has sent multiple tax demand letters to some taxpayers this year. The first letter did not include tax owed on savings interest.
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Snail farms discovered in London offices in tax avoidance scheme
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HMRC has issued a warning to people working from home about tax refund scams. Some companies and online ads offer to submit work-from-home tax claims on behalf of employees, taking commission from refunds and risking fraudulent claims.
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December Questions and Answers
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Q: If I sell my rental property to my tenants at a discount, will Capital Gains Tax (CGT) be calculated on that price or the market value?
Answer
Q: Can I gift £50,000 worth of Premium Bonds to my young grandchildren, to reduce what will have to be paid in Inheritance Tax (IHT)?
Answer
Q: I've recently moved to being self-employed and am working from home. Are there any tax reliefs I can get?
Answer
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1st
- Corporation Tax payments are due for companies with a year-end of 28th February
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 November.
22nd
- Deadline for employers operating PAYE to pay HMRC electronically, for November.
31st
- Corporation Tax Returns (CT600 form) are due for companies with a year-end of 31st December.
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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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