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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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| Capital Gains: Investors’ Relief limit cut among changes revealed |
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One of the headline areas of tax reform in the Autumn Budget surrounded Capital Gains Tax. With rates altered by the Chancellor, it was one of the areas which attracted the most focus.
Read More
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| Changes to Alternative financing tax rules |
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| Christmas company parties – cause for cheer |
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Tax rules for individuals and companies using alternative finance are to change. The Government released plans for reform on the day of the Autumn Budget, with the aim of simplifying the tax treatment of alternative finance and, in particular, refinancing arrangements. Read More
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With Christmas soon arriving, you may be planning a festive party for your employees or on behalf of the company you work for. Read More
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| Tax compliance rules for charities to change |
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New rules for businesses surrounding submitting data about employees' hours through the tax system are to be delayed by a whole year, HMRC has announced.
Read More
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| December Questions and Answers |
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Q: I own a second home worth £400,000, which I bought for £250,000 and I have shares valued at £50,000, which I purchased for £40,000. How will the recent Capital Gains Tax changes in the Budget impact what I owe if I sell these assets now compared to if I had done so before the changes were made? Answer
Q: I'm an investment manager and part of my compensation comes from carried interest. I've heard about changes announced in the Autumn Budget 2024. What do these changes mean for me, and how will they affect my tax position?
Answer
Q: Me and my wife started a small enterprise earlier this year and by the nature of what we sell, our business is very much seasonal; Christmas is going to be our busiest time. So, we've been recruiting new employees on temporary contracts. But we were surprised when one of our first starters said we should be paying into a pension scheme for her, even on this short term basis. Is this right? Answer
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 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.
22nd
- Deadline for employers operating PAYE to pay HMRC. This is also the quarterly deadline for businesses that pay per quarter.
30th
- Deadline for submitting online Self-Assessment Tax Returns for people who pay their self-employment earnings tax bill through their PAYE tax code. Only those who owe less than £3,000 in tax from Self-Employment are eligible for this.
31st
- Deadline for filing the Company Tax Return (CT600) for companies with an accounting period ending 31 December 2023.
- The Annual Accounts filing deadline for companies with a year-end of 31 March 2024 to file their accounts with Companies House.
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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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