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Welcome...
To July'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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| Inheritance tax break that could lure expats back to the UK |
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Changes introduced by Chancellor Rachel Reeves on April 6 mean Britons who have lived abroad for 10 years are no longer subject to UK inheritance tax on their global assets.
Read More
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| The Government refuses to increase the annual Personal Allowance to £20,000 |
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| Reeves under pressure to create wealth tax |
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Parliament debated a petition calling for the income tax threshold to be raised from £12,570 to £20,000 to allow people to keep more of their earnings. The petition, signed by over 250,000 people, was spearheaded by pensioner Alan Frost, who described it as a 'cry for help'. Read More
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The financial pressures facing Chancellor Rachel Reeves continue to mount, particularly regarding a projected £57 billion shortfall in the country's finances. Read More
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| Reeves urged to launch tax raid on landlords |
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This is a recent initiative by HMRC. The campaign is designed to assist individuals who earn extra income outside their main job, ensuring they understand their tax obligations.
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| July Questions and Answers |
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Q: I sometimes sell unwanted items online. Am I now liable to pay tax on any money I make? Answer
Q: For the first time in my life, I am paying tax on my pension. It is not a huge amount, but I am wondering if HMRC made a mistake, as my tax code has changed?
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Q: If the personal allowance is £12,570, why do I have to register as a sole trader if I'm making less than that each year? Answer
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1st
- Corporation Tax payments are due for companies with a year-end of 30th September.
6th
- Deadline for submitting P11D and P11D(b) forms for the tax year 2024-25.
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 June.
22nd
- Deadline for employers operating PAYE to pay HMRC electronically, for June.
30th
- Corporation Tax Returns (CT600 form) are due for companies with a year-end of 30th July.
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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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