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Welcome...
To September'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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Could you be hit with an inheritance tax bill long after an estate is settled?
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Experts have highlighted several practical and policy concerns about the Government's planned inheritance tax (IHT) changes for pensions, set to take effect from April next year. They warn that the proposals do not account for lost or forgotten pensions, which are common.
Read More
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Preparing for the Autumn Budget
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Inheritance tax case lost by HMRC; more families could benefit
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The new Chancellor of The Exchequer, John Healey, has announced that he will deliver his first Budget on 28 October. There's also a new Prime Minister in Andy Burnham, so speculation is rife as to what tax rises may be announced.
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RC lost a major inheritance tax case, potentially affecting thousands of families who used historic home-loan inheritance planning schemes. The case involved Leslie Elborne's £1.8m home, where her family successfully overturned HMRC's attempt to levy inheritance tax. As a result, her estate avoids an estimated £700k inheritance tax bill.
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HMRC issues a new scam warning as reports rise
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HMRC is alerting taxpayers to a rise in fraudulent messages impersonating the tax authority. It says it is receiving increased reports of scam emails claiming people are due a Self-Assessment tax refund for 2024-25. These emails pressure recipients to act urgently and provide personal or bank details.
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September Questions and Answers
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Q: I have three pension pots (each over £50k) that I will be able to take my 25% lump sums from soon. Is there a most tax efficient way to do this?
Answer
Q: I'm the owner of my limited company and have been told that transferring shares to my spouse (who works in the business) can save tax. Can you explain how please?
Answer
Q: I have a large life insurance policy that will put my estate over the threshold for Inheritance Tax. Is there anything I can do to mitigate this?
Answer
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1st
- Corporation Tax payments are due for companies with a year-end of 30th November.
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 August.
22nd
- Deadline for employers operating PAYE to pay HMRC electronically, for August.
30th
- Corporation Tax Returns (CT600 form) are due for companies with a year-end of 30th September.
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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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Simpson & Associates (Accountants) Ltd are a firm of Chartered Certified accountants based in Westbourne, offering local business owners and individuals a wide range of Accountancy and Taxation services.
All clients are entitled to fixed fees, work delivered on time and unlimited phone support. Visit our website https://www.completeaccountancyplus.co.uk for more information.
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