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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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| A new '10p tax' suggested to the Chancellor... by a billionaire |
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John Caudwell, billionaire and Phones 4u founder, has urged Chancellor Rachel Reeves to introduce a 10p per litre tax on petrol and diesel. He claims this could raise £20 billion for the Treasury and help avoid other unpopular tax hikes. His rationale behind the proposal is that fuel prices have dropped from ~190p to ~140p per litre, creating what Caudwell sees as fiscal 'headroom' for taxation.
Read More
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| Revealed - UK's biggest deliberate tax defaulters |
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| Chancellor considers a new property tax to replace stamp duty |
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HMRC has named over 4,000 deliberate tax defaulters since 2015, collectively owing more than £1.5 billion. These individuals or firms were penalised for deliberate errors in tax returns or failing to meet tax obligations. Read More
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Chancellor Rachel Reeves is exploring a new proportional property tax targeting homes worth over £500k. This would replace stamp duty for owner-occupied homes, but not for second homes. The tax would be paid upon sale, with rates set by central government and collected by HMRC. Read More
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| Car tax update sees a 400% hike in costs for some |
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Since April 2025, HMRC has reclassified double cab pick-up trucks as cars rather than commercial vehicles. Previously, pick-ups with payloads over 1,000kg were taxed as commercial vehicles, allowing drivers to pay a fixed Benefit-in-Kind (BiK) rate - regardless of luxury level. These vehicles will now be taxed based on CO₂ emissions, placing many in the highest tax brackets due to their size and poor aerodynamics.
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| September Questions and Answers |
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Q: My teenage child has a summer job this year. As they are under 18, do they need to worry about tax on what they earn? Answer
Q: I have been cohabiting with my long-term partner for decades, but I’ve heard that could put us at a disadvantage when it comes to Inheritance Tax compared to couples who are married. Is this true?
Answer
Q: I'm in my early sixties and wondering if I should use my pension tax-free lump sum to pay off my mortgage? 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 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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