Tax Tips Newsletter

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08/10/2024

Our Tax Team – Louise, Ian, Rachel (L-R)

Welcome to Davies Tracey’s Tax Tips Newsletter, designed to keep you one step ahead of the taxman. We are committed to ensuring none of our clients pay a penny more in tax than is necessary and as such, this month’s news and tips include:

Click a link above to read an article, or skip straight to our regular content:

Question & Answer section (click here to send us a question for next time)
Key Tax Dates

Also this month we know that the Autumn Budget is on our clients’ minds. Please click here to read our budget predictions.

If you have any questions, on any topics covered in this newsletter, please give us a call for answers.

We’re here to help – on 01642 606003.

Mounting speculation of Inheritance Tax changes to come

As speculation mounts that the new Government will soon make changes to raise more money for the Treasury via Inheritance Tax (IHT), it seems we're already set for the highest receipts on record this year. Read More...

A new flat rate for pension tax relief? Budget changes expected

Amid the frequently repeated references to the £22bn 'blackhole' in the public finances and warnings from the Prime Minister of a 'painful' Autumn Budget, it would appear that tax relief on pensions may be another area the Government seeks out to raise mo Read More...

Loophole for fund managers that chancellor called 'absurd' set to be closed

One area of potential tax reform that we know we should expect to hear more about on Budget day surrounds the tax treatment of 'carried interest'. Read More...

Seasonal staff warning from HMRC

Many businesses across the UK have peaks and troughs in their trade, depending on the season. And some, as a result, have to take on more helping hands to cover the workload just during that particular spell. Read More...

October Questions and Answers

I earn £62,000 and have been offered a bonus that would increase my total income to £95,000. How will this affect my tax, and are there any higher tax bands I should be aware of? Am I right that bonuses are taxed more than normal income Read More...

October Key Dates

5th - Self-Assessment Registration Deadline: if you've become self-employed or earned other untaxed income during the 2023-24 tax year, you must register for self-assessment by this date to avoid penalties. Read More...

About Us

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Based in the Tees Valley, supporting clients in the northern region and beyond, our team delivers everything you would expect from first-class accountants. Our services aim to help our business clients to achieve greater profitability, and our individual clients to enjoy greater wealth.

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Davies Tracey is a trading name of Davies Tracey Limited