Tax Tips Newsletter

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26/05/2026

Our Tax Team – Rachel, Louise, Lee (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 the article.

This month, as expected, we’ve seen an increase in queries surrounding Making Tax Digital. To help answer some of the most common questions, we’re sharing a particularly useful flowchart from the ATT which explains whether MTD is likely to affect you. You can view it here.

Click below to explore our regular content:

We also want to take this opportunity to share that, after 14 years with Davies Tracey, we said farewell to Director Craig McBride as he begins his retirement.

Since graduating from Durham University, Craig has enjoyed a long and successful career in accountancy, bringing a wealth of knowledge, professionalism and experience to both colleagues and clients alike. Over the years, he has been a valued member of the team, particularly recognised for his expertise in audit and his willingness to support and mentor others.

Craig will be greatly missed by everyone at Davies Tracey, not only for his insight and guidance, but also for the good humour he brought to the office each day. We thank him for his hard work, dedication and contribution to the firm over the years, and we wish him a long, happy and well-deserved retirement.

All clients affected by Craig’s retirement have already been contacted and introduced to their new point of contact within Davies Tracey, who has been fully briefed to ensure a smooth and seamless transition.

Please give us a call if you have any questions on any topics covered in this newsletter. We’re here to help – on 01642 606003.

Making Tax Digital (MTD) for Income Tax - deadline reminders
From April 2026, MTD for Income Tax came into force for sole traders and landlords who had gross income over £50,000 in the previous tax year. Read More...
 
HMRC rejects almost half of Making Tax Digital exemptions
At the time of its request, a Freedom of Information request has shown that HMRC rejected 47% of applications for exemption from the MTD for Income Tax scheme. Read More...
 
Pensions to be included in IHT calculations from April 2027
From April 2027, unused defined contribution (DC) pensions will be counted as part of a person's estate for inheritance tax (IHT). Read More...
 
Drop in tax relief on VCTs may affect economic growth
The Chancellor reduced income tax relief on Venture Capital Trusts (VCTs) from 30% to 20%, effective 6 April 2026. Read More...
 
June Questions and Answers
Q: I retired last year but have since taken on a part-time job. My defined benefit pension uses up my Personal Allowance, so how much tax will I have to pay? Read More...
 
June Key Dates
1st: Corporation Tax payments are due for companies with a year-end of 31st August. Read More...
 

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