Wokingham Accountants
Accountancy may not strike everyone as exciting, but it is fast moving. We’ll keep you informed about issues we think may be of interest or relevance to you.
It is reasonable to assume that if a person pays too much tax, HMRC will automatically send the overpayment back to them. Unfortunately, this is not the case, and where a taxpayer is due a tax refund, they may need to claim it. Why an overpayment may arise There are various reasons why a person … Read more
All things being equal, receiving a pay rise that takes your income over £100,000 would be seen as a cause for celebration. However, all things are not equal, and as press reports attest, some people would rather turn down a promotion or cut their hours than take their earnings over £100,000. We explain why this … Read more
In her tax-raising Budget on 26 November 2025, the Chancellor announced that the dividend ordinary rate and the dividend upper rate are to rise by two percentage points from 6 April 2026. This will affect director/shareholders in personal and family companies who extract profits in the form of dividends. How dividends are taxed Dividends have … Read more
During the Chancellor’s Budget speech, savers received the unwelcome news that the rate of tax on savings income is to increase and the cash ISA limit to fall. Both changes will take effect from 6 April 2027. Taxation of savings income The taxation of savings income is quite complex as a number of factors come … Read more
Many employers have a social event for employees around the Christmas period. This may take the form of a Christmas party or dinner or another social event, such as wreath-making and cocktails. When planning the event, it is important to consider the tax and National Insurance implications up front. Although there is a specific tax … Read more
The normal filing deadline for the 2024/25 Self Assessment tax return is 31 January 2026. However, if you have some tax to pay under Self Assessment and you also pay tax under PAYE, if you file your return by 30 December 2025, you may be able to pay what you owe through an adjustment to … Read more
Legislation has been published in draft for inclusion in the Finance Bill which will bring unused pension pots within the charge to inheritance tax from 6 April 2027. In light of this change, pension savers may be considering withdrawing pension funds to prevent such a charge. Is this a good idea? The first point to … Read more
A recent press release from HMRC revealed that a surprising 758,000 young people aged 18–23 have money sitting in a Child Trust Fund (CTF) – and haven’t claimed it yet. That’s a lot of unclaimed savings! The average account is worth £2,242, so it’s definitely worth checking whether you’ve got one waiting for you. What … Read more
Businesses must register for VAT when their turnover exceeds the registration threshold (currently £90,000). This must be done if, at the end of any month, the taxable supplies in the previous 12 months or less exceed the registration threshold or if the business expects that in the next 30 days alone their turnover will exceed … Read more
A Simple Assessment is used for taxpayers with very straightforward tax affairs. A taxpayer may receive a Simple Assessment letter from HMRC if they owe income tax that cannot be taken out of their income automatically, they owe HMRC more than £3,000 or they have tax to pay on their state pension. A person may … Read more
