Tax Tips and News
ISA Reforms on the way
Newsletter issue – August 2026 The government is consulting on a new ISA to replace the Lifetime ISA (LISA). It will be available to anyone aged 18+, removing the LISA's upper age limit of 40. This reflects the rising ages of first-time buyers. It still includes a 25% government bonus but will be paid only…Read More
State pensioners receiving new 'earnings limit' tax codes
Newsletter issue – August 2026 HMRC is sending updated tax codes to state pensioners who exceeded the earnings limit for the Winter Fuel Payment. These letters began going out in June. The Winter Fuel Payment (£200 - £300 depending on age) was paid to everyone, but around two million pensioners who earned above £35,000 must…Read More
Retirees reclaiming larger pension tax refunds
Newsletter issue – August 2026 New HMRC figures show large refunds reclaimed in early 2026. Thousands of retirees reclaimed money after being overtaxed on flexible pension withdrawals. HMRC repaid £44.1m between January and March, with 13,942 approved claims processed in that period. The average repayment exceeded £3,160, up nearly 10% from the previous year. Emergency…Read More
Making Tax Digital (MTD) uptake is far behind requirements
Newsletter issue – August 2026 Fewer than half of sole traders required to join MTD have registered. Only 400,000 sign-ups have occurred since the start of the financial year, compared with 864,000 needed by 7th August. HMRC has been trying to implement MTD for a decade, but the programme has faced delays and criticism from…Read More
August Questions and Answers
Newsletter issue – August 2026 Q: I've heard that making charitable donations can increase my tax-free Personal Allowance. How does this work, exactly? A: At a time when frozen tax thresholds are pulling more people into higher tax bands, people can effectively increase their tax-free Personal Allowance by using HMRC's 'four times' Gift Aid rule.…Read More
August Key Dates
Newsletter issue – August 2026 1st Corporation Tax payments are due for companies with a year-end of 31st October. 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…Read More
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