Many people know that Inheritance Tax is normally charged at 40%. Far fewer realise that once an estate exceeds £2 million, another valuable Inheritance Tax allowance starts to disappear. This can mean that, for some estates, reducing the value by £1 can potentially save 60p in Inheritance Tax. What is the Residence Nil Rate Band?
Tag Archives: HMRC
Tax Planning & Saving Tips, Year-End Preparation Tips
Why didn’t my accountant tell me? Reactive vs proactive accounting explained
It’s a conversation we’ve had more than once over the years: “I wish I’d known that before the year-end.” “I didn’t realise there was a way to reduce my tax bill.” “Why didn’t my accountant tell me?” The truth is, your accountant probably wasn’t trying to keep secrets. More often than not, it comes down
MTD for Income Tax (ITSA), Organising Your Receipts & Invoices, Self-Assessment Tips for Sole Traders, Self-Assessment/ Personal Tax
The Tax Return mistakes that cost people time, stress and money
When it comes to self-assessments, most people fall into one of two groups. The first group starts gathering information months in advance, keeps everything organised and submits their tax return without a hitch. The second group spends January frantically searching through emails, bank statements and paperwork, trying to remember whether they received interest, dividends, pension
At DNA Accountants, we know payroll changes can come as a surprise — especially when something new suddenly appears on your payslip. So here’s a guide to what’s happening and why. What’s Changed in 2025/26 for Employer’s National Insurance on Director Payroll From April 2025, the government increased the Employer’s National Insurance Contribution (NIC) rate
Allowable Limited Company Expenses, Tax Planning & Saving Tips
Not All That Glitters Is R&D: Why HMRC Is Clamping Down on Dodgy Claims
At DNA Accountants, we’ve seen a worrying pattern lately: clients who were encouraged by so-called Research & Development (R&D) “specialist” firms to make claims they never should have submitted. The result? HMRC is now knocking on the door, asking for the money back – and in some cases, charging penalties on top. R&D tax relief
CIS, CIS for Contractors, CIS for Subcontractors, CIS Useful Guides, Self-Assessment Tips for Sole Traders
The Construction Industry Scheme (CIS), decoded: A straight-talking guide for builders, subbies and contractors
If you’re in the building trade and you’ve ever scratched your head wondering why 20% got taken off your invoice — or whether you’re supposed to register with HMRC — you’re in the right place. We’ve put together a friendly, plain-English guide to the Construction Industry Scheme (CIS) that explains everything without the jargon. Whether
HMRC Updates & Changes, Important News from HMRC, MTD for Income Tax (ITSA), Self-Assessment Tips for Sole Traders, Self-Assessment/ Personal Tax
Everything you need to know about our new MTD ITSA guide – your step-by-step companion
We know that Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) can seem like a lot to wrap your head around. But don’t worry! At DNA Accountants, we’re all about making your life easier. That’s why we’ve put together a handy, downloadable guide to help you navigate these changes with ease. What’s MTD ITSA
HMRC Updates & Changes, Self-Assessment Tips for Sole Traders, Self-Assessment/ Personal Tax
The Death of SA302s: Why Are We Still Being Asked for Them?
Introduction For many years, the SA302 was the go-to document for self-employed individuals applying for mortgages. Accountants were frequently asked to provide these forms to verify a client’s income. However, in 2017, HMRC stopped issuing SA302s directly to accountants, instead providing alternative ways for taxpayers to prove their income. Yet, eight years later, mortgage advisors
Changes to Tax Rates & Thresholds, HMRC Updates & Changes, Self-Assessment/ Personal Tax
Capital Gains Tax: Reporting in 60 Days
The 60-Day Rule: What You Need to Know In 2021, HMRC introduced a significant change for UK residents selling property (not your main home). Now, if you sell a property and make a taxable profit, you must: Report the sale to HMRC within 60 days of the completion date. Pay any CGT due within the
Changes to Tax Rates & Thresholds, Director’s Pay vs Dividends, HMRC Updates & Changes, Self-Assessment/ Personal Tax
Dividend tax: what is it and how does it impact your business?
As a limited company owner, you’ll most likely pay yourself using a combination of salary and dividends. While it’s often the most tax-efficient way to withdraw money, be careful! Dividends have different tax rules compared to a normal salary. Don’t worry – we’re going to walk through what they mean for your business and how