Oaktree Accountants

Important Reminder📢📢

REMINDER: If your combined turnover from self-employment and property is over £50,000 in the 24/25 tax year, you’ll need to use recognised software, keep digital records from this month, and send quarterly updates (first deadline is 7 August). 📢

Act now and sign up for Making Tax Digital so you’re prepared. ⬇️

https://makingtaxdigital.campaign.gov.uk/?&utm_source=f.co_hmrcgovuk&utm_medium=social&utm_campaign=mtd

⚠️Winter Fuel Payment Repayment Now Reflected in Tax Codes!!
💷Is your income over £35K? Your Tax Code Might Have Been Updated!!

💡Please read below.

Received a new tax code this month?

If you're over State Pension age with individual income above £35,000, it may have changed to include repayment of your Winter Fuel Payment or Pension Age Winter Heating Payment. This is expected and no action is required.

Find out more about what this means for you ⬇️

https://www.gov.uk/guidance/paying-back-the-winter-fuel-payment?&utm_source=f.co_hmrcgovuk&utm_medium=social&utm_campaign=wfp

🏴󠁧󠁢󠁷󠁬󠁳󠁿 Cymraeg

Ydych chi wedi cael cod treth newydd y mis hwn?

Os ydych chi dros oedran Pensiwn y Wladwriaeth ac mae gennych incwm unigol sy’n uwch na £35,000, efallai bod eich cod treth wedi newid i gynnwys ad-daliad ar gyfer eich Taliad Tanwydd Gaeaf neu Daliad Gwresogi Gaeaf Oedran Pensiwn. Mae hyn i’w ddisgwyl – nid oes angen i chi wneud unrhyw beth.

Dysgwch ragor am beth mae hyn yn ei olygu i chi ⬇️

https://www.gov.uk/guidance/paying-back-the-winter-fuel-payment.cy?&utm_source=f.co_hmrcgovuk&utm_medium=social&utm_campaign=wfp&utm_content=welsh

⚠️ Warning for New UK Business Owners ⚠️

Letters demanding a fee (often around £270+) to publish your company’s legal information in a “public database” or “Companies House Register” are a scam targeting new businesses.

👉 Companies House does NOT charge a surprise fee for this. Official registration is either free or already paid during incorporation.

🚨 What to watch out for:

Official-looking letters with logos and QR codes
Requests for payment to names like “Company Registry” or “Companies House Register”

✅ What you should do:

❌ Do NOT pay
❌ Do NOT scan QR codes
📧 Report it to: [email protected]

💡 Real fees to know:

Confirmation statement: £50 online (£110 by post) via Companies House
You may also need to pay a separate annual data protection fee to the Information Commissioner's Office (ICO)

⚠️ Already paid?
Contact your bank immediately.

Stay alert and share this to help protect other business owners!

Making Tax Digital for Income Tax is here. 📢

If your combined turnover from property and self-employment is more than £50,000, you’ll need act to start keeping digital records now as soon as possible.

Check if Making Tax Digital applies to you and sign up today. ⬇️

https://makingtaxdigital.campaign.gov.uk/?&utm_source=f.co_hmrcgovuk&utm_medium=social&utm_campaign=mtd

🚨 New Changes from April 2026 – What You Need to Know 🚨

The new tax year is nearly here, and there are some important changes that could affect you or your business.

Minimum Wage increase:
📈National Living Wage (21 and over) increasing to £12.71
📈18-20 Year Old Rate increasing to £10.85
📈16-17 Year Old Rate increasing to £8.00
📈Apprentice Rate increasing to £8.00

Dividend income changes:
• Dividend tax rates increasing to:
🔹 10.75% (basic rate)
🔹 35.75% (higher rate)
🔹 39.35% (additional rate unchanged)

💻 Big change for sole traders & landlords:
• Making Tax Digital (MTD) starts from April 2026
• If you earn over £50,000, you’ll need to:
✔️ Keep digital records
✔️ Submit quarterly updates to HMRC

What’s NOT changing (but still matters):
• Personal Allowance remains frozen at £12,570

💡 What should you do?
Now is a great time to review your tax position and should you require further guidance on how these changes apply to you and how you can remain as tax efficient as possible, please feel free to get in contact.

🐣🌼 Easter Opening Hours 🌼🐣

Please be advised that our office will be closed over the Easter period.

📅 Closed from: Friday 3rd April 2026
📅 Reopening on: Tuesday 7th April 2026

If you have any queries, please feel free to email us and we’ll get back to you as soon as possible when we return.

We would like to take this opportunity to wish all our clients a very pleasant Easter.

📢 Dividend Tax Reminder for Company Directors and Shareholders

Dividend tax rates from April 2026 will be increasing:

• 10.75% (from 8.75%) – Basic rate
• 35.75% (from 33.75%) – Higher rate
• 39.35% (from 39.35%) – Additional rate

With the tax year end approaching, now is a good time to plan ahead and review your dividends to ensure you're being as tax efficient as possible before the new tax year begins.

📞 Please feel free to contact the team if you’d like to discuss your options.

Great news in the office this week! 🚗

Our youngest team member has officially passed their driving test and we couldn’t be prouder.

We’re really proud of her hard work and determination—both in the office and now on the road.

Hard work pays off, whether it’s studying for exams, learning new skills at work, or passing that driving test!

Congratulations Chloe!🎊🎉

The Self Assessment deadline has officially passed – and what a January it’s been!

We’re proud to say we successfully submitted over 700 Self Assessment tax returns before the deadline 🎉

A huge thank you to all of our amazing clients who brought their paperwork in on time and responded quickly to our queries. Your organisation and cooperation make such a difference during the busiest time of our year. We genuinely appreciate your continued trust and support. ☺️

With January behind us, it’s now time to look ahead.

The next big change is Making Tax Digital for Income Tax Self Assessment (MTD ITSA), being introduced by HM Revenue & Customs from April 2026. This will mean significant changes to how sole traders and landlords keep records and report their income, with a move towards digital record-keeping and quarterly submissions.

Over the coming months, we’ll be working closely with our clients to make sure everyone is prepared, compliant, and confident well ahead of the deadline.

If you have any questions about how MTD ITSA will affect you, feel free to get in touch — we’re here to help every step of the way.

Here’s to a productive and well-prepared year ahead!

🎄 Christmas Tax Tips: Trivial Benefits & Staff Parties 🎄

As the festive season approaches, it’s a great time to review staff perks and maximise tax efficiency:

Trivial Benefits – Small, non-cash gifts under £50 per employee are exempt from tax and National Insurance. Perfect for hampers, Gift Cards or other gifts. 🎁

Staff Party Allowance – An annual staff party costing up to £150 per head is also tax-free, making it easy to celebrate without extra tax implications.🎉

Both trivial benefits and staff parties are deductible for Corporation Tax purposes, reducing your business’s taxable profits while complying with HMRC rules.

With a little planning, you can keep your team happy and your business compliant this festive season. 🎄🎁

If you have any questions please don't hesitate to get in contact.