Folkes Worton LLP Chartered Accountants

🎁 Happy Birthday Jayne! 🎂

Jayne Griffiths is a member of our Admin Team and it’s her birthday today! 🎈

Folkes Worton LLP Chartered

💷 Worried about Inheritance Tax but still need access to your money?

Many people assume they have only two choices:
❌ Give their money away now and lose access to it ❌ Keep it and leave their family with a larger Inheritance Tax bill

But there may be another option.

A Discounted Gift Trust can help reduce the value of your estate for Inheritance Tax purposes while allowing you to continue receiving a regular income.

✅ Potentially reduce IHT
✅ Continue receiving fixed payments
✅ Pass wealth to loved ones more efficiently
✅ Avoid probate delays on trust assets

Discover how it works, who it may suit, and the key considerations before making any decisions.

🎁 Happy Birthday Neil! 🎂

Neil Smith is one of our Senior Partners and it’s his birthday on Sunday. Have a great weekend celebrating Neil!🎈

Folkes Worton LLP Chartered

Meet the rest of the team at https://www.fwca.co.uk/meet-our-team/

🎁 Happy Birthday Ellie! 🎂

Ellie Smith is a member of our Tax Team and it’s her birthday today. Have a great day Ellie! 🎈

Folkes Worton LLP Chartered

🏃‍♂️ Running 26.2 miles can change lives! ❤️

At Folkes Worton, we're proud to support Jack as he takes on the incredible challenge of running the London Marathon to raise money for a cause that means so much to him.

Every mile, every step, and every donation will help make a real difference. If you're inspired by Jack's dedication and determination, please take a moment to read his story and show your support.

📖 Read more here: https://www.fwca.co.uk/london-marathon-challenge-for-jack/

👏 Good luck, Jack. We're all behind you!

🚨 Self-Employed? Check Your National Insurance Record!

HMRC has revealed an issue that could affect around 800,000 self-employed taxpayers, potentially leaving gaps in their National Insurance records.

If you became self-employed between 2015 and March 2024, your State Pension entitlement could be impacted, even if you've been filing Self Assessment tax returns correctly.

✅ Find out who may be affected
✅ Learn what HMRC is doing to fix the issue
✅ Understand what steps you should take now

Have questions about your National Insurance record or self-employed tax obligations? Our team is here to help.

💷 Got a side hustle?

Whether you're selling online, freelancing, creating content, tutoring, dog walking, or earning extra income through a passion project, it's important to understand your tax responsibilities.

Many people are unaware that if your total income from side hustles exceeds £1,000 in a tax year, you may need to register with HMRC and report your earnings.

Our latest blog explains:
✅ What counts as a side hustle
✅ When tax rules apply
✅ Common misconceptions
✅ How to stay compliant and avoid surprises

🚨 Making Tax Digital Deadline Alert 🚨

The first Making Tax Digital for Income Tax submission is due on Friday 7th August. 🗓️

If you're self-employed or a landlord and need help getting ready, don't leave it until the last minute.

At Folkes Worton, we make this whole digital tax thingy simple:
✅ Advice on approved software
✅ Easy spreadsheet option available
✅ We can submit on your behalf using our bridging software
✅ Friendly, expert support every step of the way

There may be no fines this year, but late submissions could attract unwanted attention from HMRC in the future. Now is the time to get organised.

📞 Call our team today on 01384 376964

🗓️ Welcome to the August 2026 Tax Update 💷

In this issue we take a look at the new Prime Minster’s first few weeks at No. 10, HMRC’s latest tax update, tax on side hustles and upcoming dates on the Accounting Horizon.