Fooks & Co

Fooks & Co Friendly, expert accountancy and tax services for small businesses across Caerphilly and South Wales
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Alert for couples: Did you know you could reclaim unused tax allowances and save money? If one partner earns below the t...
01/04/2026

Alert for couples: Did you know you could reclaim unused tax allowances and save money? If one partner earns below the threshold, you might qualify to transfer personal allowance and reduce your tax bill. Find out why this matters for your finances and how to claim online – you could even backdate your claim to get extra savings. Read on to see if you qualify and start saving today.

The Marriage Allowance applies to married couples and civil partners where one partner does not pay Income Tax, usually because their income is below the personal allowance. For the 2025–26 tax year, this means the lower-earning partner must earn less than £12,570. The figures remain the same

Alert for self-employed and landlords: the way you report income tax is changing from April 2026. If your income is over...
31/03/2026

Alert for self-employed and landlords: the way you report income tax is changing from April 2026. If your income is over £50,000, you'll need to keep digital records and submit quarterly updates. This will affect many people over the coming years as thresholds drop. Find out why this matters and what you need to do to prepare.

If you have not yet checked whether you need to use Making Tax Digital (MTD) for Income Tax, now is the time to urgently see if you are affected. The Income Tax reporting requirements for some self-employed individuals and landlords will change significantly from 6 April 2026. MTD for Income Tax

Employing young people means more than just adding a new name to the payroll. Are you prepared for the legal and safety ...
30/03/2026

Employing young people means more than just adding a new name to the payroll. Are you prepared for the legal and safety responsibilities? Find out why it matters now and how to get it right.

When a new employee joins your payroll, it is the employer’s responsibility to ensure they are aware of their rights and that the correct tax is deducted from their salary. This responsibility also applies when employing young people in your business.You can employ young people from the

Alert for all businesses leasing cars: Did you know that VAT recovery on lease payments might be limited even if your ca...
30/03/2026

Alert for all businesses leasing cars: Did you know that VAT recovery on lease payments might be limited even if your car is mainly for work? Find out why this could affect your expenses and when full VAT recovery is possible. Read on to stay informed!

The VAT treatment of car leasing is an important consideration for businesses that incurs VAT on these costs. In general, leasing companies are able to recover the VAT incurred on the purchase of cars, provided the vehicles are leased out at a commercial rate. For business

Thinking about selling an investment property? You might be surprised to learn about Capital Gains Tax (CGT)! If you sel...
27/03/2026

Thinking about selling an investment property? You might be surprised to learn about Capital Gains Tax (CGT)! If you sell a property that's not your main home—like a buy-to-let or inherited property—you may owe CGT on the profits. But don't worry, you can deduct allowable costs like legal fees and improvements to lower your taxable gain. Keep your records accurate and stay ahead of any potential tax liabilities. Have questions? Comment below or reach out for help!

You may have to pay Capital Gains Tax (CGT) tax when you sell or dispose of a property that is not your main home. This includes buy-to-let properties, business premises, land and inherited property. Your gain is broadly the difference between what you paid for the property and what you s

Did you know that if you inherit property or money, you generally won't pay tax on that inheritance? The reason is that ...
26/03/2026

Did you know that if you inherit property or money, you generally won't pay tax on that inheritance? The reason is that any Inheritance Tax (IHT) is typically handled before you get your share! But watch out, if those inherited assets generate income, you may owe Income Tax on that. And, if the value of your shares increases, you could face Capital Gains Tax. Additionally, if you give gifts during your lifetime, like helping a friend purchase a home, those could impact inheritance tax down the road. Curious about your own estate planning? Reach out to a professional for guidance!

As a general rule, someone who inherits property, money or shares is not liable to pay tax on the inheritance itself. This is because any Inheritance Tax (IHT) due is normally paid out of the deceased’s estate before assets are distributed to beneficiaries. However, the recipient may be lia

Hey everyone! Tax season is behind us, but there’s a crucial step you might not want to overlook. After submitting your ...
25/03/2026

Hey everyone! Tax season is behind us, but there’s a crucial step you might not want to overlook. After submitting your self-assessment tax returns for the 2024–25 tax year, it’s the perfect time to revisit how long you should keep those important tax records!

You generally need to hold onto personal records for at least 22 months after the tax year ends. For example, if you filed your return for the year ending 5 April 2025, keep your records until at least 31 January 2027.

Also, don’t forget about income from employment, rental income, savings, and more! Each record plays a vital role in preparing your return.

Check your files and ensure you’ve got your documentation in order. Have questions? Drop them in the comments below. Let’s get organized together!

Stay savvy, and happy filing!

Following the deadline for submission of self-assessment tax returns for the 2024–25 tax year, it is a useful time to revisit the rules on how long you should keep your tax records. There are no strict requirements for how records must be kept, but they should be retained either on pap

Did you know that a dividend is a way for companies to share their profits with shareholders? Whether in cash or additio...
24/03/2026

Did you know that a dividend is a way for companies to share their profits with shareholders? Whether in cash or additional shares, dividends offer investors a slice of the business's success! Plus, if you're investing through tax-advantaged accounts like ISAs or pensions, those dividends are tax-free! Starting April 2026, be prepared for an increase in dividend tax rates if investing in non-tax-advantaged wrappers. It's essential to plan wisely to maximize your income and manage taxes effectively. Let's ensure your investments work hard for you! Have you considered your dividend strategy? Share your thoughts below!

A dividend is a distribution of a company’s profits to its shareholders. Companies may pay dividends in cash or additional shares, giving investors a share of the business’s earnings. Dividends are a common way for shareholders to earn income from their investments. Dividends

Feeling the pinch when it comes to your take-home pay? If you're looking for clarity on your Income Tax situation, check...
24/03/2026

Feeling the pinch when it comes to your take-home pay? If you're looking for clarity on your Income Tax situation, check out the HMRC Income Tax calculator! It’s a simple tool that can help you estimate how much tax and National Insurance you’ll pay this year. Plus, if you think you may have overpaid, reviewing your tax could lead to a refund! Visit this link to get started: https://www.gov.uk/estimate-income-tax. Let's take control of our finances together!

If you are concerned by the continuing pressures on your take-home pay and need some certainty on your Income Tax liability, the HMRC calculator available at https://www.gov.uk/estimate-income-tax can be helpful.  Alternatively, if you bel

Have you ever considered renting out a room in your home? With the Rent a Room Scheme, you could earn up to £7,500 tax-f...
23/03/2026

Have you ever considered renting out a room in your home? With the Rent a Room Scheme, you could earn up to £7,500 tax-free! Imagine hosting a lodger without the hassle of tax reporting if your income is below that limit. Plus, if you serve meals or offer additional services, those earnings count too! This could be a fantastic way to boost your income while making new connections. Want to learn more? Let’s chat below!

Remember, if you're a joint owner, the limit gets halved. Don’t miss out on this opportunity!

The Rent a Room Scheme is a set of special rules designed to help homeowners who rent out a room in their home, creating a potentially valuable tax-free income stream. Under the scheme, rent received from lodgers during the tax year is tax-free up to £7,500. The exemption is automatic if yo

Important update for businesses! Recently, Companies House encountered a blunder that exposed sensitive company data for...
23/03/2026

Important update for businesses! Recently, Companies House encountered a blunder that exposed sensitive company data for a short time. Users logged into the WebFiling service could access and modify limited information of other companies. Although this flaw was not open to the public, it raised serious concerns about the security of private information, including dates of birth and addresses. After detecting the vulnerability, Companies House took immediate action by shutting down the WebFiling service to investigate. They have confirmed that existing documents remain secure, and passwords were not compromised. If you’re a company, we urge you to review your registered details and filing history to ensure everything is in order. If you have any concerns, please report them through the official complaints page. Don’t wait, protect your business today!

A Companies House blunder has raised concerns after a flaw in the WebFiling service briefly exposed sensitive company data. The issue, identified on 13 March 2026, meant that a logged-in user could potentially access and amend limited details of another company by carrying out a specific sequence

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