Category: News Articles

A major new study published this month by accountants CBW has looked at the reasons for businesses thriving or failing and found that business angels and other sources of equity funding provide technology companies with good opportunities to succeed compared with borrowing from banks. The study also revealed that technology, media and telecommunications businesses need…

Thinking of changing your accountant? It’s a very serious step to take and you can’t take it lightly, so we’ve devised Top Ten Considerations for you to explore before you change. How good is your relationship with your current accountant? It’s obviously not that great if you are thinking of changing. Do you know why…

HM Revenue and Customs plans to save £13m a year by closing all 281 advice centres stretching from Penzance in the south-west to Wick in the Highlands. These provide face-to-face help on tax and will be replaced them with a mobile service which will see advisers making “home visits” and even meeting people in coffee…

April is fast approaching and so is the introduction of HMRC’s new PAYE System Real Time Information (RTI). All Employers should now have received information from HMRC on RTI, however it may seem like a lot of work. Below are the things you need to do to be ready for the introduction of RTI. You…

The Finance Bill 2013 will introduce a range of tax changes.  Here are the key ones which could affect you. Corporation tax rates The main rate of corporation tax will reduce to 21% from 1 April 2014; this is an additional reduction of 1% against the planned rate. The small profits rate remains 20%e: The…

The Finance Bill 2013 will make some changes to pensions.  Read this then call us for more information. Pensions tax relief – annual allowance The annual allowance for pension relief on contributions to pension schemes will be reduced from £50,000 to £40,000 from April 2014, that is for pension input periods (PIPs) ending in the…

There are a few changes to the Inheritance Tax rules coming with the Finance Bill 2013. Here is a summary of the changes.  If you have any issues please call us and we will be delighted to answer any questions. IHT Nil Rate Band The nil rate band has been frozen for a number of years. …

Following a case involving First Nationwide, HMRC has recently issued guidelines relating to how companies should treat share-related income (i.e. dividends and capital distributions) they receive from shares in overseas companies. The exemption, which is applied to shares from UK companies, also applies to overseas company shares. There has been some confusion over this as…

HMRC is carrying out a review of VAT registration certificates and some businesses may receive amended certificates. This is due to changes in the way HMRC records business addresses. If you receive an amended certificate you must check all the details are correct. If they are not call Vincent & Co and we can liaise…

Real time reporting of tax information begins in earnest from this April. Employers must send via the Internet details of employee salaries, tax deducted, National Insurance, etc., each time an employee is paid, not just at the end of the tax year. P35 and P14 forms will no longer be required. HMRC wanted the penalties…

At Vincent & Co we have a great insurance product which protects you against the cost of fees if you become involved in a dispute with HMRC.  You probably know HMRC’s Business Record Checks have returned as HMRC officially re-launched the pilot in November. The first pilot was heavily criticised for the cost effectiveness of…

You may have heard the recent statement from the Chancellor George Osborne, which was in effect a mini-Budget. Here are the key points relating to tax which we have summarised for you: Personal Tax 2013/14 For those aged under 65 years the personal allowance will be increased from £8,105 to £9,440 a year. This is part…