Tag Archives: accounts

  1. Making Tax Digital: MTD for VAT

    From April 2019 all VAT registered businesses with a taxable turnover above the VAT threshold of £85,000 will be required to: Maintain their accounting records digitally in a software package or on a spreadsheet. Paper records will no longer meet the legal requirements in tax legislation. Submit their VAT returns to HMRC using MTD compatible…

  2. October Key Tax Dates

    In case you’re wondering, here are the key tax dates coming up for October:   1 – Due date for payment of Corporation Tax for the year ended 31 December 2017 5 – If a Tax Return has not been received, individuals and trustees must notify HMRC of new sources of income and chargeability in 2017/18 14 –…

  3. Self-assessments: new points-based penalty system to be introduced by HM Revenue & Customs?

    It looks like HM Revenue & Customs may be introducing some changes to late filing penalties based on proposals put forward for the Finance Bill 2018-19. As the rules currently stand, an automatic £100 penalty is issued for failure to submit a self-assessment tax return on time. These penalties can increase significantly depending on how…

  4. Buy Goods for Personal Use and Potentially Save VAT

    You may believe you can reclaim VAT for any purchase you put through your business account, but you can’t. You cannot reclaim VAT on a purchase which is not for your business. However, if you purchase an item for both business and personal use, the amount of VAT which can be reclaimed depends on which…

  5. Changes to Buy To Let Tax Rules

    If you are a higher-rate taxpayer you can no longer offset all your mortgage interest against rental income before calculating the tax due. This will lead to higher tax bills even if you have not seen your income increase. The reduction in relief is being phased in between now and 2020 and will be replaced…

  6. Changes to the Ways you can Pay your Tax

    We like to keep you up-to-date with news from HMRC so here is the latest information for you: From 15th December this year you will no longer be able to pay your tax bill at a Post Office Branch. This is particularly bad timing as it coincides with the January self-assessment payment rush. The contract with…

  7. Making Tax Digital or MTD

    You may have heard or seen stories relating to some major changes that have been proposed by the government and H M Revenue and Customs. So what is MTD? It is a bold and innovative initiative to bring the UK tax system up to date for the new digital age, or so ‘they’ say. They…

  8. National Minimum Wage: New Rates From April 2017

    Did you know the National Minimum Wage is changing again? At Vincent & Co we aim to keep you up-to-date with all the latest news from HMRC, so here are the details of the new National Minimum Wage: Effective from April 2017 the National Minimum Wage rates will be increasing again. Please be aware that…

  9. Do You Need to Submit a Tax Return?

    Many people are not sure if they need to send a tax return to HMRC.  This article gives you advice direct from them but if you are still unsure then please contact Vincent & Co. for a confidential meeting to discuss your personal situation.   You’ll need to send a tax return if, in the…

  10. VAT Returns – Remember to Keep Records

    It’s a basic check that needs to be done every year – reconciling the sales reported on your VAT returns to those in your annual accounts. HMRC will do this, so if there are differences, the tax inspector is likely to ask questions. There are several reasons why the sales reported in your accounts may…

  11. News: Online Petition Against Filing Tax Returns Four Times a Year

    The Daily Telegraph reveals that more than 100,000 small business owners and self-employed workers have joined forces to fight a Government proposal that would force them to file tax returns four times a year instead of annually.

  12. Changes to Dividend Tax Rates

    In the summer Budget there was an announcement about changes to dividend taxes from April 2016. All taxpayers will have a dividend allowance of £5,000 a year at the new tax rate – which is better for many small investors seeking income from their shareholding.