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Spring Budget 2023 Summary
Chancellor Jeremy Hunt has unveiled his ‘Back to Work’ March Budget. Here is a summary of some of the key points. The OBR (Office for Budget Responsibility) has said that the UK will not enter recession this year. Inflation is set to fall to 2.9% by the end of the year. Corporation Tax…
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Dealing With Inflation
Both households and businesses are feeling the effects of inflation as it has reached 11.1% in the 12 months to October 2022. Optimistically, the rate is expected to fall from mid-2023. How is it possible to avoid the most damaging effects? Inflation is the increase in prices over a year and is calculated by…
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Did you know … about our Porch?
Did you know you can drop off and collect documents from Vincent & Co at any time of the day or night? We have installed a key code lock on the front door. This means that if you want to drop records to us, or collect them, you can do so without having to come…
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Making Tax Digital Regulations
The new MDT regulations have now been published. To summarise: Once you have reached your digital start date you have to continue to keep digital records and file these quarterly, regardless of turnover. Transactions need only be recorded with enough information to meet the quarterly deadline. Recording Cash or Accruals? The regulations state that digital…
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Coronavirus: Our Services To You
Covid-19 Coronavirus With the increasing national concern regarding the COVID-19 coronavirus, we want to assure our clients that we are monitoring the developing situation carefully and have a plan in place to provide a continued service to clients as far as we possibly can. To read more please visit our dedicated pages here
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National Living Wage and Minimum Wage Rates Increase
Some three million workers are set to benefit from increases to the National Living Wage (NLW) and minimum wage rates for younger workers from 1 April 2020. The compulsory NLW is the national rate set for people aged 25 and over. The NLW is enforced by HMRC alongside the national minimum wage (NMW), which they…
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Simplification of Inheritance Tax
The Office of Tax Simplification (OTS) is the independent adviser to government on simplifying the UK tax system, to make it easier for the taxpayer. The OTS makes recommendations for the government to consider. It does not implement changes – these are a matter for government and for parliament. A review of Inheritance Tax was…
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January 2019 Record Tax Revenue
The Treasury has been given a boost after official figures showed the Government recorded its largest January budget surplus, as they enjoyed a bumper haul of tax receipts. Figures from the Office for National Statistics show that public finances were in surplus by £14.9 billion last month, the largest January total since records began in…
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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…
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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 –…
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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…
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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…