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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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Good Tax Returns News!
At Vincent & Co. we have entered February with lots of incredibly good news for both our team and our clients. January Tax Returns Deadline Smashed! To begin with, the last day of January saw us successfully complete and file with HMRC all the tax returns for everyone who provided their data. The last…
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Making Tax Digital for Income Tax Self Assessments Delayed!
The introduction of Making Tax Digital (MTD) for Income Tax Self Assessments will now be delayed! This will now be implemented from April 2026 for businesses, self-employed and landlords with income over £50,000. Those with income between £30,000 and £50,000 will be brought into MTD from April 2027. A review will take place as to…
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The Chancellor’s Autumn Statement
Here are the key points from the recent Statement: Income tax bands frozen until April 2028 Income tax rates and personal allowances will remain at the same level until at least April 2028 as part of the fiscal drag, resulting in more workers falling into higher tax brackets as wages increase with inflation. Meanwhile, the threshold…
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Spring Statement
Did you catch everything the Chancellor said in his Spring Statement? We know that National Insurance contributions have increased from 6th April, and the rest of the key points are: The Chancellor has not rescinded the increase in NIC and the dividend tax, so most tax bills are going up by 1.25%; He has aligned…
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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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Inheritance Tax: Your Questions Answered
Many people worry about having to pay inheritance tax, but in reality only a few people have to pay it. Inheritance tax (IHT) is a tax on the whole estate of someone who has died, which includes their property, possessions and money. If the estate is valued at less than £325,000 no tax is payable.…
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The Chancellor’s Winter Economic Plan
Since the onset of the coronavirus pandemic, many businesses and individuals have benefited from a range of schemes, including furlough grants for staff unable to work, grants for the self-employed, deferral of VAT and Income Tax payments and cheap, government-backed business loans. With the second wave of coronavirus infections upon us, the whole of England…
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Brexit – The End of Transition is Nigh
The UK left the EU on 31 January 2020 but all trading arrangements, including VAT, are held in suspension until the end of the transition period on 31 December 2020. Whatever deal is finally agreed between the EU and the UK government, the VAT rules for UK traders will be different from 1 January 2021,…
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Government Updates September 2020
Here is a summary of the latest government updates, dated 24 September. Job Support Scheme The Job Support Scheme (JSS) is designed to give business the ability to retain staff working reduced hours, rather than make them redundant. Employees will only be eligible for the scheme if they are working at least 33% of their…
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New Implementation Dates for Making Tax Digital
As you may be aware HMRC decided to delay their plans to implement Making Tax Digital (MTD) due to the Covid-19 virus. HMRC has now announced the new implementation dates. Making Tax Digital will now be: Extended to VAT-registered businesses with turnover below the £85,000 VAT threshold from April 2022 (In other words anyone VAT…
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Changes to Capital Gains Tax on Private Residences
Since April 2020 there have been two phases of changes to the tax paid on residential property sales. The idea is to increase the tax paid from the disposal of residential property and collect this tax much more quickly. For personal taxpayer capital gains tax (CGT) is paid between 10 months and 22 months after…