Tag Archives: money

  1. High Income Child Benefit Charge

    The High Income Child Benefit Charge (HICBC) is a tax charge which applies where the ‘adjusted net income’ of a taxpayer or their partner is more than £50,000 in a tax year, and they or their partner receive child benefit. The charge is equal to one per cent of a family’s Child Benefit for every…

  2. The End of Austerity – Autumn Budget 2018

    Continuing our commitment to keep you informed about government decisions which influence your finances, here is our summary of the Budget announced on 29 October. The Prime Minister has announced the end of austerity but Chancellor Philip Hammond wants to keep a tight rein on the country’s finances, especially with the unknown consequences of Brexit….

  3. Can Giving Away Shares Be Tax Efficient?

    In the 1980s and 1990s a wide range of companies were privatised and gave many people a few shares which produce very small annual dividends. They can be seen are more trouble than they are worth, so what can be done with them? The shares could be sold but you will need a broker and…

  4. 2018 Spring Statement Summary

    We always try to keep you up-to-date with the latest changes which could affect you, so here is our summary of the Chancellor’s statement issues recently. Mr. Hammond commented that UK economic growth remains disappointing, now forecast at 1.5% growth. In addition, inflation at 3% in January was above the government’s target. However, with the…

  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. 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…

  7. 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…

  8. Tax Paid By Deceased Estates

    When an individual dies it can take months or even years to wind up the estate and pay out the funds to all beneficiaries. In the meantime, those funds may earn bank interest. Since 6 April 2016, interest from banks, building societies and NS&I is paid without tax deducted, but it is taxable. Most people…

  9. Surprise! Surprise! HMRC Calling

    According to recent reports HMRC has increased the number of small business investigations and they continue to be seen as soft targets. About 7% of tax inspections are random, the majority are triggered because HMRC believes that something is wrong. What can you do to reduce your chances of being selected? File your tax returns…

  10. Cash Sales Business? Check your Cash Register Records Carefully

    As the owner or manager of a cash sales business, how often do you check the records on your cash register?

  11. HMRC and Late Filing Penalties – No New News!

    Have you seen the recent news coverage about HMRC cancelling their usually strict £100 penalty if you are late with your tax returns? We need to tell you that this is not new news!

  12. Tax Credits Changes and the Risk of Overpayment

    Tax credits are state benefits that provide extra money to people responsible for children, disabled workers and other workers on lower incomes. There are two types of tax credits – child tax credits and working tax credits.