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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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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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Happy New Year for 2022
We’re back after our festive holidays, ready to give you the advice and guidance you need for your personal and business finance. Just call 01803 500 500 and speak to one of our team. Happy New Year to you!
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Budget Summary
The Chancellor of the Exchequer announced his Budget on Wednesday. In case you missed the main points they are: Giving money away: More money for almost every government department. Increased capital allowances for business. Cheaper beer. Reduced internal Air Passenger Duty. More Universal Credit where people are working. Rate relief on hospitality and retail. Better…
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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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More Time to Pay Taxes
The Government has introduced an immediate deferral of upcoming Income Tax and VAT payments but the other business taxes such as PAYE and Corporation Tax remain payable on the due dates. HMRC is willing to enter ‘Time to Pay’ (TTP) arrangements where businesses or individuals are struggling to pay tax bills on their due dates.…
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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…
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December’s General Election and Tax
Following the General election on 12 December, Prime Minister Boris Johnson has confirmed that Sajid Javid remains as Chancellor of the Exchequer and no other changes at HM Treasury have been announced. The Prime Minister has however, confirmed that a more significant cabinet reshuffle will take place after the UK leaves the EU on 31…
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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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Childcare Costs Scheme Update
Parents and guardians could receive up to £2,000 a year per child per year towards childcare costs. You could receive top-ups of £2 for every £8 you pay into a tax-free childcare account, up to a maximum of £2,000 per child. This is available to all working parents or guardians with children under 12, or…
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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…