Tag Archives: personal finance

  1. 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….

  2. 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…

  3. 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…

  4. 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…

  5. 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…

  6. 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…

  7. 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….

  8. 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…

  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. 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…

  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. Taxation – The Intentions of the Main Political Parties

    Following our promise to keep you as up-to-date as possible with all things financial, we have obtained an at-a-glance guide to the intentions of the main political parties regarding taxation.