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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Insurance contributions have increased from 6th April, and the rest of the key points are: The Chancellor has not rescinded the increase in NIC and the dividend tax, so most tax bills are going up by 1.25%; He has aligned…
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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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Virtual Christmas Parties Exemption in 2020
HMRC has confirmed that a virtual Christmas party will fall within the rules for the annual parties exemption in the same way that it would for traditionally held parties. No – it’s not a joke! To be exempt from taxation the party must: be open to all employees be annual, such as a Christmas…
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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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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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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…
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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…