Vale & West Chartered Accountants Blog

Small business owners are failing to fully understand tax returns, study reveals

Vale & WestJan 24,2017
SMEs,Tax

A new study suggests that 31 per cent of small business owners do not know how to correctly submit their tax return, while 27 per cent did not think that they were required to submit one at all.

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HMRC compliance teams shift focus to target more SMEs

Vale & WestJan 23,2017
SMEs

Compliance teams at HM Revenue & Customs (HMRC) are shifting their focus towards small and medium-sized enterprises (SMEs) – many of which are unprepared for close scrutiny, according to reports.

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Retail sales record biggest monthly fall for more than four and a half years

Vale & WestJan 20,2017
Economy

The UK’s retail sector recorded the sharpest fall in sales for more than four and a half years, official figures have revealed.

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Has buy-to-let lending bounced back?

Vale & WestJan 20,2017
Jason Pyke

The latest data from the Council of Mortgage Lenders (CML) suggests that buy-to-let lending recently reached its highest level since an unfavourable three per cent Stamp Duty Land Tax (SDLT) surcharge payable upon additional property purchases was introduced in April 2016.

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VAT to be charged on conveyancing searches from February 2017, says HMRC

Vale & WestJan 20,2017
Jason Pyke

HM Revenue & Customs (HMRC) has said that councils will be able to charge VAT on CON29 local authority searches from the 1 February 2017.

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UK could become ‘tax haven’ after Brexit

Vale & WestJan 19,2017
Kathryn Cutts

In an interview last weekend with German newspaper Welt am Sonntag, Chancellor Philip Hammond suggested that the UK could become a corporate tax haven if Brussels fails to negotiate on the proposals set out by Prime Minister Theresa May this week.

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Only six per cent of self-employed business owners are aware of Making Tax Digital

Vale & WestJan 19,2017
Tax

A new survey of self-employed workers and business owners suggests that only six per cent are aware of the Government’s imminent Making Tax Digital (MTD) project – which will make quarterly digital reporting mandatory for the majority of businesses.

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Couples urge Chancellor to reform marriage tax allowance

Vale & WestJan 18,2017
Tax

The Chancellor is floating the possibly of a marriage tax allowance reform after a survey revealed that three times as many people thought it should increase the threshold in which a partner starts paying tax.

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50-page report calls upon Government to delay Making Tax Digital

Vale & WestJan 17,2017
Tax

The Government must respond to a 50-page report calling for an immediate delay to Making Tax Digital (MTD), which has been put forward by MPs in the Treasury Committee.

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Taking account of tax breaks

Vale & WestJan 16,2017
Richard Ziemba

According to a recent survey, Chancellor Philip Hammond is being urged to increase the marriage tax allowance, even though as many as 3.1 million out of 4.2 million couples are failing to apply for it. However, for those looking for every possible way to reduce their tax bill, there are other tax breaks that can

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