Vale & West Chartered Accountants Blog

Category Archives:Accounting

FRC calls for tougher rules surrounding ‘going concerns’

The Financial Reporting Council (FRC) has called for stricter standards when assessing whether an entity is defined as a ‘going concern’. Read More

Trading after Brexit: What is an EORI number and why do I need one?

The Government has written to more than 145,000 VAT-registered businesses across the UK, explaining the potential changes to customs, excise and VAT in the event that the UK leaves the EU without a deal. Read More

Capital gains tax payment rules warning to residential property owners

The Association of Taxation Technicians (ATT) has issued a warning to residential property owners, about the need to carefully consider the timing of any sale or gift of their property in future. Read More

Stamp Duty relief saves first-time buyers £426 million

More than 180,500 first-time buyers have saved on purchasing their first home since the introduction of Stamp Duty Land Tax relief, new figures reveal.

The data, published by HM Revenue & Customs (HMRC), shows that the estimated total amount saved by buyers is more than £426 million.

The relief, introduced in November 2017, can be used when buying a residential property where the purchase price is no more than £500,000 in England and Northern Ireland, providing the purchaser does not own any other properties and intends to use it as their main residence.

Under the scheme, no Stamp Duty is due on properties up to the value of £300,000 (£500,000 in London) and tapered on any amount between £300,000 and £500,000 at five per cent. This gives a maximum saving of up to £5,000 for each first-time buyer.

And as of last month’s Autumn Budget, the relief was extended to first-time buyers purchasing through approved shared ownership schemes who choose to pay Stamp Duty in stages, rather than on the market value of the property.

It is notable that this has been retrospectively applied to eligible property transactions since last November.

In total, the data shows that the relief was claimed in more than 58,800 transactions between July and September this year – an increase of 12 per cent compared to the previous quarter.

Commenting on the figures, Mel Stride MP, Financial Secretary to the Treasury, said: “These statistics show that the government was right to offer a helping hand to first time buyers. Without this investment, more than 180,500 new homeowners may have struggled to get onto the property ladder. Maintaining the status quo was not an option.”

Unexpected UK inflation in September causes pound sterling to fall

In September, the UK inflation came in much weaker than expected, causing the pound sterling to fall dramatically. Read More

HMRC’s fraud investigation team collects £5.47 billion in extra tax

HM Revenue and Customs (HMRC) collected £5.47 billion in extra tax in 2018 through fraud investigations – approximately seven per cent more than the amount collected the previous year (£300 million). Read More

High Court gives FRC permission to use new auditing powers for first time

The auditing regulator’s new powers have been tested for the first time after the High Court cleared the way for the production of back-dated financial documents for the purposes of an investigation. Read More

Government announces new measures to boost funding for small businesses

The Government announced that new laws are being put forward to Parliament to support small businesses, against unfair contracts that stop them raising money from unpaid invoices. Read More

New HMRC rules may lead to ‘harsh’ tax penalties

Written warnings have been received by UK taxpayers, with HM Revenue & Customs (HMRC) intending to crack down on undeclared income. Read More

More than half of UK landlords are optimistic about outlook for buy to let market

A new survey has found that over half of landlords in the UK feel optimistic about the buy to let sector despite a raft of regulatory and tax changes introduced in recent years. Read More

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