Vale & West Chartered Accountants Blog

Category Archives:Tax Blog

The Christmas gift allowance: how it works

Are you planning on treating your staff or clients this Christmas? Christmas gifts can be subject to tax, so it is important to understand these tax rules this festive season.

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Have you filed your online Self-Assessment form?

The clock is ticking for taxpayers, as the countdown to submit online Self-Assessment tax returns has begun.

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Tax year basis reform: Should I change my year-end?

In the first blog of this series on tax year basis reforms, we will be discussing the new rules that will affect how unincorporated businesses are taxed from 2023 to 24 and consider whether it is worth changing your accounting period.

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Changes to R&D tax credits regime introduced

New changes to the research and development (R&D) tax credits regime have been announced, with an estimated 90,000 companies benefiting.

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Have you claimed the working from home tax relief?

The eligibility criteria for the Government’s work from home tax relief was relaxed during the pandemic, as restrictions prevented many people from physically going to work.

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Have you renewed your tax credits?

According to HMRC, 323,700 customers are yet to renew their tax credits, with just one month left to do so.

Tax credits offer targeted financial aid to working families, so to ensure you receive what you are eligible for, it is crucial that you renew before the deadline of 31 July.

Failure to do so by this date will result in your payments coming to a halt.

How do you renew?

Tax credits can be renewed for free via GOV.UK by searching ‘tax credits’, or via the HMRC app.

Renewing online is a fast, simple process. By logging into GOV.UK, you can check on the status of your renewal, see that it is being processed, and know when to expect a response from HMRC.

The other option to consider is downloading the HMRC app on your smartphone. Through the app, it is possible to:

  • Renew your tax credits
  • Make changes to your claim
  • Check your tax credits payments schedule
  • Find out how much you have earned for the year.

To help, HMRC has provided a video to explain how tax credits customers can use the HMRC app to view, manage and update their information.

Have your circumstances changed?

If there is a change in your circumstances that could affect your tax credits claims, these changes must be reported to HMRC.

Circumstances that could affect tax credits payments include changes to:

  • Living arrangements
  • Childcare
  • Working hours
  • Income (increase or decrease).

It is also important to remember that tax credits will be replaced by Universal Credit by the end of 2024.

If you move from tax credits to Universal Credit, you could be at a financial advantage. To check this, you can use an independent benefits calculator.

For help and advice with related personal tax matters, please get in touch with our team today.

Could you be missing out on tax savings?

With the soaring cost of living squeezing pockets, no one wants to be paying more tax than they should be. Read More

Thousands more taxpayers filing Self Assessment returns early

An increasing number of people are filing their Self Assessment tax returns early.

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Can my business pay for my garden office?

When it comes to purchasing and expensing a garden office, you may be wondering if your company can cover the costs.

Whilst this is possible, there are the following caveats and issues to contend with that you should keep in mind.

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Charging an electric company car: what you need to know

With the important focus on achieving Net Zero goals and targeting personal emissions, more and more company cars seem to be following the electric car trend.

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