Vale & West Chartered Accountants Blog

Category Archives:Tax

Tax reliefs business owners can claim amidst record Corporation Tax payments

HM Revenue and Customs (HMRC) recently reported a record-breaking increase in Corporation Tax receipts for the 2022/23 tax year.

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How to save £2,000 in taxes on your childcare costs  

A Government scheme could help parents save up to £2,000 on their childcare costs through tax reliefs aimed at working parents.   Read More

Navigating estate planning and Inheritance Tax: what you need to know

HM Revenue & Customs (HMRC) recently announced that Inheritance Tax (IHT) receipts were up by £200 million between April to July 2023, making this a record high.

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What tax implications can come with depreciation?

For business owners, understanding depreciation is not just about accounting practices but also about handling their taxes efficiently.   Read More

Staying up to date with MTD for ITSA

In December 2022, the plans for Making Tax Digital for Income Tax Self-Assessment changed again, as the Government announced that instead, MTD ITSA would be introduced in mandatory phases from 6 April 2026, as opposed to 2024.

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Understanding tax obligations for charities

Knowing your charity’s obligations to HM Revenue & Customs (HMRC) is important, as you will have different requirements to standard businesses.

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Capital Gains Tax for SMEs – Recent trends and compliance

Collections of Capital Gains Tax (CGT) reached a record £16.7 billion in the last tax year, a notable increase from the preceding year’s £14.3 billion. Read More

How businesses can navigate and avoid tax disputes with HMRC

Tax disputes can be a significant drain on resources for any business, and with recent data suggesting that over 60 per cent of businesses are currently embroiled in a tax dispute with HM Revenue & Customs (HMRC) that has lasted more than a year, this is clearly a widespread issue.  

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Beneficiaries could see inherited pensions taxed as new proposals by HMRC are published

Currently, if someone dies before the age of 75, their pension can be drawn out by beneficiaries’ tax-free, as it is exempt from Inheritance Tax and Income Tax if it is under the Lifetime Allowance (LTA).

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Research and Development Tax Relief Changes

The Government has recently updated some elements of the Research and Development (R&D) tax relief application process.

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