SM Vint & Co.Ltd

Key Dates & Deadlines – June 2024

SM Vint & Co Ltd — Fri, 07 Jun 2024 08:47:01 +0000

Key Dates & Deadlines – June 2024

1 June 2024

Corporation tax due for accounting periods ended 31 August 2023 where not payable by instalments.

HMRC reviews advisory fuel rates for company cars.

7 June 2024

VAT returns and payments due for month or quarter ended 30 April 2024.

14 June 2024

Corporation tax instalment payments due for large companies as follows:
Year ended 29 February 2024 – instalment 4
Year ended 31 May 2024 – instalment 3
Year ended 31 August 2024 – instalment 2
Year ended 30 November 2024 – instalment 1

Corporation tax instalment payments due for very large companies as follows:

Year ended 30 June 2024 – instalment 4
Year ended 30 September 2024 – instalment 3
Year ended 31 December 2024 – instalment 2
Year ended 31 March 2025 – instalment 1

19 June 2024

CIS returns due for month ended 5 June 2024.

EPS due for month ended 5 June 2024 so HMRC can apply a reduction on what is owed from FPS.

PAYE, NICs, student loan deductions and CIS deductions due for month ended 5 June 2024 paid non electronically.

21 June 2024

PAYE, NICs, student loan deductions and CIS deductions due for month ended 5 June 2024 paid electronically.

30 June 2024

Companies with year ends of 30th September 2023 are due to file their annual accounts with Companies House.

Corporation tax return due for accounting periods ended 30 June 2023.

Deadline for amending corporation tax returns for accounting periods ended 30 June 2022.

VAT partial exemption annual adjustments for year ended 31 March 2024 to be included in this quarter’s returns (if not included in return for quarter ended 31 March 2024).

VAT returns and balancing payments due for those using VAT annual accounting with a VAT accounting period ending on 30 April 2024.

Inheritance tax due for deaths in December 2023.

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Spring Budget 2024 Changes

SM Vint & Co Ltd — Fri, 07 Jun 2024 08:37:35 +0000

A lot of changes were announced in #SpringBudget2024, some of which have now become law.

Changes in Stamp Duty Land Tax, Capital Gains Tax and others may be worth keeping an eye on.

Read on to find out more…

The Finance (No. 2) Act 2024 was debated, approved, and granted Royal Assent in a last-minute push before the parliamentary session ended. This urgent passage was necessary as Prime Minister Rishi Sunak called for a general election on 4 July. The act includes important financial measures for the upcoming fiscal year.

Key Provisions of the Act

National Insurance Contributions (NICs)

The significant tax change for the year includes a second 2% cut in National Insurance contributions. This will have an impact on individuals’ take-home pay and overall tax liability.

Stamp Duty Land tax

As of 1 June 2024, the multiple dwellings relief for transactions will be abolished. This change will impact property transactions involving multiple dwellings and should be considered in future planning.

Capital Gains Tax (CGT)

The capital gains tax (CGT) rate for residential property gains has been adjusted, with the higher rate decreasing from 28% to 24% starting from 6 April 2024. The lower rate of 18% still applies to gains within the basic rate band. This change aims to provide relief for property owners.

Anti Avoidance Measures

The transfer of assets abroad provisions have been updated to prevent individuals from using companies to transfer assets offshore to evade taxes, effective from 6 April 2024. It is important to comply with these changes.

High income Child benefit Charge (HICBC)

As of the current tax year, the threshold for the High Income Child Benefit Charge (HICBC) has been raised from £50,000 to £60,000. The charge is calculated at 1% of the full child benefit for every £100 of adjusted net income between £60,000 and £80,000, with individuals earning over £80,000 being subject to the full charge.

Economic Crime Levy

The levy for UK businesses with over £1 billion in revenue will double from £250,000 to £500,000 per year, effective as of the 2024-25 tax year. This change will impact very large corporations in the UK.

For any further guidance in relation to the above don’t hesitate to contact us.

028 406 62490

enquiries@smvint.co.uk

#nationalinsurance #stampduty #capitalgainstax

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Important Dates and Deadlines

SM Vint & Co Ltd — Wed, 08 May 2024 08:44:40 +0000

Check below to see what important dates and deadlines may impact your business in May

01 May 2024
Corporation tax payment
VAT Fuel Scale Charge – New rates apply from the next VAT period beginning on or after 1 May 2024.
03 May 2024
P46 (car) Paper – Quarter to 5 April 2024.
07 May 2024
VAT Return Payment – Month-end or quarter 31 March 2024.
VAT Return Submission – Month-end or quarter 31 March 2024.
19 May 2024
PAYE, NIC, CIS payment (postal) – Month-end 5 May 2024.
CIS Return – Payments made to subcontractors in the month to 5 May 2024.
22 May 2024
PAYE, NIC, CIS payment (postal) – Month-end 5 May 2024.
31 May 2024
Companies House Filings – 30 August 2023 year ends.
Corporation Tax Returns – 31 May 2023 year ends.
P60 – Issue to employees

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Get Your CIS Refund

SM Vint & Co Ltd — Thu, 11 Apr 2024 10:56:03 +0000

https://www.sm-vint.co.uk/wp-content/uploads/2024/04/CIS.webm

It’s time to get your CIS refund

Are you a subcontractor?

Have you had CIS tax deducted from your income between 6th April 2023 and 5th April 2024?

You may be entitled to a refund.

With THOUSANDS recovered each year for our clients you can rely on us to get you back what you’re entitled to.

For more information get in touch with us today.

028 406 62490

enquiries@smvint.co.uk

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Are you ready for the end of the tax year?

SM Vint & Co Ltd — Fri, 22 Mar 2024 16:15:58 +0000

The UK tax year ends on 5th April and now is the perfect time to think about tax planning. The action you take over the next few weeks can help to maximise your income tax savings.

Here we provide 10 year-end tax planning tips for individuals…

1. Dividends

Use your dividend allowance, this is tax-free income. The dividend allowance for 2023/24 is £1,000 and in 2024/25 it reduces to £500. By using your dividend allowance, you are increasing your tax-free income.

In the UK, individuals pay tax on dividends above the dividend allowance. The tax rates are:

– 8.75% for basic rate taxpayers

– 33.75% for higher rate

– 39.35% for additional rate

The dividend tax rate is lower than income tax rates. This is one of the reasons dividends are tax-efficient income.

2. Capital Gains Tax (CGT)

Use your CGT tax-free allowance against your taxable gains. In 2023/24 the CGT annual exemption is £6,000 and in 2024/25 this reduces to £3,000.

With the CGT annual exemption halving next year, you may want to consider selling the asset sooner. Bear in mind that you are not able to carry forward any unused exemption.

If you are thinking of selling an asset, there are various CGT reliefs and exemptions. CGT can get complicated, so we recommend speaking to us.

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3. Inheritance Tax (IHT)

To reduce your exposure to IHT, make gifts during your lifetime (annual gifts, small gifts, regular gifts).

IHT may be payable on gifts made seven years before death. Tax-free gifting options are available and you must seek professional advice for IHT.

Gifts between spouses/civil partners are exempt from IHT. They must live in the UK permanently and be legally married or in a civil partnership. Gifts to charities and political parties are also exempt. You can also annually give away £3,000 worth of gifts each year as part of your annual exemption. These annual gifts can be to one person or several people. You can gift up to £250 per person each tax year provided you have not used another allowance on the same person. Gifts for birthdays, Christmas and weddings are not subject to IHT. Limits apply to marriage gifts based on your relationship with the recipient. You can make regular payments from regular income, known as ‘normal expenditure out of income’. This may be paying rent for a child or giving financial support regularly.

4. Personal savings allowance

Use your personal savings allowance to maximise your tax-free savings income. The personal savings allowance is £1,000 if you are a basic rate taxpayer or £500 as a higher rate taxpayer. Additional rate payers do not get a personal savings allowance.

If your income is below £17,570, you may be eligible for the starting rate of savings. You may be able to earn up to £5,000 of interest tax-free.

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5. Savings and ISAs

Maximise your ISA (Individual Savings Account) and use your annual ISA allowance. The ISA allowance for 2023/24 is £20,000 across all types of ISA. This includes Cash ISAs, Stocks and Shares ISAs, Innovative Finance ISAs and Lifetime ISAs.

Individuals do not pay tax on interest received on an ISA, or income and capital gains from an ISA.

A lifetime ISA is type of ISA for 18–39-year-olds looking to purchase their first home or save for later life. The limit for the Lifetime ISA is £4,000 per annum, which counts towards your annual ISA limit of £20,000.

6. Pension savings

Most UK taxpayers get tax relief on personal pension contributions, based on the rate of tax they pay.

A basic rate taxpayer (and starter rate in Scotland) will get 20% relief on pension contributions. A taxpayer who pays £80 into their pension will get £20 paid in by the Government.

Higher and additional rate taxpayers, and top rate taxpayers in Scotland, may get higher relief.

You may need to watch out for the annual allowance. This is the amount you can save in a pension, or the amount your pension can grow each year before a tax charge arises. The amount of the annual allowance depends on your circumstances.

7. JISA

A Junior ISA or JISA is a tax-free savings account for children. You can use a JISA to save for children and grandchildren. The limit for saving in a JISA is £9,000 per annum. Saving in a Junior ISA for a child or grandchild does not use your ISA allowance.

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8. Charitable donations

Making charitable donations through gift aid gives higher and additional rate taxpayers tax relief at the basic rate. The charities can also claim an extra 25% on your donation, at no cost to you.

You can elect to include a gift aid payment made at the current date on your prior year tax return. For example, you can include a donation made on 1st October 2023 on your 2022/23 tax return. This means you get tax relief sooner.

9. Marriage allowance

Marriage allowance lets an individual transfer some of their personal allowance to their husband, wife or civil partner. This can result in income tax savings.

If one person does not use all their personal allowance, the other person can use some of it to reduce their tax. Both individuals must be basic rate taxpayers.

10. High income child benefit charge

An individual receiving child benefit with income over £50,000 may be subject to the high income child benefit charge. This means they will need to pay some or all the child benefit back to HMRC. Where it is possible to move income between spouses, it may be worthwhile and remove the tax charge.

How can S.M. Vint & Company help?

Our proactive and qualified team at S.M. Vint & Company can help you to plan for tax effectively. To discuss your options further, speak to our expert team today on 028 406 62490 or email us at enquiries@smvint.co.uk.

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Digital Tax Misconceptions

SM Vint & Co Ltd — Fri, 17 Jun 2022 12:37:58 +0000

Confused about digital tax? Many are in this rapidly advancing technological age, the purpose of this blog is to clear up any confusion or false information you may have heard regarding this modern convenience. The ongoing belief that more traditional approaches are still the most efficient way is false and going digital should be a primary consideration.

At SM Vint & Co, this month’s blog is focused on clearing up common misconceptions regarding digital tax. For more information, call us in Banbridge on 02840 662 490.

Making Tax Digital is Unpopular

With its sudden and impactful emergence, it’s a given MTD has seen opinions drawn from both sides due to some still showing preference toward more traditional methods. A recent government evaluation revealed that in fact, around 1.4 million businesses had signed up to MTD for VAT related issued by March of 2020. Such numbers certainly show the popularity of this method is considerable and growing.

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Extra Hassle

It’s to be expected coming to grips with the new software involved with MTD will take longer for some, but once you do the payoff will be more than worth it. Time saved in excess of over 7 hours a month is one of the stand outs, a considerable difference as apposed to more traditional bookkeeping methods, allowing for extra time to be used more productively.

As well as being clearer cut in terms of viewing your businesses overall finances, the software automates time-consuming admin tasks, including the sending of late payment reminders. Therefore, despite common misconceptions, this method is actually more efficient than the more manual alternative.

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You Keep Extra Records

As confirmed by HMRC themselves, MTD will not require you to keep more records as was previously required, and nor will you be obligated to provide them with more information. Meaning despite the change of process you will not have to provide a different amount of information than when you opted for the bookkeeping method.

Furthermore, your own records can be stored more easily and in such a way that the readability is increased tenfold. This will make the prospect of locating a specific file or piece of information easier than ever before

Contact Us Today

For more information about Making Tax Digital, please contact SM Vint & Co. We can offer you advice about how to make the switch. Call us today on 02840 662 490.

Alternatively, you can make an enquiry through our contact form.

Contact

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Making Tax Digital for VAT

SM Vint & Co Ltd — Fri, 18 Feb 2022 09:25:15 +0000

HM Revenue and Customs (HMRC) are reminding VAT-registered small businesses to sign up to Making Tax Digital for VAT from 1^st of April 2022. This is the first step in HMRC’s plan to digitise the UK’s taxation system.

This month’s blog at SM Vint & Company explains how Making Tax Digital for VAT affects your business. For further advice, call us in Banbridge on 02840 662 490.

What is Making Tax Digital?

Also known as MTD, Making Tax Digital was first introduced in April 2019 for VAT registered businesses trading above the VAT registration threshold of £85,000. However, it is now being extended. This means that businesses currently exempt from the rules, due to being voluntarily registered and trading below the registration limit, will also have to comply.
The aim of MTD is for businesses to eventually go paperless. With digital tax, HMRC is trying to make it easier for businesses to get their VAT correct. HMRC expects many businesses to begin to use specialist accounting software. Furthermore, all businesses must actively register with HMRC for MTD, and can choose to voluntarily register before 1 April 2022 if they are ready sooner.

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Test Your Business

Once your business has signed up, you are required to keep digital VAT records and use Making Tax Digital-compatible software to complete the following tasks:

Updating your VAT records
Generating new VAT returns
Submitting new VAT returns to HMRC online

You will no longer be able to file VAT returns via the HMRC website and must use MTD-compatible software.

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How Do I Register?

You can register your business online via the Government portal, using your Government Gateway login details. If you don’t already have a login, you will need to create a new account. However, if you have filed conventional VAT returns before, the chances are you already have a login. Additionally, SM Vint & Company can register your business on your behalf.

To submit your application for Making Tax Digital, you must provide the following:

Your valid Government Gateway ID and password
Your business’ VAT registration number
The date of becoming a VAT-registered business
The postcode of your primary business base
The ‘Box 5’ figure listed in your latest VAT return
The month your latest VAT return was submitted
Your chosen MTD-compatible accounting software

Contact Our Team

If you’re feeling in the dark about Making Tax Digital for VAT, don’t hesitate to contact SM Vint & Company. We can offer you guidance and help make the transition easier. Call us in Banbridge on 02840 662 490. Alternatively, send us an enquiry via the contact form and we will be in touch.

Visit our Facebook page for the latest updates.

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S.M Vint & Co launches Christmas Food Appeal

SM Vint & Co Ltd — Tue, 07 Dec 2021 16:28:46 +0000

S.M Vint & Company have launched their Christmas Food Appeal, with the aim to support local families in the community who may be experiencing some hardship this Christmas. We have asked for Non Perishable items as in the list below to be donated to the offices by 10^thDecember 2021. Speaking with Director Thomas Vint “we want to help those who are less of than ourselves and feel the food appeal is a good way to support families in need this Christmas”

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A Guide to Starting a New Business

SM Vint & Co Ltd — Thu, 18 Nov 2021 15:11:17 +0000

If you think you are ready to take the plunge and start a new business, there are many things you need to consider. There is lots to do, learn and there is plenty of opportunity.

This month’s blog at SM Vint & Company offers you a guide to starting a new business. For further assistance, call us in Banbridge on 02840 662 490.

Find Your Business Niche

Starting a business is about finding an open area of a market and filling it. Your own skills will help you define your niche. If you have a lot of knowledge in the field you wish to pursue, you will have a significant head start.

When thinking of a niche, you must think about your market. There are customers who want what your start-up will provide. You also need to consider your competitors.

Research Your Idea

Market research is an important factor when launching a business. You will need to research the process and ensure you meet the legal obligations required. Research helps you make decisions about what will and won’t sell, and potential opportunities.

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Test Your Business

After thorough market research, it is time to test your business. Many people who skip this stage end up wasting time chasing a business venture that doesn’t work. When testing your business, there are a few aspects to consider:

How much revenue could you generate/how many products can you sell?
How much customer interest can you generate?
How much of a reputation can you generate?

Create A Business Plan

Once you have chosen your business idea and tested it, it is time to create a plan. This will outline your objectives and how you plan to achieve them. A business plan is great for creating a structure, so you and outside parties can understand what you seek to achieve.

Great planning from the very start can be the difference between success and failure.

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Select A Business Structure

Before registering, you will need to choose a legal structure for your business:

Sole Trader
Partnership
Limited Company

Secure Funding

How much money you need to secure to start a business depends on your product or service. You may not need much of an investment if you start off small. By identifying costs in your budget, you should know how you will fund your project.

Bear in mind that you may be able to find grants for new businesses to ease the financial burden.

Plan Your Advertising Strategy

Now you need to think about how you will attract consumers and grow your business. You will need to consider marketing and branding.

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Set Up Accounting & Tax

When it comes to starting a small business, it is advisable to hire an accountant. A reliable accountant will save you more money and they will ensure you:

Pay the correct amount of tax.
Ensure you meet, file, and pay and deadlines.
Have the expert financial advice you need.
Ensure your accounts comply to HMRC.

Your accountant should make the financial aspects of your business much easier to handle.

Find Out More

For further advice on how to set up your business, contact SM Vint & Company. We are always on hand to assist. Call us on 02840 662 490. Alternatively, you can fill out our contact form.

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A Guide to VAT

SM Vint & Co Ltd — Tue, 05 Oct 2021 09:06:46 +0000

VAT is applied to many goods and services, so it is an essential aspect of a business’s financial plans. Hiring accountants to manage your tax will ensure you are paying the correct amount to HMRC on time.

In this month’s blog at SM Vint & Co. we provide a guide to VAT (Value Added Tax). Contact our team in Banbridge on 02840 662 490 for more information.

What is VAT?

VAT (Value Added Tax) is the tax companies and consumers pay for goods and services. These charges can be applied to a range of sales, including:

Household Items
Clothes
Services

The standard rate of VAT in the UK is 20% which is applied to almost half of all products and services. However, there is a reduced rate of 5% for items such as sanitary products and home energy.

Some products and services are exempt or have a zero rate applied. These include books, children’s clothes, stamps and donated items in charity shops.

How it Works

Charging VAT encourages businesses to sell more and earn more money than a progressive income tax would. All prices for products in shops include the applied VAT, so companies that purchase items with the tax can reclaim it in their VAT returns.

There are many reasons you may need to file a tax return, including if you:

Own a Company
Have Large Amounts of Savings
Are Self-Employed
Have Rental Income

Accountants look through a company’s invoices and calculate their tax liability. Then, they complete the return and submit it to HMRC on time. Businesses can complete these forms themselves, but experts will ensure no mistakes are made, as if the returns are filed incorrectly, you could be liable for fines or potentially pay too much.

Find Out More

Contact our team at SM Vint & Co. in Banbridge for more information about VAT or expert advice. Call us on 02840 662 490 to consult a specialist. Alternatively, send us a message via email at enquiries@sm-vint.co.uk or through the contact form for a prompt response.

Visit our Facebook page for the latest updates from our team.

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