tax self-assessments

Now is the time to think Self Assessment

The deadline for tax self-assessments is fast approaching, and now is the best time to start planning to make their payments. The deadline for the 2020 to 2021 tax year digital tax return is January 31 2022. Everyone knows the process of making sure every invoice is correct and every receipt is accounted for always…

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new UK budget

How will the new UK budget effect property and investors?

On Wednesday Chancellor Rishi Sunak revealed a bumper £150 billion worth of spending in his new UK budget, as well as a variety of reforms and tax changes. He said he was presenting a “new age of optimism” with his “generous” Budget promising public spending increases of 3.8% a year in real terms. The Chancellor…

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Tax Rates and Thresholds for 2021/22

The current tax year runs from 6th April 2021 until 5th April 2022. In his 2021 Budget announcement, Chancellor Rishi Sunak set out the tax rates and thresholds for the year. These have large implications for small and medium-sized businesses, especially in light of the economic instability created by the coronavirus pandemic. It’s crucial that…

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Salford Property Accountants

Government Launches Mortgage Guarantee Scheme

At Budget 2021, Chancellor Rishi Sunak announced a mortgage guarantee scheme that aims to help first time buyers or current homeowners secure a mortgage with a 5% deposit. This measure is designed to ensure the property market remains buoyant and the property sector healthy after a tough year for many businesses. Beginning on 19th April…

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uk tax on cryptoassets

Do you need to pay UK tax on cryptoassets?

The trading of cryptoassets has soared in the past couple of years, and the trend is set to continue. Despite their popularity, many are still unaware that tax rules exist for them, meaning they could face penalties further down the line. With this in mind, here’s what you need to know about paying UK tax…

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Prepare for the end of the Brexit transition period

The UK has left the EU, and the Brexit transition period ends on 31 December 2020. This means UK businesses will need to make immediate preparations for the changes coming into effect on 1 January 2021. The main changes affecting businesses relate to imports, exports, tariffs, data and hiring. In this post, Manchester-based MCC Accountants…

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side hustle tax rules

Tax rules for ‘side hustles’

During the first lockdown, many people set up a side business, often called a ‘side hustle’, to supplement their income after seeing their main income streams dry up. This was largely due to fears over job security and some people having more time to invest in other pursuits whilst furloughed. However, many are unaware that…

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tax advice for businesses in salford

Update: Giving Christmas Gifts, the Tax Implications

It may be tempting as we approach the holiday period and with many Christmas parties probably cancelled or at least severely reduced, for you to plan to treat your customers and/or your team with some gifts. You need to be aware of the tax implications of doing so before going ahead. Gifts For Clients You…

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small business accountants manchester

The Extension of COVID-19 Government Business Support

To support businesses through the pandemic during the winter months, a number of government programmes have recently been extended or replaced by a new scheme. To help you wrap your head around the details, we have drawn up an overview of the key government business support packages as announced on Monday 12th October 2020.  Job…

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manchester tax advisors

Deferring a Self Assessment Payment on Account

Given the current economic climate, money is tight for many people. As part of the Government’s plans to support those most affected by the lockdown, allowances have been made that mean your second self assessment payment on account for the 2019-2020 tax year can be deferred, so long as you are registered in the UK…

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accounting firm manchester

Key Points to Take Away from the Summer Economic Update

Chancellor Rishi Sunak has delivered the Government’s Summer Statement, a plan which has been produced to support the economy as it recovers from the impact of COVID-19. The focus of the intended measures will be a “Plan for Jobs”, encompassing the support, creation and protection of employment. In this blog post, MCC, a leading accounting…

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