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APP fraud is a popular scam this year, here’s what to look out for…
Authorised push payment – APP fraud – where fraudsters trick you into forwarding money from your account to theirs – cost consumers more than £207 million in the first half of 2020, according to UK Finance, the trade body representing financial firms. According to experts at GBG, a company that specialises in identity data intelligence,…
The Impact of the Business Interruption Test Case
The Supreme Court delivered its judgment on January 15th, 2021, regarding the Financial Conduct Authority’s (FCA’s) business interruption insurance test case. The Supreme Court has substantially allowed the FCA’s appeal on behalf of policyholders. This completes the legal process for impacted policies and means that many thousands of policyholders will now have their claims for coronavirus-related business interruption losses…
Stamp Duty & Land Tax
As part of his 2021 Budget, Chancellor Rishi Sunak announced that the stamp duty holiday will be extended for a further three months until the end of June. For those looking to purchase a property in the near future, this provides much-needed reassurance and an incentive to push ahead with their purchase. If you have…
MCC Accountants Expands With New Staff After Raft of Customer Appointments
Salford founded MCC Accountants are to open a new branch in Cheadle later this month. The small business accountants have grown from strength to strength at their Broughton Road base in Salford over the last 12 years. With the number of customers now at capacity for the solo enterprise, the time has come for the…
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…
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…
Budget 2021: Key Points
In his recent Budget 2021 announcement, Chancellor Rishi Sunak set out the UK Government’s spending plans for the next fiscal year. It aims to start rebuilding public finances as we move out of the coronavirus pandemic whilst continuing to protect jobs and livelihoods. As such, it contains a mixture of measures, many of which relate…
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…
The tax year end is approaching- it’s time to start your tax planning
The tax year ends on 5 April 2021. Income after that falls into the next tax year ending in 2022. So with the tax year end fast approaching, it is not too late to make the most of what is available in terms of tax exemptions and benefits. Please be aware that tax rules and…
How to submit a deferred VAT payment
On 20 March 2020, the Government announced that VAT payments could be deferred between that date and 30 June 2020, as part of measures to support businesses through the coronavirus pandemic. This deferment option was available to all VAT-registered businesses in the UK and was automatic, meaning it was not necessary to apply to HMRC. …
31 January is the Self Assessment Tax Deadline
Last month, we reminded you about the 31 January deadline for filing Self Assessment tax returns and explained what you need to do. Now, with less than two weeks to go, it is essential you check with your tax advisor or accountant that your return has been filed correctly for the tax year that ended…
Remember to file your online tax return by the deadline
The deadline for filing paper tax returns passed on 31 October 2020. If you missed it, don’t worry; you still have until 31 January 2021 to submit your tax return online. By this date, you must have submitted your return for the 2019/20 financial year and paid off any tax you still owe for the…
