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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…
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…
Landlords review options following Chancellor’s announcement on Capital Gains Tax
The Chancellor’s recent announcement of a major overhaul of capital gains tax, together with the controversial buy-to-let tax changes over the last three years, is driving landlords to consider significant changes to their property portfolios. Under the proposals, the maximum capital gains tax (CGT) rate of 28% could be raised closer to income tax rates,…
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…
Update to our Update: Coronavirus Government Business Support
On 5th November 2020, Chancellor Rishi Sunak announced changes to the government support packages for businesses that were previously extended on 12th October 2020. This means that businesses will receive additional support from the government to help them through the pandemic during the coming winter months. Coronavirus Job Retention Scheme (CJRS) The Chancellor has announced…
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…
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…
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…
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…
Payroll Services from MCC
Business owners who attempt to complete all the work associated with managing a company’s payroll on their own often find that it is a time consuming activity. This time and energy would be better focussed on other areas of the business, such as new client acquisition. Managing payroll has, in recent months, had a further…
Capital Allowances on Commercial Properties
Business owners are forever on a quest to reduce their tax bills. Many are unaware however, that one way they can do this is by claiming capital allowances on their commercial property, through which they can offset the resulting tax relief against their taxable profits. It has been estimated that just 10% of UK businesses…
