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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…
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…
