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CIR planning for property developers

Property developers who are capitalising some of their financing costs as property trading stock should be aware of the following risk and planning opportunity.   The Corporate Interest Restriction (“CIR”) is legislation which limits how much companies can benefit from utilising financing costs to reduce their Corporation Tax bill. You may recall our blog from last […]

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Future-proofing our services and our planet with One Tree Planted

In our most recent endeavour to ensure the sustainability of our service offering, we are delighted to share our latest partnership with One Tree Planted. As part of this newfound collaboration, we have pledged to plant one tree for every client who completes our Spring 2024 Survey, with a total donation goal of £500!  With […]

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ATED: what does it mean for your company?

Companies owning residential properties must consider whether they fall within the Annual Tax on Enveloped Dwellings (ATED) regime. ATED is an annual tax payable by any non-natural person, for example a company, that holds an interest in a UK residential property valued at over £500,000. An ATED return must be filed, even when no tax […]

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QIPs: Corporation Tax payment deadlines for large and very large companies

Rapidly growing companies must consider the tax payment deadlines that large and very large companies in the UK are subject to. Rather than paying Corporation Tax 9 months and 1 day after the accounting period ends as smaller companies do, large and very large companies are subject to quarterly instalment payments (QIPs). At mgr, our […]

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Spring Budget Report 2024

Budget Highlights We are pleased to share our summary of the Spring Budget delivered by the Chancellor, Jeremy Hunt, on Wednesday 6 March. Drawing attention to the UK’s continued creative industry growth, Hunt claimed that we’re set to be second only to Hollywood by next year! Incorporating this in the government’s top priorities for spending, […]

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Our Spring Budget Predictions

What should we expect from the 2024 Spring Budget?  With this year’s Spring Budget being the last budget before the general election, many are wondering whether the Chancellor will deliver any pre-election giveaways in his announcement.   Amid discouragement from the International Monetary Fund (IMF) to implement further tax cuts, speculation is growing around what exactly […]

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National Heart Month: Volunteering with ECHO

In light of National Heart Month, we thought it would be the perfect opportunity to showcase the work that a member of our audit and accounts team, Karan Panesar, does within the cardiac community. Below, Karan shares an insight into his time volunteering with the Evelina Children’s Heart Organisation:  ECHO supports families affected by children’s […]

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Corporate group or standalone entities?

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Content Creation to Tax Compliance: navigating your success

The current generation of social media has made earning through content creation more accessible than ever before. What often starts as a fun hobby for social media users can quickly turn into an income stream worth quitting their day job for!  When you hear the title ‘influencer’ or ‘content creator’, it’s likely to conjure up […]

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Let’s make a difference: Volunteering with Crisis.

Over the festive period, our HR Coordinator, Simran Patwalia, volunteered with Crisis – the national charity working with people who are experiencing homelessness. Below, Simran shares an insight to her time volunteering…    Crisis helps people directly out of homelessness, and campaigns for the changes needed to solve it all together. On one of my […]

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The implications of staff entertainment and PSAs

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The Paris Partnership joins mgr

mgr is pleased to announce that The Paris Partnership – a practice which offers compliance-driven services, spanning across accountancy, audit and taxation – has joined the mgr business, with effect from Friday, 1st December 2023. The deal secures partner succession, whilst strengthening existing services for clients of the newly combined business.   The Paris Partnership prides […]

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National Insurance cut by 2%

Bonus or dividend? It’s an age-old question that we’re often asked by business owners. In fact, you may recall our article from earlier this year, which explained how the April 2023 Corporation Tax changes meant that in some cases, it may be more tax efficient for a business owner to pay themselves a bonus, rather […]

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Autumn Statement Analysis

Against a challenging fiscal backdrop and pressures to continue reversing inflation, the 2023 Autumn Statement presented an opportunity for the government to demonstrate solid plans for growth and win back public confidence. Following previous suggestions of tax cuts being near-impossible, we’re sure you were as surprised as we were to watch a statement unfold that […]

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Autumn Statement 2023: Our Predictions

What are your thoughts about the upcoming Autumn Statement? With less than one week to go until Jeremy Hunt delivers his statement to the House of Commons, predictions are well under-way about what exactly will be announced by the Chancellor.   While recent economic statements have prioritised economic growth and stability, the UK has been suffering […]

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The UK’s research and development landscape

Does your company contribute to the UK’s science or technology sectors? If so, then it’s vital that you access the correct tax reliefs to sustain this. The landscape of the UK’s research and development (R&D) system is constantly evolving to keep up with the needs of those investing in specific projects, whilst also protecting it […]

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Completion Mechanisms

So you’ve found a buyer for your business, now it’s time to decide which completion mechanism is right for you.   There are two main completion mechanisms; Completion Accounts and Locked Box. The benefits of each will vary on a case-by-case basis, and should be considered carefully before making a final decision about which route is […]

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HMRC prompts parents to re-register 16-year-olds for child benefit.

Did your child collect their GCSE results today? If so, depending on their chosen post-16 route, you must re-register them before 31st August 2023 (next Thursday) to continue receiving child benefit.    You should have received a letter from HMRC during your child’s last year at school, urging you to confirm their plans. Understandably, some […]

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Update: Deadline for voluntary National Insurance contributions extended to April 2025

Have you topped up your National Insurance record yet? Until recently, the deadline for making voluntary contributions dating back to April 2006 was 31st July 2023. But don’t worry - this has now been extended to 5th April 2025. 

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Corporate Interest Restriction

The Corporate Interest Restriction (CIR) legislation limits the tax relief a group of companies can claim for deducting net interest and other financing costs to £2m per annum. With interest rates rising, the Corporate Interest Restriction will inevitably affect many more companies and groups going forward. Joel Calitchi sets out a brief overview of the CIR legislation.  

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Determining the place of supply for VAT purposes on international services

A common misconception post-Brexit is that there have been significant changes to the way that VAT is applied to international services. But to put it briefly, subject to certain exceptions, not much has changed regarding the cross-border supply of services. If your business offers international services, it’s important that you fully understand how to comply with VAT regulations, from where the place of supply is classed as, to reverse charge obligations.

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Do new tax changes make it more tax efficient to take a dividend or pay a bonus?

How does the Corporation Tax rise to 25% and the reduction in the tax-free dividend allowance from April 2023 affect business owners’ ability to extract profits from their companies?   In most cases in recent years, it has been more tax efficient to take a dividend than pay a bonus. However, the tax changes which […]

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Tax Simplification: the Government’s ambition to simplify the tax system

Did you know that small businesses account for 61% of private sector employment, and have an estimated turnover of £2.3 trillion? Despite this status in the UK’s business sector, it often seems that the tax system is set up to complicate operations for these small businesses, discouraging new ventures.

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Helping UK businesses with National Minimum Wage compliance

Earlier this month, the UK national minimum wages (NMW) and national living wage (NLW) increased. This came as part of the government’s attempt to accommodate low-paid workers struggling with the cost-of-living crisis. Continue reading for a full breakdown of the new wages…

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How to be financially prepared for the 2023/24 tax year

Now that we’ve reached the end of the 2022/23 tax year, it’s the perfect time to set out your financial plan for the year ahead. In fact, before any more deadlines catch up with you, there’s no time like the present to make sure you’re prepared for stability and success in 2023/24!

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Upcoming Pension Tax Reform April 2023

From 6th April 2023, new measures will be introduced, allowing individuals to build their retirement savings further than previously allowed, should they continue to work past retirement age. At the same time, this will hopefully help to restore the UK’s economy and support much-needed services, such as the NHS.

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Paying Capital Gains Tax on Property

If you are looking to sell a property that is not your main home, then it’s important to make sure you’re aware of the capital gains tax (CGT) that you may be required to pay.

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Upcoming changes to corporation taxes and capital allowances

A large proportion of last week’s budget was dedicated to business, and as we approach the tax year-end there are a number of imminent changes to corporation tax and capital allowances to be aware of.

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mgr announce merger with Scodie Deyong

mgr is pleased to announce the merger with Scodie Deyong, a full-service accountancy firm specialising in business services and compliance.

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Spring Budget 2023: Our Predictions

As we get closer to the Spring Budget announcement on 15th March, the predictions of what it could entail are rolling in. Growth seems to be the theme of the announcement yet again, as the nation continues to recover from the pandemic and the recession that it has resulted in.

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