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Chancellor’s Summer Statement is a “plan for jobs” focusing on consumers and property

The Chancellor’s Summer Statement on Wednesday 8 July amounted to a £30bn mini-budget aimed at preventing mass unemployment by boosting sectors most affected by the lockdown such as hospitality, tourism and property. Chancellor of the Exchequer Rishi Sunak launched his Summer Statement on Wednesday with some sobering statistics about the state of the economy. He […]

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SEISS scheme extended but claims for the first grant must be made on or before 13 July 2020

The government has announced that the Self-Employment Income Support Scheme (SEISS) is being extended and that the closing date for making a claim for the first grant under the scheme must be made on or before 13 July 2020. As we wrote about in a previous article, if you are self-employed or a member of a […]

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What steps should you take if the lockdown has spurred you into starting a new business?

One positive of the lockdown is that it may have ignited people’s desire to get away from the daily grind and take control of their lives by opening their own business. In this article, we examine some practical issues to consider if you are thinking of going out on your own. “What am I doing […]

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What the government is doing to encourage the take up of electric vehicles

In the Budget 2020, the government confirmed its commitment to having a net zero emissions economy by 2050. As part of this, the Budget introduced measures to encourage the take up of electric vehicles. In this article, we examine these measures and consider recent reports that the government is considering bringing in a new scrappage […]

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Coronavirus Statutory Sick Pay Rebate Scheme available for SMEs from 26 May

Small and medium-sized businesses will be able to recover up to two weeks’ Statutory Sick Pay (SSP) payments made to their employees due to coronavirus. In this article, we look at who is eligible and how to apply. The Coronavirus Statutory Sick Pay Rebate Scheme is being launched by the government on 26 May. Under […]

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Furlough scheme extended until the end of October – can your business claim?

Chancellor Rishi Sunak has announced that the UK furlough scheme (the Coronavirus Retention Scheme) is to be extended until the end of October. In this article, we explain how the scheme works, who is eligible to claim and how you go about making a claim. The Coronavirus Retention Scheme allows businesses that cannot maintain their […]

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Can you claim under the Self-Employment Income Support Scheme (SEISS)?

If you are self-employed or a member of a trading partnership and have been adversely affected by Coronavirus (Covid-19), you may be able to claim a grant under the Self-Employment Income Support Scheme (SEISS). In this article, we explain who can claim, how to claim and how much you can receive under the scheme.   Overview […]

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Covid-19 update: Bounce Back Loans available for SMEs from 4 May

Chancellor Rishi Sunak has announced a new fast-track finance scheme for SMEs called the Bounce Back Loan scheme. The scheme launches on 4 May and applications will be made via a simple online application.  What is the Bounce Back Loan scheme? Small and medium-sized businesses will be able to borrow between £2,000 and £50,000 and […]

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Coronavirus Business Interruption Loan Scheme (CBILS) – Are you eligible and how do you apply?

The Coronavirus Business Interruption Loan Scheme (CBILS) is a government scheme to provide financial support to UK SMEs that are losing revenue and suffering cash flow disruption as a result of the Covid-19 crisis. In this article, we explain how the scheme works, who is eligible for it and how to apply. The CBILS scheme […]

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COVID-19

The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19. The new measures are said to benefit over four million of our most vulnerable households.This includes a package of measures to support businesses including: Job retention schemeAny […]

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Beware – not all HMRC-related emails are bogus (although most are)

A taxpayer recently lost his appeal to a tax tribunal to overturn penalties of £1,300 incurred after he ignored emails from HMRC that he thought were spam. In this article, Jill Springbett sets out what you should do if you receive an email or message that purports to come from HMRC. I often hear from […]

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An FAQ guide to off-payroll working (IR35) for ‘employers’/clients

From 6 April 2020, the off-payroll working rules (IR35) will be extended to the private sector. In this article, partner Jill Springbett answers some FAQs about the new IR35 rules from the point of view of the end client. What are the IR35 rules? The off-payroll working rules (IR35) apply to individuals who provide their […]

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mgr partner Paul Simnock gives presentation to young journalists at the BBC

Paul Simnock, mgr’s media and entertainment specialist, presented a masterclass for young journalists at the BBC’s Broadcasting House in Portland Place on Saturday 8 February 2020. The event was hosted in conjunction with the John Schofield Trust, a charity made up of mentors who run mentoring schemes for journalists at the start of their career. Paul’s presentation, entitled Don’t give […]

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Will the new government abolish entrepreneurs’ relief in the next budget?

In its election manifesto, the Conservative Party promised to “review and reform” entrepreneurs’ relief if it was elected. In this blog, we look at what changes to the relief may mean for entrepreneurs and whether they should consider selling up before the budget on 11 March.   There is little doubt that entrepreneurs’ relief in […]

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Using trusts in tax and financial planning

In this blog, partner Jill Springbett outlines some ways in which trusts can be used as part of financial and tax planning for wealthy individuals.  Trusts can be beneficial for tax and financial planning for wealthy individuals in one or more of the following circumstances: 1. There is more than one generation of the family […]

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Why you should consider Inheritance Tax planning

Many people are reluctant to consider Inheritance Tax planning as it means confronting their own mortality. But it makes sense to do so now despite suggestions that the Conservative Party may abolish it if they win an election. At the recent Conservative Party Conference, Chancellor Sajid Javid said that scrapping Inheritance Tax was “something that’s […]

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mgr attends ETL UK Conference

Members of the mgr team were delighted to attend the ETL UK Conference in Manchester last week. The conference was hugely enjoyable and worthwhile and showed why ETL is such a successful and competent network, with member firms from various jurisdictions working together to assist clients. Apart from all firms in the UK being represented, […]

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Changes to VAT in the construction industry delayed until 2020

A few months ago, we wrote about HMRC’s plans to introduce a reverse charge VAT mechanism to help tackle VAT fraud in the construction industry. The change was due to take place on 1 October 2019, but the government has now announced that it will be delayed for 12 months. The government has responded to […]

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Is it time to reassess your business with a fresh pair of eyes?

How often in business do you encounter an attitude of “If it ain’t broke, don’t fix it”? It is easy to carry on day after day without worrying about changing anything. But circumstances alter and sometimes it makes sense to step back and reassess your business with a cool head and an open mind. People’s […]

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Xero MD Gary Turner gives inspirational talk at mgr’s firmwide digital future meeting

As part of the firm’s commitment to technology, mgr is partnering with Xero, Receipt Bank and Silverfin, three of the world’s leading software providers to businesses and accountants. mgr held a firmwide ‘digital future’ meeting to showcase the latest advances being made by their software partners to our staff. We were honoured that Xero managing […]

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mgr holds latest firmwide update meeting

mgr held its latest firmwide update meeting last week with more than 70 partners and staff listening to presentations from some of the partners while enjoying a five-star breakfast. Highlights of the meeting are set out below. Managing partner Nick Muir opened the meeting by outlining the work being done to arrive at an updated […]

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Changes to entrepreneurs’ relief for disposals after 5 April 2019

Entrepreneurs’ relief reduces the rate of Capital Gains Tax payable on the disposal of certain business assets from 20% to 10% provided a number of conditions are met. In the Finance Act 2019 Parliament made changes to entrepreneurs’ relief in relation to disposals made after 5 April 2019.  Applying to all disposals For disposals of […]

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New Investors’ Relief may help you reduce your CGT bill on shares sold after 6 April this year

Investment Relief was introduced in 2016 to encourage investment and entrepreneurial activity in the UK. In this article, Jill Springbett explains a relief many people may have forgotten exists. Shares subscribed for on or after 17 March 2016 may qualify for the new Investors’ Relief from Capital Gains Tax. To qualify for the relief, the […]

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Be prepared for changes to VAT in the construction industry

HMRC has long been concerned that missing trader VAT fraud in the construction industry is a significant source of lost tax revenue. In this blog, we look at the important changes to how VAT will be accounted for in the construction industry from 1 October 2019 in an attempt to recover this lost revenue. Missing […]

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A Spring Statement in the eye of the Brexit storm

The Chancellor rose in a parliament preoccupied with the ongoing Brexit drama to deliver a Spring Statement on the state of the economy. Mr Hammond made clear some while ago that he wanted his Spring Statement to be a short financial briefing and he stuck to a no-frills script. There were no new tax measures […]

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How will a hard Brexit affect VAT for UK import and export businesses?

With the UK’s scheduled exit from the EU on 29 March a matter of days away, we still have little certainty about the form of the exit or the effect it will have on businesses. The government has, however, issued some guidance for businesses should the UK crash out of the EU with no deal […]

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Act now to preserve your Capital Gains Tax reliefs for your former main residence

Tax-free gains made on selling your own home are being restricted from April 2020 with two reductions in the Capital Gains Tax exemption for the main residence. Gains made on selling a residential property are subject to Capital Gains Tax (CGT) at 28% (18% for basic-rate taxpayers). However, the gain relating to any period in […]

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Employee expenses – how to make the most of mileage rates and encourage eco-friendly travel

You probably know that you can pay the HMRC approved mileage rates for employees. You can also implement a more eco-friendly policy whilst saving you and your employees money. Approved mileage allowances You can pay employees tax-free sums for using their own vehicles for work, whether cars or vans. These are known as ‘approved mileage […]

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Are you ready for MTD – Making Tax Digital?  

Making Tax Digital or MTD – have you heard of it? Everybody seems to be talking about it from the Financial Times to the Daily Mail, so the chances are you have. But have you done anything about it or are you just hoping it will go away? It won’t, so here’s our quick guide […]

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Rare victory for football agent in VAT commission case

A significant VAT case was decided recently in the Court of Justice for the European Union (CJEU) in favour of a football agent in respect of staged commission payments. In a victory for common sense, in this case it was football agent one, VAT authorities nil. The VAT authorities claimed that the service of a German […]

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