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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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Jointly-owned property: have you done what it takes to get the split?

Investing in a rental property can provide a valuable source of additional income. If the property is owned jointly, each partner pays tax on their share of the income. But for married couples who own property together, it’s different, and there are tax planning opportunities where they can minimise their tax. Rental income for married […]

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Increase in Annual Investment Allowance should bolster future productivity

In a follow up to his recent blog on the new Structures and Buildings Allowance, Nick Muir considers the changes to the Annual Investment Allowance introduced in the recent budget. I recently wrote about the new Structures and Buildings Allowance (“SBA”) and commented on how I hoped this might in some small way help address […]

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New Structures and Buildings Allowance may lead to post-Brexit productivity boost

One of the least reported measures in the autumn budget may stimulate Britain’s productivity at a crucial time as we head towards Brexit. Nick Muir looks at the new Structures and Buildings Allowance. The single most important long-term success factor in any economy is productivity. And let’s face it, Britain hasn’t got a great productivity […]

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How would you value your business if you went on Dragons’ Den?

“Valuation is an art, not a science”, or so the saying goes. But as Nick Muir explains, business valuations are a bit of both. In this blog, Nick sets out some common approaches to business valuations and offers advice to anyone brave enough to enter Dragons’ Den. Dragons’ Den is back on our screens on […]

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mgr joins the ETL Global network

We are delighted to announce that mgr is partnering with ETL Global and has become a member of the ETL Global network. Joe Weston, mgr partner, says: “From a client point of view, nothing will change in the attention and care we provide on a day-to-day basis. The way the network operates means we will continue […]

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Foreign Entertainers Unit

Since the dawn of pop, the UK has been a major player on the world’s music stage generating over £2.5 billion in exports and attracting over £4 billion in music tourism in 2016 according to UK Music’s Measuring Music 2017 report.

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