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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.  

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.

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.

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…

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!

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.

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.

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.

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.

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.

Checking your National Insurance record before 31 July 2023 may help boost your pension

Gain skills for life with our apprenticeship scheme!

Did you know that this week is National Apprenticeship Week? Yes, that’s right – from 6th-12th February the government is bringing the apprenticeship community together to celebrate the various schemes available across the UK. This week is an opportunity for employers and organisations to showcase their apprenticeships and why they’re a worthwhile career path.  The […]

Audio-Visual Creative Industry Tax Reliefs to be reformed from 2024

There are currently eight creative industry tax reliefs available for production companies in the UK. These are divided into two subsets, five of which are audio-visual reliefs and three cultural reliefs. The government is currently in consultation about the reformation of the audio-visual reliefs in the near future, which is expected to run until the 9th of February 2023.

Plan ahead for upcoming corporation tax changes in April 2023.

You’re probably well aware by now that the main rate of corporation tax is increasing from 19% to 25% for companies with profits over £250,000 on the 1st of April 2023. Ahead of these upcoming changes, it’s a good idea for your company to assess how you will finance the increased rate (should it apply to you).

Make the most of your remaining ISA allowance before the deadline!

Using an Individual Savings Account (ISA) is a great way to save tax-free throughout the year. As we speed through the last quarter of the 2022/2023 tax year, it’s becoming increasingly important to take advantage of your remaining allowance before the ISA deadline, otherwise it’ll be wasted.

HMRC launches ‘nudge’ letter campaign targeting offshore corporate property owners

HMRC has used Land Registry and other data to identify non-resident corporate owners of UK property that may not have met their UK tax obligations. It will be sending one of two ‘nudge’ letters to identified corporate property owners, together with a Certificate of Tax Position.  HMRC sends ‘nudge’ letters to taxpayers whose tax affairs […]

HMRC investigating UK taxpayers connected with Euro Pacific International Bank

HMRC is investigating UK taxpayers connected with Puerto Rican-based Euro Pacific International Bank. The bank’s operations have been suspended for allegedly assisting clients with tax evasion and money laundering. HMRC is urging UK taxpayers with connections to the bank to check their tax position and contact them. The Joint Chiefs of Global Tax Enforcement (known […]

mgr acquires the MAP Partnership

mgr, the London-based accountancy firm, is pleased to announce its acquisition of the MAP Partnership, an established accountancy firm specialising in business and tax advisory services, alongside accounting and tax compliance services.

HMRC interest rates increase for late and early payments

HMRC interest rates are linked to the Bank of England base rate by legislation. The recent interest rate rises have therefore led to an increase in HMRC interest rates. HMRC says the late payment interest rate encourages prompt payment by taxpayers and ensures fairness for those who pay their tax on time. The repayment rate […]

Post-Brexit, what are the changes to the rules on importing, exporting and labelling organic food and other products?

The rules for importing and exporting changed from 1 January 2021, with resulting changes in labelling requirements. This article examines some of these changes. Importing and exporting organic food and feed – changes from 1 July 2022 For the purposes of organic food and feed, the UK and the EU (plus Norway, Iceland and Liechtenstein) […]

Government announces review of the taxation of residential property income

The Office for Tax Simplification (OTS) has published a scoping document for a review of the taxation of property income, and mgr is taking part in the consultation process. This article examines the review. The review’s focus is to identify opportunities to simplify the tax and administrative treatment of individuals, partnerships or micro companies that […]