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The Impact of the Business Interruption Test Case for Salford Businesses

The Supreme Court delivered its judgment on January 15th, 2021, regarding the Financial Conduct Authority’s (FCA’s) business interruption insurance test case.  The Supreme Court has substantially allowed the FCA’s appeal on behalf of policyholders. This completes the legal process for impacted policies and means that many thousands of policyholders will now have their claims for coronavirus-related business interruption losses…

property accountants

Stamp Duty & Land Tax

As part of his 2021 Budget, Chancellor Rishi Sunak announced that the stamp duty holiday will be extended for a further three months until the end of June. For those looking to purchase a property in the near future, this provides much-needed reassurance and an incentive to push ahead with their purchase. If you have…

MCC Cheadle Opening 4

MCC Accountants Expands With New Staff After Raft of Customer Appointments

Salford founded MCC Accountants are to open a new branch in Cheadle later this month. The small business accountants have grown from strength to strength at their Broughton Road base in Salford over the last 12 years. With the number of customers now at capacity for the solo enterprise, the time has come for the…

Calculating Tax

Tax Rates and Thresholds for 2021/22

The current tax year runs from 6th April 2021 until 5th April 2022. In his 2021 Budget announcement, Chancellor Rishi Sunak set out the tax rates and thresholds for the year. These have large implications for small and medium-sized businesses, especially in light of the economic instability created by the coronavirus pandemic. It’s crucial that…

Salford Property Accountants

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…

Houses Of Parliament At Night Panorama

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…

uk tax on cryptoassets

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…

Business and Finance

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. …

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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,…