News Archives - MMT Accounting Services

Coronavirus Business Support – Budget Update

Coronavirus Business Support - Budget Update The Chancellor announced new measures to help businesses and jobs through the pandemic and pledged support to the UK’s long economic recovery. A recent study showed that only one in four businesses in retail, hospitality and leisure would be able to pay business rates in full at the end of March. Therefore, he announced another business rates holiday until the 30 June 2021. This will be followed by 66% business rates relief for the…

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12th March 2021

News / Tax

March 2021 Budget Highlights

The Budget highlights and how they may affect you. Rishi Sunak said in his budget statement that the outlook for unemployment looks more positive than originally anticipated. But, he added that the economic harm caused by coronavirus was “acute” and warned that it will take a “long time to recover”. He outlined a series of tax raising plans to help balance public finances and here are the highlights. Corporation Tax Part of his strategy will be to increase Corporation Tax…

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4th March 2021

News / Tax

Tax Changes for Property Owners

Tax changes for property owners. HMRC are removing lettings relief from 6 April 2020. They will also reduce the final period exemption by half. These changes to Capital Gains Tax (CGT) will have ramifications for those selling or renting property. When you sell a property that you live in, your are not subject to Capital Gains Tax. This is because you are covered by the Principal Private Residence Relief (PPR). Lettings relief was introduced in 1980. This allowed people to…

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3rd March 2020

Accountancy / News / Tax

Moving Goods Into And Out Of The EU

The UK has left the EU. There will be a transition period from the 1st February to 31 December 2020 for business, trade and travel. During the transition period, the current rules for moving goods into and out of the EU will still apply. These rules will change after the 1 January 2021 but there are some preparations that you can make now. If your business wishes to move goods into and out of the EU after the 1 January…

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10th February 2020

News / Sole Trader / Tax

Construction Industry Service – VAT Domestic Reverse Charge (DRC)

What is the CIS VAT Domestic reverse charge (DRC)? HMRC announced the implementation of the Construction Industry Service VAT (DRC) domestic reverse charge from 1 October 2020. The Construction Industry Service VAT (DRC) domestic reverse charge is a new accounting procedure. This will affect builders if both the supplier (sub contractor) and customer (contractor) are VAT registered, Builders who are not VAT registered can ignore the changes. If you are VAT registered and supply services to a non VAT registered…

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21st October 2019

News / Tax / Technology

New Income Tax Year 2019/20

Key changes to be aware of for the 2019/20 income tax year Alterations to Income Tax Rules for the new income tax year 2019/20 mean that from April 6 2019 to 5 April 2020 the personal allowance will increase from £11,850 to £12,500. This is the amount you can earn annually, before you are required to pay tax (also known as free pay allowance). Earnings above £12,500 are taxed at a basic rate of 20% up to earnings of £37,500. …

7,016 Comments

26th March 2019

News / Tax

Plastic Packaging Tax Proposals

The Government has launched consultation to outline a proposed tax on plastic packaging with less than 30% recycled content. It was announced in the 2018 Budget and is due to take effect from April 2022 According to the government 44% of plastic used in the UK can be accounted for in packaging and 67% of plastic waste. This equates to over 2 million tonnes of plastic yearly. Evidence obtained by the government highlighted that using recycled plastic is often more…

7,314 Comments

7th March 2019

News / Tax

Non Resident Stamp Duty Introduction

New Stamp duty land tax surcharge for non-UK resident home buyers to be introduced The government plans to help control the rise of house prices by considering a new surcharge levied on non-UK resident home buyers. Proceeds of this new surcharge would be put towards measures to tackle rough sleeping . The proposed increase of 1% was announced at the Budget 2018 following a commitment made by the Prime Minister. HMRC rules on residential status for tax purposes are available…

7,799 Comments

12th January 2019

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