MA & CO Accountants

Listen to the MA & CO Podcast Introduction 📝 The IR35 tax rules have transformed the way freelancers and contractors work in the UK. Many self-employed individuals are uncertain whether they need a tax adviser or an accountant to handle their financial and tax matters. This guide explains the key differences between these professionals and when you should seek their help. It also covers IR35 status determination , how to stay HMRC-compliant , and best practices for financial planning as a freelancer. Understanding IR35 Reforms 🔍 What is IR35? 📜 IR35 , also known as off-payroll working rules , determines whether a contractor is truly self-employed or should be considered an employee for tax purposes . This affects how much income tax and National Insurance a freelancer must pay. Who Does IR35 Affect? ❓ IR35 applies to: Freelancers and contractors working through a personal service company (PSC) . Medium and large businesses engaging contractors . Public sector organiza...

                                                                     Listen to the MA & CO Podcast Cryptocurrency has become an important part of the financial world. In 2025, HMRC has updated its rules on crypto tax UK , making it essential for investors and businesses to understand their tax responsibilities. This guide explains how accountants handle HMRC reporting and ensure compliance. Understanding Crypto Tax in the UK 🏦 Cryptocurrency transactions are taxed in different ways depending on their nature. Here are the key tax classifications: Capital Gains Tax (CGT) : If you sell or trade Bitcoin (BTC) , Ethereum (ETH) , or other cryptocurrencies for profit, you may owe capital gains tax . Income Tax : Earnings from staking, mining, airdrops , and DeFi lending are treated as taxable income. VAT on Crypto...

                                                                       Listen to the MA & CO Podcast Introduction 😊 Running a bungee jumping company can be exciting and rewarding, but it also comes with tax responsibilities. Understanding corporation tax is essential to ensure compliance and maximize tax efficiency. This guide explains how UK corporation tax applies to bungee companies , covering tax rates, deductions, and legal requirements. What is Corporation Tax? 💰 A corporation tax is a tax on the profits of limited companies. In the UK, all companies, including bungee jumping businesses , must pay this tax. The current corporation tax rate depends on the company’s annual profit : Annual Profit Corporation Tax Rate Up to £50,000                   ...

Listen to the MA & CO Podcast Navigating taxes can feel overwhelming, but understanding the differences between  corporation  and  personal taxes  can make a big difference for your business. Whether you're a  sole trader ,  freelancer , or operate a  limited company , choosing the right tax structure is critical. In this guide, we'll explain the differences in simple terms, helping you decide what's best for your needs. What Is Corporation Tax? 💰 Corporation tax is a tax paid on a company's profits. This applies to limited companies and some other types of organizations like clubs and societies. Starting in April 2023 , the UK introduced a main rate of 25% for profits above £250,000 . However, smaller businesses with profits under £50,000 enjoy a lower rate of 19% . Key Features of Corporation Tax: 📉 Applies to: Profits made by limited companies . Allowances: Includes deductions for tax-deductible expenses and Annual Investment Allowance ...

Listen to the MA & CO Podcast The   self-assessment tax return deadline   is a critical date for millions of taxpayers in the UK. Missing this deadline could lead to fines, penalties, and unnecessary stress. With around 5.4 million people still needing to file their returns before the January 31 deadline, it’s important to understand the process, avoid mistakes, and stay informed about potential scams. This guide will explain everything you need to know in simple, clear language. 📅   Key Dates and Penalties 🔔   Important Deadlines January 31:   Deadline for submitting your self-assessment tax return online and paying any tax owed. April 30:   Late filing penalties increase if the return is still outstanding. 📉   Penalty Breakdown Timeframe Penalty 1 day late            £100 fixed fine (applies regardless of tax owed). After 3 months            £10/day for up to 90 days (£900 maximum). A...

Listen to the MA & CO Podcast The UK tax landscape is always evolving. In 2025, HMRC (HM Revenue & Customs) is set to prioritize specific areas for tax investigations. Whether you are a small business owner, landlord, or contractor, staying compliant is essential to avoid penalties. This guide breaks down HMRC’s focus areas, the regulatory frameworks , and how these changes may impact you. Key Areas of Focus 📌 HMRC’s focus in 2025 will include: 1. Making Tax Digital (MTD) 🖥️ MTD compliance is mandatory for all VAT-registered businesses and will expand to self-employed individuals and landlords. The goal is to improve digital tax reporting accuracy and reduce errors in tax filings. Example: Digital Bookkeeping Compliance Let’s assume a small business earns £100,000 annually and files VAT quarterly. By adopting digital tools under MTD, they: Save 20 hours per quarter in manual calculations. Reduce errors by 95%. Stay compliant with HMRC’s penalties, which can range from £50...

                                      Listen to the MA & CO Podcast As the self-assessment deadline approaches, many people face the same challenge: large tax bills. But there’s good news—you can take practical steps to reduce your tax liability. Some of these tips may surprise you, as they go beyond the usual advice about pensions and ISAs. Let’s explore eight unique ways to lower your self-assessment tax bill. 1. Mileage Claims 🚗 If you use your personal car for business , you can claim tax relief on mileage. Here’s how it works: 45p per mile for the first 10,000 miles. 25p per mile for any additional miles. What makes this tip unique is that the mileage allowance applies per company . So, if you work for multiple unassociated companies, you can claim mileage for each. Example Calculation: If you drive 12,000 miles for a company: First 10,000 miles: 10,000 x 45p = £4,500 . Remaining...

                                                                       Listen to the MA & CO Podcast Navigating financial regulations can be challenging for small businesses, but recent updates to the audit exemption thresholds in the UK are designed to simplify compliance. These changes aim to ease the administrative burden for small companies while ensuring transparency in financial reporting. Let’s explore the new thresholds, their benefits, and what they mean for your business. What Are the New Audit Exemption Thresholds ? 🔍 From January 1, 2024, small companies in the UK can claim audit exemption if they meet at least two of the following criteria: Annual turnover : Not exceeding £10.2 million Balance sheet total : Not exceeding £5.1 million Average number of employees : 50 or fewer Example Calcula...

                                                                        Listen to the MA & CO Podcast Transport for London (TfL) is entrusted with providing a safe, efficient, and reliable transport system for millions of daily commuters. However, repeated service failures—marked by delays, overcrowding, and breakdowns—have led to growing frustration and public outcry, especially as taxpayer funds are poured into the system without meaningful, lasting improvements. This article examines how TfL’s shortcomings have impacted passenger safety, accountability, and public trust. A Growing Crisis in Public Confidence Despite significant public investment, TfL continues to fall short of expectations. Key concerns include: 1. Ineffective Use of Public Funds TfL has introduced policies, such as the Workplace Violen...

  Taxes are an essential part of life in the UK, helping to fund public services such as healthcare, education, and infrastructure. However, understanding the various rules and regulations can seem overwhelming. In this comprehensive guide, we break down the key elements of the UK tax system in a way that is simple and easy to follow. What is the UK Tax System? 🏛️ The UK tax system collects revenue through direct taxes (e.g., income tax and corporation tax) and indirect taxes (e.g., VAT and customs duties). The funds raised are used to support public services. The primary body responsible for collecting taxes is HM Revenue & Customs (HMRC) . Types of Taxes: Direct Taxes: Applied to earnings (e.g., income tax, corporation tax). Indirect Taxes: Applied to goods and services (e.g., VAT). Example: If you earn £40,000 per year, you’ll pay 20% tax on the portion above your personal allowance of £12,570. Key UK Taxes You Should Know 📝 1. Income Tax 💰 Income tax is paid on e...