MA & CO Accountants

Did you know that UK small businesses collectively overpay an estimated £5.7 billion in taxes annually due to inadequate tax planning? As a small or medium-sized business owner, you're likely juggling countless responsibilities while trying to grow your company. Amid this balancing act, strategic tax planning and financial optimisation often take a back seat—yet these are precisely the areas that can significantly impact your bottom line. In today's challenging economic climate, every pound saved through efficient tax planning is a pound that can be reinvested in your business's growth. At MA & Co Accountants, we specialise in helping UK SMEs navigate the complex tax landscape to maximise profitability while ensuring full compliance with all regulations. Understanding the UK Tax Landscape for SMEs in 2025 🔍 The UK tax system is constantly evolving, with new regulations and requirements that can be overwhelming for busy business owners. Recent changes in tax legislation...

Navigating the intricate UK tax system can feel overwhelming, especially when it comes to managing a Director’s Loan Account . However, understanding how to strategically charge interest on your director's loan can significantly reduce your tax liabilities, enhancing your financial efficiency. This guide explores the precise advantages, actionable strategies, and critical HMRC guidelines to ensure you maximize your tax savings legally and effectively. Understanding Director's Loans 🏦 A director's loan is essentially when you (as a director) borrow money from your limited company. It becomes taxable if the balance exceeds £10,000 at any point during the financial year, triggering both Income Tax and National Insurance Contributions ( NIC ). Policy Stance on Interest Charges 📝 HMRC Official Rate of Interest (ORI) HM Revenue & Customs (HMRC) sets an official rate for loans to directors, currently standing at 2.25% . Charging interest at or above this official rate effect...

Are you one of the millions of Brits with a side hustle ? Maybe you sell handmade crafts online, do some freelance work, or rent out a spare room. If so, we have great news! The UK government plans to raise the tax-free trading allowance for side hustles from £1,000 to £3,000 by 2029. This change will make life easier for people with small second incomes and help more people try new business ideas without worrying about tax right away. Let's look at everything you need to know about this important change. What Is the Trading Allowance? 💰 The trading allowance is a tax-free amount you can earn from casual trading or a side business without telling HMRC or paying tax on it. Right now, this amount is £1,000 per tax year. This helps people who: Sell items online through sites like Etsy or eBay Do small freelance jobs on platforms like Fiverr or Upwork Offer services like dog walking, tutoring or handyman work Have other types of small business income Having this allow...

What's Happening and Why It Matters to Your Business 🧩 The Company Accounts and Tax Online (CATO) joint filing service is closing. This service lets UK businesses send their accounts and tax returns to both Companies House and HM Revenue & Customs (HMRC) at the same time. Now, companies must file these separately. This change is part of the UK government's plan to make its digital services better. While it means some changes to how you file, it also brings new tools that could make things easier in the long run. In this article, we'll explain: What the joint filing service closure means How to file your accounts and taxes now What tools can help you Answers to common questions The End of Joint Filing: What You Need to Know 📋 The Company Accounts and Tax Online service (also called CATO) is shutting down. This means: You can no longer submit your company accounts and corporation tax return in one go You must now use two separate systems : Companies Hou...

Did You Overpay Tax? Here’s How to Get a Refund 🏦 Over eight million UK workers received tax rebates in the 2022/23 financial year , amounting to a staggering £8.3 billion . Many employees unknowingly overpay tax due to incorrect tax codes, payroll errors, and unclaimed deductions . If you think you’ve paid too much, you might be entitled to a refund from HM Revenue & Customs (HMRC) . Common Reasons for Tax Overpayments 🤔 Here are some common reasons why people overpay tax in the UK: Incorrect PAYE tax codes assigned by employers. Multiple jobs or changes in employment status. Overpaid National Insurance Contributions (NICs) . Unclaimed tax allowances such as work expenses or pension contributions. Self-assessment tax miscalculations . Emergency tax codes applied incorrectly by payroll systems. If any of these apply to you, it’s time to check if you’re owed a PAYE tax refund or a Self-Assessment tax rebate . How to Claim a Tax Refund in the UK 💷 Claiming a refund depends o...

Introduction 📈 The UK government has recently announced a strategic shift in its financial priorities, redirecting foreign aid funds to defense spending . This decision has sparked debate regarding its economic impact, benefits, and risks for taxpayers . This article will break down the key aspects of this policy change and provide data-driven insights into its effects. Let's explore: Why the UK is increasing defense spending How foreign aid cuts will affect global commitments What this means for UK taxpayers Financial breakdown and real-world implications FAQs to address common concerns Policy Stance 🌐 The UK has committed to increasing defense spending to 2.5% of GDP by 2027 . To fund this, the government will cut foreign aid from 0.5% to 0.3% of the Gross National Income (GNI) starting in 2027. Category                            Details Defense Spending Increase          2.5% of GD...