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Catch up with our latest news & events

 
10 Questions with... Sharina!
11 Oct 2021

10 Questions with... Sharina!

Next in our series of '10 Questions with' is Sharina, one of MCA's Bookkeepers. 

Read more to find out about Sharina's role at MCA, what her favourite thing about her job is and what three things she'd take to a desert island! 

Back to Basics: Income Tax for Directors
04 Oct 2021

Back to Basics: Income Tax for Directors

The next installment of our new series 'Back to Basics' covers income tax for directors.

When you’re a company director, it’s important to understand the distinction between paying tax on your company profits and tax on your own income. You will pay corporation tax on your profits as a business, and as a director, you’ll also need to pay tax on your personal income as a director, via the self-assessment income tax system.

HMRC Publish Guidance on New Penalty Regime for Late Returns
04 Oct 2021

HMRC Publish Guidance on New Penalty Regime for Late Returns

Finance Act 2021 introduced a new regime for late VAT returns that will apply to VAT periods commencing on or after 1 April 2022 and to other returns at a later date.

HMRC have now published detailed guidance on the new rules.

Updates for Businesses: 27th September 2021
27 Sep 2021

Updates for Businesses: 27th September 2021

Please note that this update is correct as of the 27th September 2021. If you need any help or have any questions on the below please contact us on 01256 883 012.

Updates for Businesses: 13th September 2021
13 Sep 2021

Updates for Businesses: 13th September 2021

Please note that this update is correct as of the 13th September 2021. If you need any help or have any questions on the below please contact us on 01256 883 012.

Back to Basics: What Taxes Will I Need to Pay as a Director?
27 Sep 2021

Back to Basics: What Taxes Will I Need to Pay as a Director?

The next installment of our new series 'Back to Basics' covers what taxes directors need to pay.

When you set up a new company, there are certain business taxes you’ll be liable for as a business. But have you also planned for the personal taxes you must pay as a director?

As a company director, it’s not just the company’s corporation tax that you have to pay. You also need to pay the requisite taxes on your own income. This might be dividends payments from the company’s year-end profits, or even the income you receive from any property, shares or investments you own.

10 Questions with... Mel!
28 Sep 2021

10 Questions with... Mel!

Next in our series of '10 Questions with' is Mel, MCA's Founder and CEO. 

Read more to find out Mel's role at MCA, what she likes doing outside of work and what the one meal that she could eat for the rest of her life is! 

10 Questions with... Ashley!
06 Sep 2021

10 Questions with... Ashley!

Next in our series of '10 Questions with' is Ashley, one of MCA's Accountants. 

Read more to find out Ashley's role at MCA, what he likes doing outside of work and whether he prefers coffee or tea!

Sponsoring a Charity
06 Sep 2021

Sponsoring a Charity

Charity sponsorship payments are different from donations because your company gets something related to your business in return.

Typically, your business brand would be promoted by the charity in some way.

Business Entertaining and Tax Relief
06 Sep 2021

Business Entertaining and Tax Relief

Expenditure on business entertainment is not allowable as a deduction against profits. Nor may a deduction be made for any expenditure which is incidental to business entertainment.

Back to Basics: How Does Corporation Tax Work?
01 Sep 2021

Back to Basics: How Does Corporation Tax Work?

The next installment of our new series 'Back to Basics' covers how corporation tax works. Corporation tax is a tax that's levied on your company's profits. 

When you operate your business through a limited company, that company is considered to be a separate entity from you as an individual. Among other things, this means you have to pay corporation tax (CT) on your company’s profits.

But how does CT work? And what do you have to pay?

Reimbursing Fuel for Company Cars From 1st September 2021
31 Aug 2021

Reimbursing Fuel for Company Cars From 1st September 2021

As a result of recent increases in petrol and diesel prices, HMRC have increased the advisory fuel rates that apply for the reimbursement of employees' private fuel for their company cars.

The same rates apply when the employer reimburses employees for fuel used for business journeys in their company car.

Curiously the LPG reimbursement rates have reduced, which appears to be an anomaly.

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