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                                           Taxation

 

MCFA specialise in Tax Planning: we aim to work with our clients well ahead of changes and alterations to their personal financial circumstances and more critically, to new business investments and directions.

 

As we continually remind our clients, “Post-Event Tax Planning doesn’t work too well!”

 

On other matters, we work with major practices on cases where a taxpayer is fighting an unfair HMRC investigation and assessment for what are called “Back Duty Cases”: and can usefully assist, fighting, in settlement and conclusion of such investigations.

 

 

 

 
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Budget Latest

Key Budget Highlights
· Main rate of corporation tax cut from 28% to 26%.
· Small profits rate of corporation tax cut from 21% to 20%.
· Personal allowance increased by £1,000 to £7,475.
· All National Insurance rates increase by 1%.
· R&D tax relief for small and medium sized companies increased from 175% to 200%.
· VAT compulsory registration turnover threshold raised from £70,000 to £73,000.
· Capital gains tax annual exempt amount raised from £10,100 to £10,600.
· Entrepreneurs’ relief lifetime cap raised from £2 million to £10 million.
· Income tax relief on investments in EIS shares increased from 20% to 30%.