News & Events

IR35 reforms raise £4.2bn extra tax  HMRC’s clampdown on IR35 off-payroll working rules has raised £4.2bn in additional tax, National Insurance, and apprenticeship levy payments between October 2019 and March 2023.  Around 120,000 contractors were affected, with the average individual paying £10,000 more in tax.  The reforms first hit the public sector in April 2017, … Continued

Economic outlook, fiscal stability and planning reforms The Government of the United Kingdom has typically held two major fiscal events each year – the Autumn Budget and the Spring Statement – with each updating on the economy’s performance, significant tax changes, fiscal measures and adjustments to allowances. In 2024, however, Chancellor Rachel Reeves committed to … Continued

Strategies for minimising IHT liabilities Inheritance tax (IHT) in the United Kingdom applies to the transfer of wealth after death. It can affect property, savings, investments, and other assets. Although it applies to a smaller portion of estates, those crossing certain value limits may face a 40% tax charge on amounts above available allowances. Thresholds … Continued

Making up for lost time with smart pension planning By your 50s, retirement planning often moves to the top of the financial agenda. If your pension pot isn’t where you’d like it to be, there are ways to increase contributions, take advantage of tax reliefs, and strengthen your long-term financial security. This guide outlines the … Continued

HMRC cuts late payment interest to 7%  Following the Bank of England’s base rate cut to 4.5% on 6 February, HMRC will lower its late payment and repayment interest rates from 25 February.  The late payment interest rate will drop from 7.25% to 7.0%, while the repayment interest rate will decrease from 3.75% to 3.5%. … Continued

A guide for contractors and subcontractors The Construction Industry Scheme (CIS) is a vital part of the tax system for workers in construction. Whether you’re a contractor managing subcontractors or a subcontractor working on various projects, understanding how CIS works is key to ensuring compliance and managing cashflow effectively. In this guide, we’ll break down … Continued

Savings strategies for your child’s education. Paying for higher education can be one of the largest financial commitments families face. By planning in advance, you can reduce the need for costly borrowing and help your child start adulthood on a strong financial footing. This guide explains current tuition fees, student finance arrangements, and tax-efficient ways … Continued

As we approach the end of the 2024/25 tax year, it’s a good time to reflect on the year’s financial developments and their impact on tax planning.  The UK economy has continued to navigate a challenging landscape, with high interest rates affecting businesses and individuals alike. Inflation has begun to stabilise, offering some relief, but … Continued

Take control of your money  Managing finances can feel overwhelming, but it’s essential for your financial health and long-term success. Whether you’re a small business owner or an individual, staying on top of your accounts ensures you can plan effectively, avoid unnecessary costs, and meet your tax obligations.  Cloud accounting is one of the most … Continued

Here’s what you need to know about business succession planning, why it matters, and how to make the process seamless.  Planning for the future of your business is one of the most critical responsibilities of an owner. Business succession planning ensures your enterprise can transition smoothly to new ownership or leadership, safeguarding its continuity and … Continued

HMRC delays agent services account approvals  HMRC has extended the processing time for agent services account (ASA) and VAT agent reference number applications to 40 working days – eight weeks – up from the previous 28 days.  This change applies from the date HMRC receives an application.  Applications for an ASA must be submitted in … Continued

Leading accountancy firm M.B. McGrady & Co. Chartered Accountants has strengthened its team with the addition of nine new hires across its offices in Downpatrick, Newtownards, and Belfast, reflecting the firm’s ongoing investment in top talent and its commitment to exceptional client service. The latest wave of recruitment includes new team members at all levels, … Continued

M.B. McGrady & Co. Chartered Accountants is thrilled to announce the appointment of Gillian Johnston as Tax Director. Gillian brings with her a wealth of experience and expertise in the tax field, making her a valuable addition to the team. In her new role, Gillian will leverage her extensive background to provide top-tier tax advisory … Continued

For lots of people, Christmas is an opportunity to take a bit of time out, but for those running businesses a Christmas party or gift can also be a chance to reward employees (and yourself) and thank your clients for their business. HMRC do offer some incentives if you are feeling festive although, as ever, … Continued

Speculation has been rife in the run up to today and has caused a great deal of uncertainty for many. We’ve had to contend with rumours about capital gains tax rates increasing to match income tax rates, pension relief decreasing for higher earners, employer’s national insurance on pension contributions for staff and sweeping changes to … Continued

Choosing the right accountant is one of the most important decisions a small business can make. A skilled accountant can save you time and help your business grow, while a less competent one could cost you significantly. With numerous options available, it can be overwhelming to make the right choice. Here are some key questions … Continued

An essential toolkit for business owners In today’s economic landscape, where financial acumen plays a pivotal role in the sustainability and growth of any business, the importance of effectively managing business expenses cannot be overstated. Recognising this critical need, we have developed this valuable resource for business owners. This guide aims to simplify business expenses … Continued

INTRODUCTION With the UK entering a technical recession at the end of 2023 and a general election on the cards this year, Chancellor Jeremy Hunt was under pressure to deliver a Spring Budget that demonstrated fiscal responsibility and generosity. Dubbing the fiscal statement a ‘Budget for long-term growth”, Hunt focused his speech on delivering tax … Continued

HMRC clamps down on undeclared dividend earnings Starting on 4 February 2024, HMRC is writing to company owners regarding the potential under declaration of dividend income. The correspondence is prompted by a decrease in company reserves despite reported profits, hinting at undisclosed dividend payouts. Recipients are urged to acknowledge the letter by either disclosing any … Continued

The UK tax year is coming to an end on 5th April and now is the ideal time for business owners to begin planning to ensure that financial affairs are in order. In this website article, we’re sharing some top tips to guide business owners through the planning process and to help them save money … Continued

In a bid to tighten tax regulations and combat tax evasion, HMRC is implementing measures affecting sellers on platforms such as eBay, Vinted, Airbnb and Etsy. Effective from 1 January, many digital platforms are now mandated to collect under new international rules adopted by the UK through the Organisation for Economic Cooperation and Development (OECD). … Continued

National Insurance cut boosts UK households In a move to ease financial burdens on UK households, the Government has implemented a historic National Insurance (NI) cut, providing relief for 27 million taxpayers. As of Saturday, 6 January 2024, the main rate of National Insurance has been reduced by 2%, dropping from 12% to 10%. This … Continued

New year, new strategy. The new year marks the start of new beginnings, so there’s no better time to revisit your personal financial strategy. Drawing up an economic plan with clear, achievable goals can improve your long-term financial health and help protect you and your family against external factors. Whether you’re putting a personal financial … Continued

How to use this guide The conclusion of the 2023/24 tax year prompts us to reflect on some of the notable developments in the fiscal landscape.  This past year has been marked by ongoing efforts to recover from the economic impact of the global pandemic. Inflation has emerged as a significant concern, influenced by persistent … Continued

All you need to know to make the right choice. Running a successful business entails astute financial management, and at the core of this is the crucial decision of how to handle your accounting needs. Should you bring a full-time, in-house accountant into the fold, or does the more flexible route of outsourcing better suit … Continued

HMRC launches cryptoassets tax disclosure service HMRC has rolled out a new initiative enabling taxpayers to voluntarily disclose unpaid tax on cryptoassets covering exchange tokens, non-fungible tokens, and utility tokens.  The tax authority has initiated contact with selected taxpayers engaged in cryptoasset transactions who may not have fulfilled their tax obligations. Taxpayers must report transactions … Continued

How to reward your team in a tax-efficient way. As 2023 draws to a close, many employers will be looking for ways to reward their teams’ hard work. But how can you do that in a tax-efficient way that benefits both you and your employees? Thankfully, showing your appreciation doesn’t need to cost the earth. … Continued

What to watch out for when navigating this important financial obligation. The UK self-assessment system has its quirks and nuances, and understanding how to stay compliant is crucial to a smooth and stress-free income tax process. From early paper deadlines to penalties for late-filers, self-assessment holds a few surprises. As always, a professional accountant can … Continued

UK accountants demand HMRC service improvements A recent survey from the Association of Chartered Certified Accountants (ACCA) has shed light on the challenges UK accountants face when dealing with HMRC services. Over 90% of respondents expressed the urgent need for HMRC to improve its service across several key areas. The survey, which involved 207 ACCA … Continued

How will technology impact your business’s financial future? Constant developments in technologies like AI and cloud accounting are changing the way we do business and manage our finances. It’s a rapidly advancing field that has already changed the way most businesses think about their processes. So what are the benefits of using technology in business … Continued

Exit Strategies for Entrepreneurs An exit strategy is a plan that some business owners may utilise to help remove themselves from a company in order to limit losses or to capitalise on gains. While the idea may have some negative connotations, if you’re an entrepreneur it’s important to think about what your exit strategy might … Continued

Making the decision to hire a team of staff is a huge milestone for any entrepreneur as it can often indicate that your business is expanding. The prospect of hiring a team of staff is daunting but it’s important to get it right as hiring the wrong person can be at best a waste of … Continued

Canadian astronaut and engineer, Chris Hadfield once said: “Almost everything worthwhile carries with it some sort of risk,” which is certainly true when it comes to business and planning for expansion. Knowing how and when to expand your business can be tricky but if you don’t take the leap, you run the risk of being … Continued

If you’re self employed, you’ll be required to pay tax on all of your income that is above the personal allowance, however you can claim money back from HMRC on expenses that you need to spend to keep your business operating. Many costs that are directly associated to your work, for example travelling between clients, … Continued

Want to start a new business but need some help to get you off to a strong start? Setting up a business can be a daunting venture and it’s important to adopt proper accounting procedures from the very beginning to ensure that you can start your journey successfully. In this article, we cover top tips … Continued

How to plan your finances ahead of retirement. For many savers, retirement can seem like a far-off or even unattainable goal. But to maximise your chances of retiring comfortably, early planning is essential. Recent research from Canada Life shows that a worrying number of UK adults are not planning for this key milestone, with 45% … Continued

UK economy recovery slows in August Britain’s economy partially recovered in August, with a marginal growth of 0.2% following a sharp fall in July. This slow growth has fuelled expectations that the Bank of England’s (BoE) Monetary Policy Committee will vote to maintain its base interest rate at 5.25% next month. The BoE halted its … Continued

What you need to know about trusts, including how they are taxed. Trusts are legal arrangements where assets are placed into the care of an individual or organisation that manages them for the benefit of someone else. For the person setting up the trust, this arrangement means they know their assets will be properly looked … Continued

HMRC reopens self-assessment helpline HMRC has reopened the self-assessment tax helpline from 4 September after it was closed for three months over the summer. Between 12 June and 3 September, callers were redirected to digital services to give HMRC staff time to deal with other phone enquiries and handle the postal backlog. This was not … Continued

How the off-payroll rules will affect you and your business. Contractors and freelancers operate through a private company to enjoy a better tax treatment compared to sole traders — but a more favourable tax position is actually never guaranteed because of off-payroll working rules known as IR35. According to IR35, if a contractor or freelancer … Continued

How to register for and file your self-assessment tax return. If you’ve never had to complete a self-assessment tax return, the first time can be daunting. But don’t worry: we’ll demystify the process in this article. And if you have completed one before, this guide might still teach you a thing or two about doing … Continued

Geopolitics prompt importers to alter supply chains One in five British importers have altered their supply chains because of geopolitical tensions, particularly with China, new research suggests. A survey by the Institute of Directors (IoD), found that 20.5% of importers have altered their supply chains because of tensions abroad, while a further 14.5% were considering … Continued

Ready, Steady, Prosecco! Gather your friends, family or colleagues and join us at Finnebrogue Woods on Wednesday 14th June to walk, jog or run 5km to help us raise funds for local charity, PIPS. We would love you to be a part of it! Here’s how it works: Open to competitors of all ages and … Continued

One of Northern Ireland’s most established accountancy practices, M.B. McGrady & Co Chartered Accountants is continuing its expansion across Northern Ireland with its second strategic merger in less than 12 months, signalling a period of growth for the business. Founded by Maurice Dawson, Dawson & Company Chartered Accountants have joined M.B. McGrady’s Belfast office, with … Continued

M.B. McGrady & Co Chartered Accountants and Business Advisors is currently recruiting for a Qualified Accountant and a Part Qualified or Qualified by Experience Accountant to join its busy team. Full details of the roles alongside the criteria are outlined below. This is superb opportunity for two experienced and dynamic Accountants to join a great … Continued

M.B. McGrady & Co Chartered Accountants and Business Advisors is currently recruiting for a Qualified Accountant and a Part Qualified or Qualified by Experience Accountant to join its busy team. Full details of the roles alongside the criteria are outlined below. This is superb opportunity for two experienced and dynamic Accountants to join a great … Continued

ESTABLISHED 70 years ago, M.B. McGrady & Co. Chartered Accountants and Business Advisors, with offices in Belfast, Newtownards and Downpatrick, has appointed Kim Rainey as a Director in the company. An experienced accountant, Kim, who hails from Newtownards, first joined M.B. McGrady & Co. over 20 years ago.  She graduated from Ulster University with a … Continued