At MCC Partners, we understand that navigating the complex landscape of regulatory compliance is essential for your business's success and longevity. Our team of qualified accountants is dedicated to providing comprehensive compliance services, ensuring your operations adhere to all relevant laws and regulations.
Understanding Regulatory Compliance
Regulatory compliance involves adhering to laws, guidelines, and specifications relevant to your industry and business operations. This encompasses a wide range of areas, including financial reporting, tax obligations, employment law, data protection, and industry-specific regulations. Maintaining compliance not only prevents legal penalties but also enhances your business's reputation and operational efficiency.
Key Areas of Regulatory Compliance
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Financial Reporting: Ensuring accurate and timely submission of financial statements to regulatory bodies, such as Companies House in the UK. This includes filing annual accounts and confirmation statements within specified deadlines.
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Tax Compliance: Adhering to tax laws by accurately calculating and timely paying taxes, including Corporation Tax, Value Added Tax (VAT), and Pay As You Earn (PAYE) for employees.
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Employment Law: Complying with regulations related to employee rights, health and safety standards, and workplace equality.
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Data Protection: Abiding by data protection laws, such as the General Data Protection Regulation (GDPR), to safeguard personal and sensitive information.
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Industry-Specific Regulations: Meeting standards and requirements specific to your industry, which may include environmental regulations, licensing, and quality controls.
MCC Partners' Approach to Regulatory Compliance
At MCC Partners, we offer tailored services to help your business achieve and maintain compliance:
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Personalised Consultation: We begin by understanding your business operations, industry, and specific compliance requirements to provide customised guidance.
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Compliance Audits: Our team conducts thorough audits to assess your current compliance status, identifying areas of risk and opportunities for improvement.
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Policy Development: We assist in developing and implementing internal policies and procedures that promote adherence to relevant regulations.
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Training and Support: We provide training sessions for your staff to ensure they are aware of compliance obligations and best practices.
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Ongoing Monitoring: We offer continuous monitoring and support to keep your business updated with regulatory changes and maintain compliance over time.
Benefits of Partnering with MCC Partners for Compliance
Engaging MCC Partners for your regulatory compliance needs offers several advantages:
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Risk Mitigation: Proactive compliance management reduces the risk of legal penalties, fines, and reputational damage.
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Operational Efficiency: Streamlined compliance processes enhance overall business efficiency and decision-making.
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Peace of Mind: With our expert guidance, you can focus on your core business activities, confident that compliance matters are in capable hands.
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Reputation Enhancement: Demonstrating a commitment to compliance builds trust with clients, partners, and regulatory bodies.
At MCC Partners, we are committed to supporting your business in achieving regulatory compliance, providing the expertise and resources necessary to navigate complex regulatory environments effectively.
Income Tax – England and Northern Ireland
| Rates Of Tax | 2023/2024 | 2024/2025 |
|---|---|---|
| Starting rate for savings (Restricted to savings income only and not available if taxable non-savings income exceeds starting rate band.) | 0% | 0% |
| Basic rate | 20% | 20% |
| Higher rate | 40% | 40% |
| Additional rate | 45% | 45% |
| Dividends: | ||
| For basic rate taxpayers | 8.75% | 8.75% |
| For higher rate taxpayers | 33.75% | 33.75% |
| For additional rate taxpayers | 39.35% | 39.35% |
| Starting-rate limit (for savings income) | £5,000 | £5,000 |
| Threshold of taxable income above which higher rate applies | £37,700 | £37,700 |
| Threshold of taxable income above which additional rate applies | £125,140 | £125,140 |
| Threshold above which child benefit charge applies (1% of benefit for every £200 of income over): | £50,000 | £60,000 |
| Trusts | ||
| De minimis amount for trusts (split between trusts created by the same Settlor - subject to a minimum of 1/5th) |
N/A | £500 |
| Standard rate band (split between trust created by the same Settlor, subject to a minimum of 1/5th of the full amount) |
£1,000 | N/A |
| Rate applicable to trusts: - Dividends | 39.35% | 39.35% |
| Other income | 45% | 45% |
| Personal Allowances | ||
| Personal Allowance | £12,570 | £12,570 |
| Income limit for Personal Allowance | £100,000 | £100,000 |
| Personal Savings Allowance: | ||
| For basic rate taxpayers | £1,000 | £1,000 |
| For higher rate taxpayers | £500 | £500 |
| For additional rate taxpayers | NIL | NIL |
| Dividend Allowance (at 0%) | £1,000 | £500 |
| Marriage Tax Allowance (for spouse/civil partners born on or after 6 April 1935) | Up to £1,260 | Up to £1,260 |
| Married Couple's Allowance (maximum) at 10% † | £10,375 | £11,080 |
| Married Couple's Allowance (minimum) at 10% † | £4,010 | £4,280 |
| Income limit for age-related allowances *(applies to married couples allowance only) | £34,600* | £37,000* |
| § The Personal Allowance reduces by £1 for every £2 of income above the income limit irrespective of age.
† Where at least one spouse/civil partner was born before 6 April 1935.
|
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| Enterprise Investment Scheme relief limit on £1,000,000 max | 30% | 30% |
| Seed Enterprise Investment relief limit on £200,000 | 50% | 50% |
| Venture Capital Trust relief limit on £200,000 max | 30% | 30% |
Value Added Tax
| VAT Rates & Thresholds | 2023/2024 | 2024/2025 |
|---|---|---|
| Standard rate | 20% | 20% |
| Annual registration threshold | £85,000 | £90,000 |
| Deregistration threshold | £83,000 | £88,000 |
Corporation Tax
| Tax Rates & Thresholds | 2023/2024 | 2024/2025 |
|---|---|---|
| Small profits rate | 19% | 19% |
| Main rate* | 25% | 25% |
| Marginal relief lower limit | £50,000 | £50,000 |
| Marginal relief upper limit | £250,000 | £250,000 |
| Standard fraction | 3/200 | 3/200 |
* Main rate applies to companies with profits over £250,000.
Income Tax – Rates & Bands (non-savings and non-dividend income for Scottish taxpayers)
| Rate | 2023/2024 (Threshold) | 2023/2024 (Rate) | 2024/2025 (Threshold) | 2024/2025 (Rate) |
|---|---|---|---|---|
| Starter rate | £12,570* | 19% | £12,570 | 19% |
| Basic rate | £14,732 | 20% | £14,876 | 20% |
| Intermediate rate | £25,688 | 21% | £26,561 | 21% |
| Higher rate | £43,662 | 41% | £43,662 | 42% |
| Advanced rate | N/A | N/A | £75,000 | 45% |
| Top rate | £125,140** | 46% | £125,140** | 48% |
*Threshold of taxable income above which basic rate applies assuming individual is in receipt of full UK personal allowance.
The Personal Allowance reduces by £1 for every £2 of income above £100,000 irrespective of age (under the income threshold).
Capital Gains Tax
| Categories & Rates | 2023/2024 | 2024/2025 |
|---|---|---|
| Exemptions | ||
| Individuals, estates etc. | £6,000 | £3,000 |
| Trusts generally* | £3,000 | £1,500 |
| Tax Rates | ||
| Individuals - Up to the basic rate limit | 10%** | 10%** |
| Individuals - Above the basic rate limit | 20%** | 20%** |
| Trustees and personal representatives | 20%** | 20%** |
| Business Asset Disposal Relief*** | ||
| Gains taxed at: | 10% | 10% |
| Lifetime limit | £1,000,000 | £1,000,000 |
*Where a Settlor has created more than one trust, the exemption is spread across all trusts, subject to a minimum of 1/5th of the trust annual exemption.
**Except for carried interest and chargeable gains on residential property which are taxed at 18% up to the basic rate limit and 28% (2023/2024) or 24% (2024/2025) above the basic rate limit.
***For trading businesses and companies (minimum 5% employee or director shareholding) held for at least one year.
Inheritance Tax
| Categories & Thresholds | 2023/2024 | 2024/2025 |
|---|---|---|
| Rates of Tax on Death Transfers | ||
| Nil rate band | £325,000 | £325,000 |
| Residence nil rate band | £175,000 | £175,000 |
| Rate | 40%* | 40%* |
| - Lifetime transfers to and from certain trusts | 20% | 20% |
| Main Exemptions | ||
| Normal expenditure out of income | No limit | No limit |
| Transfers to - UK-domiciled spouse/civil partner | No limit | No limit |
| Transfers to - Non-UK-domiciled spouse/civil partner (from UK-domiciled spouse) | £325,000 | £325,000 |
| Transfers to - UK-registered charities | No limit | No limit |
| Annual exemption per donor | £3,000 | £3,000 |
| Small gifts exemption | £250 | £250 |
| Wedding/Civil Partnership Gifts | ||
| Wedding/civil partnership gifts by - Parent | £5,000 | £5,000 |
| Wedding/civil partnership gifts by - Grandparent | £2,500 | £2,500 |
| Wedding/civil partnership gifts by - Other person | £1,000 | £1,000 |
| Business Relief | ||
| 100% relief: businesses, unlisted/AIM companies, certain farmland/building | — | |
| 50% relief: certain other business assets | — | |
* A lower rate of 36% applies where at least 10% of deceased's net estate is left to charity.
Individual Savings Accounts (ISA)
| ISA Type | 2023/2024 | 2024/2025 |
|---|---|---|
| Cash/Stocks & Shares Annual investment limit | £20,000 | £20,000 |
| Lifetime ISA | £4,000 | £4,000 |
| Help to Buy ISA | £1,000 initially and thereafter £200 pm | £1,000 initially and thereafter £200 pm |
National Insurance Contributions 2024/2025
| Category | Weekly | Monthly | Yearly |
|---|---|---|---|
| Class 1 Employee | |||
| Lower Earnings Limit (LEL) | £123 | £533 | £6,396 |
| Primary threshold | £242 | £1,048 | £12,570 |
| Secondary threshold | £175 | £758 | £9,100 |
| Upper Earnings Limit (UEL) | £967 | £4,189 | £50,270 |
| Class 1 Employee Contributions | |||
| Total earnings £ per week - Rate | |||
| Below £242* | Nil | ||
| £242.01 - £967 | 8% | ||
| Excess over £967 | 2% | ||
| Class 1 Employer Contributions | |||
| Total earnings £ per week - Rate | |||
| Below £175** | Nil | ||
| Excess over £175 | 13.8% | ||
| Additional Classes | |||
| Class 2 (voluntary) | Flat rate of £3.45 per week | ||
| Class 3 (voluntary) | Flat rate per week £17.45 | ||
| Class 4 (self-employed) | 8% on profits between £12,570 - £50,270, 2% on profits above £50,270 | ||
* This is the primary threshold below which no employee NI contributions are payable.
** This is the secondary threshold below which no employer NI contributions are payable.
Pensions
| Tax Year | Lifetime Allowance | Annual Allowance | Money Purchase Annual Allowance |
|---|---|---|---|
| 2023/2024 | £1,073,100 | £60,000**** | £10,000 |
| 2024/2025 | £1,073,100* | £60,000**** | £10,000 |
* The Lifetime Allowance will be abolished in the 2024/25 tax year.
** For those with income over £110,000, the annual allowance is reduced by £1 for every £2 that adjusted income exceeds £150,000 subject to a minimum allowance of £10,000.
*** For those with income over £200,000, the annual allowance is reduced by £1 for every £2 that adjusted income exceeds £240,000 subject to a minimum allowance of £4,000.
**** For those with income over £200,000, the annual allowance is reduced by £1 for every £2 that adjusted income exceeds £260,000 subject to a minimum allowance of £10,000.