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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

  1. 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.

  2. 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.

  3. Employment Law: Complying with regulations related to employee rights, health and safety standards, and workplace equality.

  4. Data Protection: Abiding by data protection laws, such as the General Data Protection Regulation (GDPR), to safeguard personal and sensitive information.

  5. 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:

  • Personalised Consultation: We begin by understanding your business operations, industry, and specific compliance requirements to provide customised guidance.

  • Compliance Audits: Our team conducts thorough audits to assess your current compliance status, identifying areas of risk and opportunities for improvement.

  • Policy Development: We assist in developing and implementing internal policies and procedures that promote adherence to relevant regulations.

  • Training and Support: We provide training sessions for your staff to ensure they are aware of compliance obligations and best practices.

  • 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:

  • Risk Mitigation: Proactive compliance management reduces the risk of legal penalties, fines, and reputational damage.

  • Operational Efficiency: Streamlined compliance processes enhance overall business efficiency and decision-making.

  • Peace of Mind: With our expert guidance, you can focus on your core business activities, confident that compliance matters are in capable hands.

  • 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.

  • Available if spouse pays income tax at the basic rate.
    ** Married Couple's Allowance is available to people who are married or in a civil partnership.
   
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.