Other matters

Consultations

There were a number of tax-related consultations announced in the Spring Statement, including:

  • Clearances for the Research and Development tax reliefs, with the aims of reducing error and fraud, increasing certainty for customers and improving customer experience.
  • Modernising how HMRC acquires and uses third-party data to make it easier for taxpayers to get tax right first time.
  • Options to improve the financial penalties that apply when inaccuracies are found in returns and documents submitted to HMRC and where taxpayers do not meet their obligations to notify HMRC of circumstances that affect their tax liability.Options to enhance HMRC’s powers and sanctions to take swifter and stronger action against tax advisers who facilitate non-compliance.

The VAT registration threshold

From 1 April 2025 the VAT registration threshold remains at £90,000 and the deregistration threshold at £88,000.

Removal of VAT exemption for school fees

Private school fees for education and vocational training will no longer benefit from VAT exemption and are subject to VAT at the standard rate (20%). The change applies to terms beginning on or after 1 January 2025 although certain prepayments made after 29 July 2024 are also included.

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Murphy Thompson Moore LLP

Why choose us?

25yr innovative years of successful business leadership

MTM are specialist, small business accountants, with an office on King Street in Manchester, known for their leadership in electronic filing, and who are trusted by many long-term clients as their key financial advisors.

Specialist advisors to Owner/Managed Businesses

MTM provide services exclusively to owner/managed businesses. Our typical clients employ from 5 to 25 people, are likely to be in the service sector.

At your side throughout the year. Not just year-end.

We meet with you regularly (usually via video call) to explain the work we have done, go through the reports and deal with any matters of current concern in the business. These calls can be 1 to 1 or with members of your team.

No billing suprises and an afordable, monthly fee.

Your engagement with us is based on a single fee to cover all your requirements throughout the year for both the business and your personal tax affairs. We operate a “no surprises” policy that you can rely on.

Contact us for information
about how we can tailor our services to your objectives.

   0161 835 2080

   enquiries@mtmllp.co.uk

   Murphy Thompson Moore LLP
      3rd Floor, 82 King Street, Manchester
      M2 4WQ

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