McGinty Demack Handpicked As A Leading UK Firm


We are delighted to announce that McGinty Demack has been approved to join Handpicked Accountants.

Handpicked Accountants is an exciting specialist service that aims to take the lottery out of small business owners, company directors and private individuals finding a reliable, local accountant. There are over 320,000 accountancy firms registered in the UK, but for so many businesses knowing which one to choose can be a minefield. A great accountant will not only ensure that your accounts are up to date, fully compliant and compiled on time, but can also provide invaluable business advice, save you money and help your business to grow; whereas the wrong accountant could leave your business in trouble whilst also costing you valuable time and money.

However each account featured on Handpicked Accountants has been rigorously vetted prior to inclusion, so by choosing an accountant through Handpicked Accountants you can be sure that you will be working with one of the very best firms in your area; someone that you can trust to provide you with an exceptionally high level of service, putting the needs and success of your business first, and all for a fair and reasonable price.

David Tattersall, Head of Client Relations at Handpicked Accountants, said, “McGinty Demack are exactly the type of firm that we want to include in Handpicked Accountants. Under the leadership of Karen Richardson they have built up an enviable reputation as one of the very best accountants in Standish and accountants in Wigan. Simple promises such as always agreeing fees before commencing any work means that their clients always know exactly where they stand and can trust that everyone in the firm is dedicated to the success of their business.”

Karen Richardson, Director at McGinty Demack, commented, “Here at McGinty Demack our entire team is completely committed to supporting our clients’ success through the provision of the highest level of accountancy services. Whether we are providing general accountancy, bookkeeping, tax, business start-up, VAT, payroll, management accountancy or pensions services, we strive to be the very best accountants in Standish and the Wigan area.”

Find out Handpicked Accountants listing here.

Karen Richardson Highly Commended as North of England Accountant


We are delighted to announce that Karen Richardson our director has been  awarded a highly commended award in the inaugural English Women’s Awards 2018 for Services to Accountancy.

BUSINESS WOMENS AWARD 2018

Local businesswoman shortlisted in first of its kind awards

Managing Director of Standish based McGinty Demack, Karen Richardson, was  shortlisted for the inaugural English Women’s Awards 2018 – North.

Shortlisted in the category of Services to Accounting and Finance, Karen was nominated by people from around the North-West based on her forward-thinking approach.

Held on 19 March at the Mercure Manchester Piccadilly Hotel, the English Women’s Awards – North acknowledged and celebrated the achievements of women including female entrepreneurs, civil servants, charity founders amongst other professionals in the North of England, whose hard work, talent and commitment is often under-represented.

The awards also provided an opportunity and platform for women to inspire others, particularly younger women, as each nominee had their own story to tell and advice to give.

Karen said: “I’m delighted to have won a Highly Commended Award for the Services to Accounting and Finance , it means so much that people across the North-West appreciate the work we do at McGinty Demack. I hope the awards inspire women across the country to get involved in business, it’s tough but also tremendously rewarding.”

Spring Statement announces consultations


Chancellor Philip Hammond delivered his Spring Statement on Tuesday 13 March 2018. In his speech, the Chancellor announced consultations would be issued on:

  • how to help the UK’s least productive businesses to learn from, and catch-up with, the most productive
  • how to eliminate late payments particularly to benefit small business
  • whether the use of non-agricultural red diesel tax relief contributes to poor air quality in urban areas
  • consultation on reduced Vehicle Excise Duty rates for the cleanest vans.

He also made available further details on some consultations which are considered briefly below:

  • Making Tax Digital sanctions for late submission and late payment
    Following significant support on consultation, the government intends to take forward points based late submission penalties. There will be further consultation on the draft legislation to be published in summer 2018.

  • Tackling the plastic problem
    The government will call for evidence as to how changes to the tax system could be used to reduce the amount of single-use plastics that are wasted by reducing unnecessary production, increasing re-use and improving recycling. The government would also like to explore how to drive innovation in this area to achieve the same outcomes.

  • Cash and digital payments
    The government will consult and seek evidence about how the role of digital payments is to fit into the growing digital economy. This will include identifying what further work can be done to remove barriers to digital payments. At the same time the government acknowledges that cash must remain accessible and secure.

  • Online platforms
    The government has launched a call for evidence on the role of online platforms in ensuring tax compliance by their users. The types of online platforms the government is principally interested in are platforms that allow people to earn money from spare resources such as cars and spare rooms, that allow people to use their time to generate extra income and that connect buyers with individuals or businesses offering services or goods for sale. The government wants to ensure that, where people have tax obligations because of these activities, it is easy for them to comply.

  • VAT collection split payment
    The government wants to combat online VAT fraud by harnessing new technology and is consulting on VAT split payment. This will utilise payments industry technology to collect VAT on online sales and transfer it directly to HMRC.

  • VAT registration threshold call for evidence
    The government considers that the current design of the VAT registration threshold may be dis-incentivising small businesses from growing their business and improving their productivity.

We will update you on the outcome of the consultations.

Internet link: gov.uk Spring Statement 2018

Update for employers and their employees


HMRC’s latest Employer Bulletin includes useful updates for employers as we approach the start on the new tax year on 6 April 2018.

The Bulletin includes articles on:

  • end of year reporting for payroll and reporting benefits in kind
  • P9 Notice of Coding and the system of in year tax code adjustments known as Dynamic Coding
  • new rules for termination payments made on, or after, 6 April 2018
  • Scottish income tax changes
  • a reminder to those paying the Apprenticeship Levy to spend their Levy on Apprenticeship Training
  • National Minimum and National Living Wage increases from 1 April 2018.

If you would like help with payroll contact us.

Internet link: Employer Bulletin

Income tax changes from 6 April 2018


The personal allowance for 2018/19 is £11,850. However, some individuals do not benefit from the full personal allowance. There is a reduction in the personal allowance for those with ‘adjusted net income’ over £100,000, which is £1 for every £2 of income above £100,000. So for 2018/19 there is no personal allowance where adjusted net income exceeds £123,700.

The basic rate of tax is currently 20%. From 6 April 2018 the band of income taxable at this rate is £34,500 so that the threshold at which the 40% band applies is £46,350 for those who are entitled to the full personal allowance. Additional rate taxpayers pay tax at 45% on their income in excess of £150,000.

The tax on income (other than savings and dividend income) is different for taxpayers who are resident in Scotland to taxpayers resident elsewhere in the UK. The Scottish income tax rates and bands apply to income such as employment income, self-employed trade profits and property income.

In the 2018/19 Scottish Budget, the Finance and Constitution Secretary for Scotland, Derek Mackay announced significant changes to income tax bands and rates for Scottish resident taxpayers, introducing five possible income tax rates. The income tax rates range between 19% and 46%. Scottish taxpayers are entitled to the same personal allowance as individuals in the rest of the UK.

Scottish Bands (£)

Band name

Scottish Rate (%)

0 – 2,000

Starter

19

2,001 – 12,150

Basic

20

12,151 – 31,580

Intermediate

21

31,581 – 150,000

Higher

41

Over 150,000

Top

46

From April 2019, the National Assembly for Wales has the right to vary the rates of income tax payable by Welsh taxpayers.

Dividend allowance down to £2,000

In 2017/18 the first £5,000 of dividends are chargeable to tax at 0% (the Dividend Allowance). From 6 April 2018 the Dividend Allowance is reduced to £2,000. Dividends received above the allowance are taxed at the following rates:

  • 7.5% for basic rate taxpayers
  • 32.5% for higher rate taxpayers
  • 38.1% for additional rate taxpayers.

Internet links: GOV.UK spring statement 2018 GOV.SCOT Scottish income tax

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