Personal Tax Archives - Merranti Accounting

tax deadline

Squeeze value out of your losses

February 5, 2023

If your unincorporated business made a loss during the COVID pandemic in 2020/21 or in 2021/22, you will want to set off those losses against profits and receive a tax refund as soon as possible. Fortunately, the rules for pandemic losses allow you to do this. A trading loss from 2020/21 or 2021/22 can be carried

Read More
tax deadline

Don’t miss tax deadlines

February 5, 2023

If you miss the deadline for filing your self-assessment tax return (31 January for online filing) you will be charged a £100 penalty. If the return is filed more than three months late, an additional £10 per day is charged and, after six months, another penalty is incurred (the higher of £300 or 5% of the

Read More
family finances

A family view

February 5, 2023

In the UK, everyone is taxed as an individual, but social security benefits, including tax credits and Universal Credit, are awarded on the basis of the family’s total income. Child Benefit is clawed back based on the income of the higher earner in a couple, irrespective of who receives it. Families with an unequal distribution

Read More
family finances

Crossing the threshold

February 5, 2023

When your total income reaches certain levels, it tips any extra income into a higher tax band. This can also mean you lose part or all of your personal savings allowance (PSA), personal allowance (PA) or pensions annual allowance. Taxpayers who live in Scotland have slightly different tax thresholds but the principle is the same.

Read More
for rent

Tax-free rent

February 5, 2023

When you let rooms in your own home as residential accommodation, you can receive the rent tax-free if it falls within the limits for rent-a-room relief. This relief is currently capped at gross rents of £7,500 per year. Where more than one person receives the rent from the property, each person has a tax-free exemption for rent

Read More
National-Insurance-NIC-Class-2-Class-4-

NIC thresholds change in July

June 26, 2022

National Insurance Contributions (NIC) rates increased for everyone by 1.25 percentage points from 6 April 2022, but the thresholds from which employee NIC are payable are being raised significantly from 6 July 2022 (see table). This means that most employees will have more NIC deducted from their pay in April to June and more low

Read More
Merranti Accounting Local Accountant near me

Back To The Future?

June 26, 2022

Back To The Future? It is a tough time for both families and businesses, with higher prices and staff shortages causing difficulties that are witnessed every day, from supermarkets to airports. Those under fifty will struggle to remember such difficult economic times, with inflation at a 40-year high. On 26th May, the Chancellor announced the

Read More

Don’t miss tax deadlines

December 7, 2021

Don’t miss tax deadlines If you miss the deadline for filing your self-assessment tax return (31 January for online filing) you will be charged a £100 penalty. If the return is filed more than three months late, an additional £10 per day is charged and, after six months, another penalty is incurred (the higher of

Read More

A family view

December 7, 2021

A family view In the UK, everyone is taxed as an individual, but social security benefits, including tax credits and Universal Credit, are awarded on the basis of the family’s total income. Child Benefit is clawed back based on the income of the higher earner in a couple, irrespective of who receives it. Families with

Read More
Working from home

Allowances for homeworking

October 13, 2021

Allowances for homeworking  If your employees are required to work from home, even on a part-time basis, you can pay them a tax-free allowance of £6 per week. This allowance is designed to compensate for additional electricity, gas or water consumed while working at home. Where the employee uses their own telephone for business, you

Read More