Personal Tax Archives - Merranti Accounting

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

Electric cars and vans

October 13, 2021

Electric cars and vans  Now could be a good time for your company to invest in an electric car or van, as there are generous tax reliefs available. A purely electric car qualifies for a 100% first year allowance (FYA) if it is acquired before 1 April 2025. This means that it is deductible fully

Read More
Tax credit renewals

Tax credit renewals

October 13, 2021

Everyone who claims Working or Child-related Tax Credits should have received a Tax Credits renewal pack for the year 2021/22 from HMRC by now. If you haven’t received your renewal pack, please contact HMRC without delay on 0345 300 3900. Where your income has reduced permanently as a result of the Covid-19 pandemic, check that your

Read More
Furnished holiday lets

Furnished holiday lets

August 2, 2021

Landlords who let holiday accommodation have largely been left out of the covid-related business support. Where the property was registered for business rates, the owner qualified for some small local authority grants, but other landlords received nothing. Holiday letting businesses have also suffered from the various lock-downs that restricted travel across the country. This has

Read More
Child benefit clawed back

Child benefit clawed back

July 28, 2021

Child Benefit is a universal benefit; every family with a child under 16 (20 if the child is in approved education or training) is entitled to receive it. However, since 2013, Child Benefit has been clawed back from certain higher rate taxpayers by means of a tax charge. This tax charge applies where the higher

Read More
Umbrella Company IR35 HMRC

Beware of IR35 traps

July 28, 2021

Where a contractor operates via their own personal services company (PSC), work performed for large or medium-sized clients in the private sector may now fall under the ‘off-payroll working rules. This is a new version of IR35, which requires the end client to decide whether there is a deemed employment relationship for tax purposes with

Read More
HMRC Repayment

Repayment claims challenged by HMRC

July 16, 2021

Repayment claims are being challenged by HMRC, do not ignore them when they contact or you risk losing out Many taxpayers are currently claiming tax refunds, as the covid-19 pandemic has turned normally profitable businesses into loss-making ones. Unfortunately, fraudsters are also trying to cash in, by using the ID details of genuine businesses to

Read More
will i get a state pension

Will I get a state pension?

January 27, 2021

Will I get a state pension? Individuals who reach #StatePension Age (SPA) on or after 6 April 2016 need to have accrued 35 complete years of National Insurance Contributions (NIC) to receive the full state pension. To receive any UK state retirement pension, you need at least ten complete NIC years. You can check how

Read More