Personal Tax Archives - Merranti Accounting

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

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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

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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

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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

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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

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Do you pay tax on Interest on savings?

Do you pay tax on Interest on savings?

January 25, 2021

Do you pay tax on Interest on savings? All interest you receive is taxable unless it is from an ISA, but banks and building societies no longer deduct tax from interest paid to individuals. For most taxpayers the rate of tax payable on that interest is 0%, so no tax is in fact due. This

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Working from home

Can I claim working from Home?

January 22, 2021

Where you are required to work at home, your employer can pay you a tax-free allowance of £6 per week (or £26 per month). For periods before 6 April 2020, the tax-free allowance was £4 per week (or £18 per month). This allowance covers the additional costs incurred by using your home as a workplace,

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When do pay Stamp Duty?

Land Tax / Stamp Duty Holiday

December 11, 2020

When do pay Stamp Duty? All property in the UK is subject to a land tax which normally paid by your solicitor once the completion has occurred and Land Registry has been notified. How much you pay in Stamp Duty is all dependent on how you buy the property and whether your buying as an

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Property - Merranti Accounting

Residential Stamp Duty Holidays.

November 5, 2020

When you buy a home, you normally have to pay stamp duty tax on the purchase price. There are three different forms of land tax that apply in the UK and each has its own starting thresholds, rates and bands. One common element of all the UK stamp duty tax is the lowest threshold has

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