Self Assessment Archives - Merranti Accounting
Squeeze value out of your losses
February 5, 2023If 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
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A family view
February 5, 2023In 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
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Working at home allowance
February 5, 2023Where you are required to work at home, your employer can pay you a tax-free allowance of £6 per week (or £26 per month). This allowance is to cover the additional costs incurred by using your home as a workplace, such as heat, light, metered water, insurance and broadband fees. If your employer doesn’t pay
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NIC thresholds change in July
June 26, 2022National 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
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Change to ‘tax year’ basis
October 13, 2021Change to ‘tax year’ basis The Government is proposing to change the basis on which trading profits are subject to income tax for unincorporated businesses and members of limited liability partnerships (LLPs) from the “current year basis” to the “tax year basis”. If the proposal goes ahead from 6 April 2024 (and there is much
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Tax credit renewals
October 13, 2021Everyone 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
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Furnished holiday lets
August 2, 2021Landlords 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
July 28, 2021Child 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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Beware of IR35 traps
July 28, 2021Where 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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Repayment claims challenged by HMRC
July 16, 2021Repayment 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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