Uncategorized Archives - Merranti Accounting
Separation to become less taxing
March 15, 2023The government is planning to change the CGT rules for separating spouses. Currently, transfers can be made between couples on a tax neutral basis only up until the end of the tax year of separation (not divorce). This is a tight deadline! Inter-spousal transfers after this deadline may trigger a CGT charge. The new rules
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Paying up your NICs
March 15, 2023If you haven’t already retired, you need to rack up 35 full years of National Insurance Contributions (NICs) in order to receive the maximum state retirement pension. To receive any amount of state retirement pension, you need at least 10 full years of NICs contributions. Your online personal tax account (at: www.gov.uk/personal-tax-account) will show you
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MTD for income tax is delayed again
March 10, 2023Sole traders and individual landlords have an additional two years to prepare for the new reporting requirements under Making Tax Digital for Income Tax Self-Assessment (MTD ITSA), which is now due to come into effect from 6 April 2026. Those with small levels of sales have even longer to prepare, as the turnover threshold for
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Tight CGT reporting deadline for residences
February 5, 2023Contrary to popular belief, the profit you make when you sell your home, or a former home, is not automatically exempt from CGT. This tax exemption applies to gains that relate to periods in which you lived in the property as your main home. However, it can be extended to certain periods when you were
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Accelerate tax relief!
February 5, 2023The end of the accounting period for your business is a key point for tax planning. You can save or delay tax by advancing the acquisition of assets to before the end of your accounting period. This permits you to claim the capital allowances associated with those assets earlier. If you trade through a company,
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Review your mix of income
February 5, 2023All interest you receive is taxable, unless it is from an ISA, but banks and building societies don’t 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 nil tax rate applies where your savings income falls
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Prepare for higher dividend tax 2023/24
February 5, 2023The tax you pay on dividends increased by 1.25 percentage points from 6 April 2022; these higher rates will remain in place for 2023/24. The dividend allowance will be cut from £2,000 to £1,000 on 6 April 2023 and cut again to £500 in April 2024. You pay zero tax on dividends which fall within
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Benefits-in-kind
February 5, 2023Where employees are required to work at home, their employer may provide office equipment or pay to boost the employee’s home internet service. Generally, these costs are not taxable on the employee if there is no significant private use of the asset or service. In some cases, an employee can avoid being taxed on a
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Stealth tax rises and allowances cut
February 5, 2023This year we have had four different Chancellors of the Exchequer and three Prime Ministers. There have been three Government fiscal statements this autumn alone and we expect another series of Budget announcements next spring. In our newsletter we set out what you need to know about the tax landscape over the next 12 months,
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How to carry back income tax losses
October 13, 2021How to carry back income tax losses Many unincorporated businesses made a loss in the tax year 2020/21, due to the pandemic. Now it’s important to make the most of such losses. By carrying back the trading losses to an earlier tax year in which you made profits in that trade, you may be
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