Merranti Accounting Blog

Accountant we are hiring

We are hiring!

October 20, 2021

EXPERIENCED BOOKKEEPER REQUIRED We are looking for a new amazing team member to work out of our relaxed office in Felcort Road East Grinstead. We are expanding quickly and are a modern forward-thinking accountancy business. We don’t so paper and we go home on time! You will know your VAT through to Payroll and more,

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Health and Social Care Levy

October 13, 2021

Health and Social Care Levy The Health and Social Care Levy (HSCL) will be set at 1.25% of earnings from employment and self employment. The Government wanted to impose this tax in 2022, but HMRC computer systems cannot be re- formulated in time. National Insurance increases Instead, it has decided to increase National Insurance Contributions

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Coronavirus business support

October 13, 2021

Coronavirus business support      Winding down The support schemes put in place to help businesses through the coronavirus pandemic have been wound down or withdrawn from 30 September 2021. It is possible that some of these schemes will be reinstated if COVID-19 restrictions have to be reimposed in the winter, but below is what

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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

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Tax up or down accounting

Change to ‘tax year’ basis

October 13, 2021

Change 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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How to earn back corporate losses

October 13, 2021

How to earn back corporate losses Did your company have a bad pandemic? Don’t panic, you may be able to turn a loss into a useful tax repayment by carrying it back to set against profits made in earlier years. If the loss is so big that it wipes out the profit made in the

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Valid VAT invoices

October 13, 2021

Valid VAT invoices   It is important to include enough information on your VAT invoices to allow your VAT-registered customers to reclaim the VAT charged. HMRC will block recovery of VAT charged on invoices that don’t clearly state what goods or services were supplied. HMRC officers are particularly looking at invoices in the construction sector (following

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VAT changes for hospitality

October 13, 2021

VAT changes for hospitality   In July 2020 the government cut the standard rate of VAT to be used in the hospitality and tourism sectors from 20% to 5%. The reduced rate applies to most supplies made by hotels, tourist attractions, members’ clubs and many non-sporting events. It also applies to the food and drink served

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Tax up or down accounting

How to carry back income tax losses

October 13, 2021

How 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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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

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