Merranti Accounting Blog
Budget Spring 2023 – Highlights
March 15, 2023Here are the headlines for the Spring 2023 Budget that will impact you directly: The Budget for Growth ( Government title) Predicted 2.9% Inflation by the end of 2023 The energy price guarantee will remain for the next three months for households; they are predicting energy will start to drop from July. Prepayment meters –
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Student loan repayments
March 15, 2023All sorts of people can be liable to repay a student loan to the Student Loan Company, including those who are drawing a pension, are self-employed or a landlord. Student loan repayments (SLRs) are normally deducted from salary by employers under PAYE, so many people assume that SLRs are not due on rental income or
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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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New VAT late filing penalties
March 15, 2023Now that all VAT-registered traders must submit their VAT returns using MTD compatible software (unless they have been granted an exemption), HMRC has introduced a new penalty regime to punish late filing. For VAT periods beginning on or after 1 January 2023, a point is awarded for each late VAT return. A £200 penalty is
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National Minimum Wage rises
March 15, 2023The annual increase in the National Minimum Wage (NMW) rates are linked to the rate of inflation, which for the past few months has been hovering around 10%. Hence the NMW rates that must be paid for pay periods starting on and after 1 April 2023 have all risen by around 10%. Hourly Rate Age
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Realise those capital losses
March 15, 2023If you are planning to sell any property or your business in the near future, be aware that the annual exemption for capital gains tax will be cut from £12,300 to £6,000 on 6 April 2023. That exemption will reduce again on 6 April 2024 to £3,000, so long-term planning is needed where gains are
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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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Taking your profits as dividends.
March 15, 2023If you are a company owner, you will be used to taking funds you need from your company in the form of a small salary, with anything extra paid as dividends, or perhaps as rent or interest. For some years the first £2,000 of dividends received by each taxpayer has been tax-free, but that is
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Dealing with PAYE K codes
March 15, 2023A PAYE K code reduces your personal allowance to zero and adds a notional amount of income on to your salary to be taxed. The imposition of a K code will result in a significant amount of tax being deducted from your earnings. HMRC will impose a K code to collect existing tax debts, tax
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