Merranti Accounting Blog
Our Latest Newsletter
June 26, 2022The Summer is firmly here and so is our latest newsletter with articles about personal and business matters. Merranti Accounting Newsletter summer 22 If you have any questions about the articles then don’t hesitate to contact us anytime.
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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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Helping your employees
June 26, 2022The cost of living crisis is hitting everyone, including small businesses. You are required to raise the wage rates of employees on the National Minimum Wage by 6.6% for pay periods starting from 1 April 2022, but some employees may still be struggling to make ends meet. Here are a few things your business could do
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Back To The Future?
June 26, 2022Back To The Future? It is a tough time for both families and businesses, with higher prices and staff shortages causing difficulties that are witnessed every day, from supermarkets to airports. Those under fifty will struggle to remember such difficult economic times, with inflation at a 40-year high. On 26th May, the Chancellor announced the
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Merranti Accounting Expands into Croydon
March 26, 2022We are excited to announce that we have completed the acquisition of CTA Accountants and Consultants Ltd based in Coulsdon Surrey giving us a base to expand into the Croydon area. Specialising in Restaurants and Takeaway venues the business has been trading for in excess of 25 years, with long-term clients who are used to
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Tax-free rent
January 4, 2022Tax-free rent When you let rooms in your own home as residential accommodation, you can receive the rent tax-free if it falls within the limits for rent-a-room relief. This relief is currently capped at rents of £7,500 per year. Where more than one person receives the rent from the property, each person has a tax-free
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Don’t miss tax deadlines
December 7, 2021Don’t miss tax deadlines If you miss the deadline for filing your self-assessment tax return (31 January for online filing) you will be charged a £100 penalty. If the return is filed more than three months late, an additional £10 per day is charged and, after six months, another penalty is incurred (the higher of
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Working at home allowance
December 7, 2021Working at home allowance 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). 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.
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Excited about electrics
December 7, 2021Excited about electrics The taxable benefit for having the private use of an electric company car is currently just 1% of list price. From 6 April 2022 the taxable benefit will rise to 2% of list price; it will then be fixed at that level until April 2025. However, even at 2% of list price,
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Reducing CGT bills
December 7, 2021Reducing CGT bills Everyone has an annual exemption for capital gains tax (CGT) of £12,300 for 2021/22. This is wasted if you don’t make capital gains in the tax year. You can’t carry forward any unused exemption to a different tax year or transfer the exemption to another person. If you are planning to dispose
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