Merranti Accounting Blog

mortgage interest

PPR relief: Demolished and rebuilt dwellings

February 16, 2024

PPR relief: Demolished and rebuilt dwellings Principal private residence (PPR) relief (broadly) applies to gains accruing to individuals on the disposal of (or of an interest in) all or part of a dwelling house that has (or has at any time during their period of ownership) been their only or main residence. No part of

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Don’t look a gift horse…

February 16, 2024

Don’t look a gift horse… People come up with all kinds of ways of trying to avoid tax on income. HMRC will usually challenge anything they see as unreasonable tax avoidance or, worse still, tax evasion. A classic example of this has been heard by the Tax Tribunals recently, involving a lawyer working for the

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More changes for unincorporated businesses

February 16, 2024

More changes for unincorporated businesses Unincorporated businesses are going through their biggest tax change for a generation, with the switch to a tax year basis of assessment for profits, rather than the ‘basis period’ system. Further change is on the way. For the last ten years, smaller businesses have had the option of preparing their

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Child Benefit tax charges

February 16, 2024

Child Benefit tax charges The High-Income Child Benefit Charge (HICBC) was introduced in January 2013. The rules can be quite complex, but it essentially starts to claw back Child Benefit (which remains a tax-free payment) by levying a tax charge on the higher income person of a ‘family unit’. If that person has relevant income

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Blissful biscuits

February 16, 2024

Blissful biscuits The rules about whether food is standard rated or zero-rated for VAT purposes are notorious for having some provisions that are open to interpretation. As has been shown in a recent case. United Biscuits (UK) Ltd manufactures McVitie’s ‘Blissfuls’. For the benefit of those of you who have not sampled them, they consist

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National Minimum Wage (NMW) rises

February 16, 2024

National Minimum Wage (NMW) rises The rates of NMW and National Living Wage (NLW) are once again set to rise significantly. The rates that will apply from 1 April 2024 are as follows:   Note that the NLW will apply from the age of 21, rather than from 23 as it currently does. Employers often

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Cars for business: VAT issues

February 16, 2024

Cars for business: VAT issues In our Autumn 2023 Newsletter, we covered a number of the tax issues associated with business cars, such as capital allowances and employee benefits. As promised, we now highlight some of the key VAT points of which to be aware. What is a ‘car’ for VAT purposes? The definition of

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A look into the tax crystal ball

February 16, 2024

A look into the tax crystal ball With a General Election due by January 2025 at the latest, we may have three major ‘fiscal events’ this year: The Budget on 6 March, an early Autumn Statement (possibly in September) and (assuming the Election is in the autumn) a post-Election Budget in November or December. What

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The Spring Newsletter is here!

February 16, 2024

The Spring Newsletter is here! Our latest spring newsletter can be found below for all the latest in tax news.   What to expect inside: A look into the tax crystal ball Cars for business: VAT issues National Minimum Wage (NMW) rises Blissful biscuits Child Benefit tax charges More changes for unincorporated businesses Don’t look a

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Cash Equivalent

Determining Taxable Values: The “Cash Equivalent”

February 9, 2024

Determining Taxable Values: The “Cash Equivalent” The computation of taxable values for employee benefits, often referred to as the “cash equivalent,” is a crucial element in payroll and tax considerations. This figure is intricately linked to the cost incurred by the employer in providing a specific benefit. For instance, if an employer spends £1,000 annually

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