Merranti Accounting Blog
A family view
December 7, 2021A family view In the UK, everyone is taxed as an individual, but social security benefits, including tax credits and Universal Credit, are awarded on the basis of the family’s total income. Child Benefit is clawed back based on the income of the higher earner in a couple, irrespective of who receives it. Families with
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Give and save
December 7, 2021Give and save Giving to charity under Gift Aid can result in a lower tax bill for the donor. Making a Gift Aid donation will reduce your tax bill for the year in which the donation is made if your total income is above the 40% threshold (£50,270 for 2021/22). Taxpayers resident in Scotland
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R&D tax breaks
December 7, 2021R&D tax breaks Companies that invent new production methods or products can claim enhanced tax relief for the Research and Development (R&D) costs. Small and medium-sized companies can claim 230% of qualifying R&D costs and a 14.5% payable tax credit if this extra deduction results in a loss! This is a very attractive relief and
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Selling your business
December 7, 2021Selling your business If you are wondering whether, or when, you should dispose of your business, a sensible first step is to form an outline plan. The sale of a successful trading company will generate a capital gain. This would normally be taxed at 20% after deduction of your annual exemption (£12,300 for 2021/22). Business
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Tax break on savings
December 7, 2021Tax breaks on savings You can save for retirement in a number of ways. The traditional route is via a pension scheme, but you could also use an ISA. Savers aged under 40 can open a Lifetime ISA (LISA) and contribute up to £4,000 per year, which attracts a 25% bonus from the Government. This
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When there’s a Will…
December 7, 2021Where there’s a Will… When you die, your executors or relatives need to sort out your affairs. This stressful task can be made easier if you leave a clear and up-to-date Will that has been drafted with tax in mind. They may also need to pay inheritance tax (IHT) if the net value of your
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Making Tax Digital
December 7, 2021Making Tax Digital (MTD) For VAT periods beginning on or after 1 April 2022, it will be compulsory to keep your VAT records in a digital format and to file all your VAT returns using MTD-compatible software. We can help you with this if you are not already MTD compliant, but we need to work
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We are hiring!
October 20, 2021EXPERIENCED 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, 2021Health 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, 2021Coronavirus 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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