Merranti Accounting Blog

A family view

December 7, 2021

A 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

Read More

Give and save

December 7, 2021

Give 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

Read More

R&D tax breaks

December 7, 2021

R&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

Read More

Selling your business

December 7, 2021

Selling 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

Read More

Tax break on savings

December 7, 2021

Tax 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

Read More

When there’s a Will…

December 7, 2021

Where 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

Read More

Making Tax Digital

December 7, 2021

Making 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

Read More
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,

Read More

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

Read More

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

Read More