Merranti Accounting Blog
Tax exemptions
August 21, 2023Settle tax on behalf of your employee There are various tax exemptions you can use to provide an employee with a one-off tax-free reward. Such as certain ‘trivial’ benefits or long-service awards. If the value of the reward exceeds the tax-free amount permitted, you can bear the tax and NICs (which the employee would normally
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VAT on land and buildings
August 18, 2023VAT on land and buildings When you are acquiring a commercial building, you need to know whether the purchase price will include VAT Older non-residential buildings will normally be exempt from VAT, but not if the owner has opted to apply VAT (“opted to tax”) at some point. This option to tax (OTT) is in
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Keep your company’s tax rate low
August 16, 2023Keep your company’s tax rate low Corporation tax rates have risen since 1 April 2023 There are some exceptions. For example, if you own an investment company. All its profits may be taxable at 25%, irrespective of the level of profits. These profit thresholds are reduced where there are ‘associated companies’ (broadly, companies under common
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Improve your state pension
August 11, 2023Improve your state pension If you have gaps in your NICs payment record, you may not receive the full state retirement pension. You can easily check your NICs record for your entire working life in your personal tax account (www.gov.uk/personal-tax-account ). You need at least 35 complete NICs years to receive the maximum state retirement
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Directors Loan
August 11, 2023A Directors Loan Account Your company may pay personal expenses on your behalf for which you later reimburse the company, or it might otherwise lend you money. This means you have a variable outstanding debt owing to the company, which is known as a directors loan account. Where that debt exceeds £10,000 at any point
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Payroll Hygiene
June 18, 2023The HMRC computer can be confused by incorrect information in PAYE returns, which may then result in a demand for more tax than you have deducted from your employees. This may happen when the HMRC computer records a duplicate employment for an employee, without ceasing the previous employment. For example, you take on William Smith
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The Calm Before The Storm?
June 16, 2023The calm before the storm After the multiple fiscal statements in 2022, which often reversed changes that had only recently been announced, the last few months have been relatively tranquil on the tax front. The Budget contained high-profile announcements of changes to childcare and pensions, but the former only begin being phased in next year
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Quickbooks Versus Xero Accounting Software
May 24, 2023QuickBooks and Xero are both popular cloud-based accounting software platforms that offer a range of features for small and medium-sized businesses. While they serve similar purposes, there are some differences between the two. Here’s a comparison of QuickBooks and Xero: User Interface and Ease of Use: QuickBooks has been in the market for a longer
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Budget Spring 2023 – Highlights
March 15, 2023Here are the headlines for the Spring 2023 Budget that will impact you directly: The Budget for Growth in the spring of 2023 ( 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
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