east grinstead accountants

Settle tax on behalf of your employee

Tax exemptions

August 21, 2023

Settle 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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Directors Loan

Directors Loan

August 11, 2023

A 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

Payroll Hygiene

June 18, 2023

The 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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calm before storm

The Calm Before The Storm?

June 16, 2023

The 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

Quickbooks Versus Xero Accounting Software

May 24, 2023

QuickBooks 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 2023 highlights

Budget Spring 2023 – Highlights

March 15, 2023

Here 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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student loans

Student loan repayments

March 15, 2023

All sorts of people can be liable to repay a student loan to the Student Loan Company, including those who are drawing a pension, are self-employed or a landlord. Student loan repayments (SLRs) are normally deducted from salary by employers under PAYE. So many people assume that SLRs are not due on rental income or

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Separation to become less taxing

March 15, 2023

The government is planning to change the CGT rules for separating spouses. Currently, transfers can be made between couples on a tax neutral basis only up until the end of the tax year of separation (not divorce). This is a tight deadline! Inter-spousal transfers after this deadline may trigger a CGT charge. Yet this would

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Merranti Accounting Local accountant near me

National Minimum Wage rises

March 15, 2023

The annual increase in the National Minimum Wage (NMW) rates are linked to the rate of inflation, which for the past few months has been hovering around 10%. Hence the NMW rates that must be paid for pay periods starting on and after 1 April 2023 have all risen by around 10%. Hourly Rate Age 

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capital losses

Realise those capital losses

March 15, 2023

If you are planning to sell any property or your business in the near future, be aware that the annual exemption for capital gains tax will be cut from £12,300 to £6,000 on 6 April 2023. That exemption will reduce again on 6 April 2024 to £3,000, so long-term planning is needed where gains are

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