Merranti Accounting Archives

Payroll Hygiene

June 18, 2023

Payroll Hygiene 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

Paying up your NICs

March 15, 2023

If you haven’t already retired, you need to rack up 35 full years of National Insurance Contributions (NICs) in order to receive the maximum state retirement pension. To receive any amount of state retirement pension, you need at least 10 full years of NICs contributions. Your online personal tax account (at: www.gov.uk/personal-tax-account) will show you

HRMC Tax Debt Management

November 17, 2020

In addition to the various coronavirus business loan schemes, the government has allowed businesses to build up tax debt. Payment of the VAT due in the period March 20 to June 30 could be postponed until 31 March 2021. Unincorporated businesses and individuals could delay paying their self-assessment tax due on 31 July until 31

VAT EU Accountant Brighton Accountant East Grisntead

Brexit – Transistion ending

November 16, 2020

EU Brexit VAT Changes The UK left the EU on 31 January 2020 but all trading arrangements, including VAT, are held in suspension until the end of the transition period on 31 December 2020. Whatever deal is finally agreed between the EU and the UK government, the EU Brexit VAT Changes rules for UK traders

Statutory Sick Pay extended

November 10, 2020

Employers must now operate two parallel systems of Statutory Sick Pay (SSP) for their employees: COVID-19 related SSP and SSP for all other health related matters that prevent employees from working. In both cases, the employee must earn at least £120 per week and have informed their employer of the illness. In general, SSP is

Kickstart scheme

November 5, 2020

The Kickstart scheme the government will pay the wages and associated costs of new employees who are aged 16 to 24, and who come directly to you from claiming Universal Credit. The Kickstart grant will cover the employee’s wages at the national minimum wage rate for 25 hours per week, for six months, plus the

Residential Stamp Duty Holidays.

November 5, 2020

stamp duty tax When you buy a home, you normally have to pay stamp duty tax on the purchase price. There are three different forms of land tax that apply in the UK. With each has its own starting thresholds, rates, and bands. One common element of all the UK stamp duty taxes is that

Merranti Accounting selected to join Handpicked Accountants platform

October 9, 2020

At Merranti Accounting, we take pride in our active approach in supporting businesses throughout their financial journey. Recognised for our exceptional business performance, customer service levels and industry knowledge. We are proud to announce that we are now a member of the Handpicked Accountants network. We understand that every business experiences its challenges and opportunities

Rise in Interest Rates for the first time in 10 years

November 10, 2017

Rise in Interest Rates Last Week for the first time in more than 10 years, the Bank of England has raised interest rates. The official bank rate has been lifted from 0.25% to 0.5%, the first increase since July 2007 and according to Mark Carney, the Bank of England Governor, it is likely to

When must a business register for VAT

October 17, 2017

When Must a Business Register for VAT? Businesses in the UK must register for VAT when their taxable turnover exceeds the VAT registration threshold. As of April 2024, the VAT registration threshold increased to £90,000. This means a business must register for VAT if the value of its taxable supplies over the previous 12 months