Posts by Graham
December 2023 Tax Newsletter
On 22 November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament and started making, in his words, the long-term decisions necessary to strengthen the economy and build a brighter future. Fueled by falling inflation and stabilised public finances, focus is now being applied to reducing debt, cutting taxes and rewarding hard work.Headlines included…
Read MoreWhat is bookkeeping?
Introduction to Bookkeeping Welcome to Mercian Accountants, where we understand the pivotal role of bookkeeping in successfully managing your small business. Bookkeeping is the process of systematically recording and organising all financial transactions of a business. This includes tracking all sales, purchases, receipts, and payments, ensuring every financial move your business makes is accounted for.…
Read MoreMercian Accountants become part of the Handpicked Accountants Network
Mercian Accountants have been invited to join the carefully selected collection of leading accountants in the Handpicked Accountants portfolio nationwide. Handpicked Accountants is part of Begbies Traynor Group and provides access to outstanding accounting services for every business need. Mercian was selected to join Handpicked as a practice that demonstrated commercial expertise, understanding of the…
Read MoreAutumn Statement 2023: What It Means for You and Your Business
The Chancellor of the Exchequer, Jeremy Hunt, presented his pivotal Autumn Statement on 22nd November 2023, unveiling a series of measures aimed at steering the UK through challenging economic waters and bolstering business growth. Amidst a climate of reduced inflation and cautious fiscal optimism, the Statement laid out a roadmap that significantly impacts individuals and…
Read MoreNovember 2023 Tax Newsletter
Welcome to our November Tax Newsletter. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. Salary Or Dividend Best In 2023/24? In recent years, many accountants have advised their director/shareholder clients that the most tax-efficient method of extracting profit from their family company was to pay…
Read MoreOctober 2023 Tax Newsletter
Welcome to our October Tax Newsletter. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. It Is Important To Have Up-To-Date Profit Forecasts For Tax In order for us to help predict your taxable profits and tax liabilities, we need up-to-date profit figures and projections. One…
Read MoreElectronic Sales Suppression: HMRC Voluntary Disclosure
HMRC is sending letters to businesses that may not have paid the correct income tax, corporation tax, or VAT due to misuse of their till systems. The letters are intended to provide an opportunity for businesses using electronic sales suppression (ESS) to get their tax affairs in order by voluntarily disclosing undeclared sales to HMRC.…
Read MoreUnderstanding Full Expensing
Full expensing is a tax relief scheme that allows companies to claim 100% of the cost of qualifying plant and machinery all in one go. This tax incentive was introduced in the Spring Budget 2023 and runs from 01 April 2023 to 31 March 2026. Why Full Expensing Matters This tax relief measure encourages UK…
Read MoreEmploying Your Children in Your Business
Including your children in your business and finances can be a rewarding experience, offering them valuable work experience and instilling a strong work ethic while providing tax benefits for the business. However, employing your children involves understanding and adhering to legal, tax, and regulatory requirements. This article will help you navigate the complexities of employing…
Read MoreNavigating Tax Regulations for UK Farm Holiday Accommodation Providers
Managing tax obligations for holiday accommodation operators can be challenging, with many nuances and specific rules to navigate. This article aims to guide avoiding common pitfalls in areas such as VAT, income recognition, capital and revenue expenses, and capital allowances. Understanding VAT on Deposits and Accounting Systems Correctly accounting for VAT on deposits is crucial,…
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