Posts by Graham
Preparing for Your 2023/24 Tax Return
As the new tax year has commenced, we at Mercian Accountants would like to offer you some advice on managing your self-assessment tax returns. By staying informed of the upcoming tax deadlines and understanding the nuances of the process, you can be better prepared for your tax responsibilities and avoid any last-minute stress. When to…
Read MoreUnusual Tax Relief Claim Makes Headlines
An unnamed OnlyFans creator had claimed tax relief on breast enhancement surgery, causing surprise when the news made headlines. The content creator convinced HMRC that the surgery was a legitimate business expense. About OnlyFans and the Industry OnlyFans is a subscription-based website where users pay a monthly fee to access creator content. Although it is…
Read MoreNock Deighton Spring Landlord Conference
Are you interested in HMOs? How to invest in them, how to manage them, how to finance them, and how you can get the best return on your investment. Nock Deighton is hosting another of their hugely successful Landlord Conferences. Held at the Mercure Telford Centre Hotel Forge Gate Overdale TF3 4NA – Google Maps Wed,…
Read MoreHMRC Targeting Airbnb Landlords
The rapidly evolving digital landscape has transformed how people conduct business, making generating income through platforms like Airbnb, Booking.com, VRBO, and Holiday Lettings easier than ever. As a result, an increasing number of landlords are turning to short-term property lettings as a viable source of income. However, this rise in popularity has also caught the…
Read MoreTopping up National Insurance for missing years
We previously reminded our readers to review their National Insurance Contributions (NIC) record for any gaps and how it could affect their entitlement to the state retirement pension. The deadline for paying voluntary Class 3 NIC to fill any deficiencies in tax years back to 2006/07 was set for April 5, 2023. However, as many…
Read MoreDigital Submission of P11Ds Mandatory from 6 April 2023
In a significant move towards modernising the UK tax administration system, the HMRC’s February 2023 Employer Bulletin announced that the submission of P11Ds and P11D(b)s would be mandatory through digital channels from 6 April 2023. As a result, paper submissions will no longer be accepted. This transition reflects the government’s aim to establish a fully…
Read MoreGuide to Self-Assessment tax returns
Welcome to Mercian Accountants’ comprehensive guide to Self-Assessment tax returns in the United Kingdom. Navigating the complexities of the UK tax system can be challenging, but our team of experienced accountants is here to help you through every step. Self-Assessment is an essential aspect of the UK tax system that requires individuals with more complex…
Read MoreIR35: Gary Lineker Wins Case Against HMRC Over £4.9m Tax Bill
Fresh from his win against the BBC over his tweeting activity, Linker makes it a double (for now) with a win against HMRC. HMRC has suffered another setback in its enforcement of IR35 rules with the recent defeat in the case against Gary Lineker. The former footballer and sports broadcaster was accused of underpaying tax…
Read MoreMaximising Tax Benefits of Incorporating Your Property Portfolio: A Comprehensive Guide
In the ever-changing landscape of property investment, investors must stay informed about the latest tax regulations and strategies for maximising their returns. One of the most significant opportunities for property investors in the UK is the incorporation of their personal property portfolios into limited companies. This comprehensive guide, brought to you by Mercian Accountants, will…
Read MoreTime to ditch the job and work for yourself?
If you are currently employed and considering becoming self-employed, there are many factors to consider. Switching from being an employee to being self-employed can be a big decision that requires careful planning and preparation. As experienced accountants based in Shrewsbury, we at Mercian Accountants understand the challenges of starting your own business. In this article,…
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