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A Beginner’s Guide to Accountancy and Tax for New Business Owners
Starting a new business is an exciting and challenging endeavour, and one of the most important tasks you will face is understanding the basics of accountancy and tax. This guide is designed to help you navigate the complexities of this area and provide you with the information you need to make informed decisions for your…
Read MoreMissed the Tax Return Deadline?
At Mercian Accountants, we understand the importance of staying on top of your accounts and ensuring that your tax affairs are in order. That’s why we offer a range of accountancy services, including tax services, to help you achieve your financial goals. Our team of experienced accountants can help you with everything from preparing annual…
Read MoreShould I set up as a sole trader or limited company?
There are three main legal structures for starting a business: sole trader, partnership, and limited company. Deciding which structure to choose can have a significant impact on your business, so it’s important to consider the pros and cons of each option before making a decision. Sole trader Partnership Limited company The structure you choose will…
Read MoreSelf-Assessment: Information Required
Checklist Please complete and return one of our self-assessment checklists, available here as an Excel version or PDF version. Employment If you were employed, including through your own company, please provide your P60 or P45 (if employment ended), which shows gross salary, tax deducted and any student loan deductions. If you received P11D benefits in…
Read MoreCharitable giving and Tax
Many people give money to charity, however, only half of them are taking advantage of the Gift Aid scheme. Let’s consider how a taxpayer can donate to charity tax-efficiently. Giving through Gift Aid is a very popular and tax-efficient way of making gifts or donations to UK registered charities and also to local, community amateur…
Read MoreEmployee Gifts and Trivial Benefits
Employers can provide benefits to staff without incurring tax, provided the benefits meet the conditions. HMRC deem some small benefits trivial and, therefore, exempt from tax and reporting obligations. Conditions You don’t have to pay tax on a benefit for your employee if all of the following apply: This is known as a trivial benefit.…
Read MoreChristmas Parties: HMRC and Tax
You’re organising your event; you’ve booked the DJ and the catering, but will you have to keep some budget back for a nasty tax bill, or can you order more vol au vents? When employers provide benefits to their employees, there are usually tax and National Insurance consequences. But provided your staff party meets all…
Read MoreTax Talk Video – Graham Loosley
Partner Graham Loosley presenting a property investor tax update at Nock Deighton’s Landlord Conference, October 2022.
Read MoreShould I Register for Child Benefit as a High Earner?
Have you registered for Child Benefit? If you’re a high-earning parent or carer you may not see the point in claiming, due to the High-Income Child Benefit Charge (HICBC). However, registering for Child Benefit has a hidden advantage, even if you pay the HICBC. If you’re looking after children at home, and aren’t paying National…
Read MoreInheritance Tax Bills at Record High
Introduction Recent data from the Treasury has revealed that Inheritance Tax (IHT) bills are rising to record levels – with experts warning that more grieving families are being “dragged” into paying the levy. In 2021-22, HMRC received a massive £6.1 billion of IHT – the tax paid when a person passes away – which represents…
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