Newsroom
What we’re seeing across our clients.
Commentary, briefings and case studies from the Mercian team — what’s hitting our inbox, what HMRC is asking, and what owners are doing about it.
Bounce Back Loan Fraud: Hundreds of Directors Disqualified
Over the past year, the Insolvency Service has taken action against more than 450 directors for fraudulently taking advantage of the Bounce Back Loan scheme and other Covid support programmes. Despite these efforts, some argue that these measures may not address the issue fully. During the 2022/23 financial year, the Insolvency Service reported a total…
Read MoreMastering the Art of Tax Efficiency: Director’s Salary and Dividend Strategies for 2023/24
Stay Ahead with Tax-Efficient Strategies With no further changes announced in the 2023 Spring Budget, it’s time to explore the most tax-efficient director’s salary and dividend strategies for 2023/24. This guide will provide an overview of the key tax rates and allowances and offer insights on maximising your post-tax income. 2023/24 Tax Landscape: Rates and…
Read MoreHMRC Basis Period Reform for Sole Traders & Partnerships
Mandatory basis period reforms have been announced by HMRC for unincorporated businesses, including sole traders, irrespective of their involvement with Making Tax Digital (MTD). This article delves into the details of these reforms and how sole traders and partnerships need to adapt. Starting from the 2024/25 tax year, affected businesses must use the tax year…
Read MorePreparing 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…
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