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.
IR35: 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 MoreSave Inheritance Tax with Business Property Relief (BPR)
Have you considered Business Property Relief (BPR) in your Inheritance Tax (IHT) planning? BPR allows you to claim IHT relief of either 50% or 100% on the value of your business or its assets, including qualifying shares. These can be passed on either while you’re alive, or as part of your Will. In this article,…
Read MoreInheritance Tax (IHT) Receipts by HMRC Up 18% Since 2022
HMRC has released data that Inheritance Tax (IHT) receipts have increased by 18% in January 2023, compared to the financial year prior – currently, receipts are at £5.9 billion, which is £900 million higher than last year. This increase has been driven by HMRC targeting high-value estates, the increase in house prices from 2020-2022, and…
Read MoreAnnual Tax on Enveloped Dwellings (ATED): New Valuation Date
Do you need to file a return for Annual Tax on Enveloped Dwellings (ATED) by 30th April? In line with legislation, companies must revalue their properties every five years, and this coming tax year (2023-24) is a revaluation period. So, you must use a new valuation date of 1st April 2022 (or the date of…
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,…
Read MoreAccountant Near Me in Shrewsbury, Shropshire
Are you a business owner or an individual needing professional accounting services in Shrewsbury, Shropshire? Look no further than Mercian Accountants! Our team of experienced and qualified accountants is here to provide you with the accounting services you need to grow your business and stay on top of your finances. We offer a wide range…
Read MoreDon’t Settle for Less: Upgrade Your Accountants to Improve Your Business
At Mercian Accountants, we understand the crucial role that a high-quality accounting firm can play in the success of a business. Your accountant is responsible for ensuring the accuracy of your financial records, identifying areas for improvement, and providing valuable insights that can help you make informed business decisions. However, not all accountants are created…
Read MoreNew Associated Companies Rules
HMRC recently released new guidance on the ‘associated companies’ test for determining applicable corporation tax rates and payment deadlines. This guidance is particularly relevant to businesses with multiple associated companies and larger businesses not expecting to pay the lower rate. The reintroduction of the small profits rate has also led to changes in the thresholds…
Read MoreSpring Budget 2023: tax rates and allowances
Income tax rates: England, Wales & Northern Ireland(non-dividend income) (note 1) 2023/24 2022/23 0% starting rate for savings only Up to £5,000 Up to £5,000 20% basic rate tax £12,571-£50,270 £12,571- £50,270 40% higher rate tax £50,271-£125.140 £50,271- £150,000 45% additional rate tax Above £125,140 Above £150,000 Note 1: The Welsh Government has made a…
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