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.
Stamp Duty Land Tax (SDLT) 2023
ENGLAND & NORTHERN IRELAND SDLT Residential properties: 23 September 2022 onwards Property value UK residents Non-UK residents Only property Additional property Only property Additional property Up to £250,000 Nil 3% 2% 5% Next portion from £250,001 to £925,000 5% 8% 7% 10% Next portion from £925,001 to £1,500,000 10% 13% 12% 15%…
Read MoreA simple guide to the Spring Budget 2023
The headline message from the Chancellor The Chancellor highlighted, “In the autumn, we took difficult decisions to deliver stability and sound money… Today, we deliver the next part of our plan. A budget for growth… long-term, sustainable, healthy growth that pays for our NHS and schools, finds jobs for young people, and provides a safety…
Read MoreHMRC Investigates Airbnb Landlords with Short-Term Lettings
HMRC is writing to landlords who may have undeclared income from short-term lets and holiday homes – with online platforms such as Airbnb and Booking.com now obliged to provide payment data to the government. The number of individuals with unreported income on second homes is believed to be around 700,000, about a third of landlords…
Read MoreLoan Trusts for Inheritance Tax Planning: Everything You Need to Know
Inheritance tax is a concern for many individuals who are looking to pass on their assets to their loved ones. One way to minimise the impact of inheritance tax is through using trusts. Trusts are legal arrangements that allow an individual to transfer their assets to a separate legal entity, which a trustee manages for…
Read MoreHMRC Chases 4,300 Influencers and Content Creators Over Tax
To keep up with the rapid expansion of the digital economy, HMRC is chasing thousands of influencers and content creators, including gamers and retailers, for taxes that haven’t been paid on income or gifts received online. This includes people who earn money in exchange for product promotion, as well as those who are paid by…
Read MoreRecovery Loan Scheme (RLS) Re-Launched for SMEs
The Recovery Loan Scheme has entered a new phase to provide SMEs with easy access to finance to invest in their business’s growth. This revised scheme is planned to run until 2024, has replaced CBILS and Bounce Back Loans, and is still open to eligible businesses that have already taken out government-backed finance. For most,…
Read MoreThe Child Benefit Trap: the High-Income Child Benefit Charge
As parents, it is important to understand the potential implications of receiving Child Benefit and the impact it may have on your tax liability. With increasing inflation and wages, many may find themselves in a higher tax bracket, leading to the possibility of falling into the “Child Benefit trap.” In this article, Mercian Accountants will…
Read MoreRecent tax changes: limited company or partnership?
In light of recent tax changes (Autumn 2022), it might be worth considering whether a partnership or company is now the most tax-efficient way to operate your business from the start of 2023/24 (6th April 2023). Don’t forget the big picture: tax on profits is only one consideration. Limited liability, other taxes such as Inheritance…
Read MoreA 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…
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