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.
HMRC 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…
Read MoreOnlyFans Creators and HMRC Letters
Are you or have you been an OnlyFans content creator? Have you received a letter from HMRC about undisclosed income? If you have, read on, and we’ll cover everything a content producer needs to know about taxes when making money on the OnlyFans network, and what to do if you haven’t disclosed your income and…
Read MoreTrusts for Disabled Persons – Special Tax Treatments
Do you have a disabled family member or friend? Do they require care, and are they unable to manage their finances on their own? By setting up a Disabled Person’s Trust (a trust for ‘vulnerable beneficiaries) you will get special tax treatments based on the disabled person’s circumstances, and receive flexibility to adapt to their…
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