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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.
Tax Guide for Content Creators and Social Media Influencers
Introduction Are you a digital entrepreneur who’s unsure about their tax responsibilities? Whether your hobby is vlogging, blogging, reviewing, or streaming, if you earn money (e.g., royalties and advertising fees) or receive gifts (e.g., products, holidays, or accommodation) from it, then HMRC could class you as having taxable income, and require you to submit a…
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 MoreMTD Has Changed VAT Return Filing – Act Now to Avoid Penalties
On 1st November, HMRC closed their old system for quarterly and monthly VAT return submission. Instead, businesses must now file these returns through Making Tax Digital (MTD) compatible software, unless they’re exempt. We can file for you, or, if you haven’t yet chosen a compatible software package, we offer discounted software licences to clients, from…
Read MoreTax Talk Video – Graham Loosley
Partner Graham Loosley presenting a property investor tax update at Nock Deighton’s Landlord Conference, October 2022.
Read MoreAutumn Statement 2022: Key Tax Change Highlights
This morning (Thursday 17th November), Chancellor Hunt unveiled his 2022 Autumn Statement, featuring tax rises and spending cuts worth billions, in order to tackle the cost-of-living crisis, and rebuild the UK economy. The changes include freezing allowances and thresholds that will pull millions into paying tax for the first time, hundreds of thousands into higher…
Read MoreMaking Tax Digital for Income Tax – How to Get MTD Ready
Making Tax Digital (MTD) adverts are all over the TV and radio – and MTD for VAT returns is already in place. But, are you aware of MTD for Income Tax, and how it will affect you? Perhaps you’re unsure because your business is new, or you’ve managed without an Accountant until now? We will…
Read More300,000+ Landlords Move to Limited Companies to Reduce Tax
Over 300,000 landlords have purchased properties in limited companies to reduce tax and tackle rising interest rates. This number has doubled since the introduction of Section 24 in 2017, and with the environment becoming more uncertain, more than 50,000 companies have been set up in the last year alone – with 2022 set to be…
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