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.
New HMRC Letter Campaign: Landlords Incorporation Relief 2017/18
Understanding the New Compliance Drive in Property Taxation Introduction: A Focused HMRC Initiative on Property Tax Compliance HM Revenue & Customs (HMRC) has embarked on a crucial campaign, turning its attention to a specific sector of the property market: buy-to-let landlords. This campaign specifically addresses those who strategically incorporated their property businesses into limited companies…
Read MoreChristmas 2023 Arrangements and Deadlines
May you be in good health and spirits, with your Christmas preparations progressing smoothly. We trust that the festive season is shaping up delightfully for you. Christmas Holidays and Busy Season Our final day of operation in 2023 will be Friday, 22nd December. We will resume our services in the new year on Tuesday, 2nd…
Read More2024 Updates to National Minimum and Living Wages: Essential Guide for Employers
2024 NMW and NLW Adjustments: What UK Employers Need to Know As expert accountants, we at Mercian Accountants are dedicated to keeping UK employers well-informed about the upcoming changes to the National Minimum Wage (NMW) and National Living Wage (NLW) coming into effect in April 2024. It’s crucial for businesses to stay ahead of these…
Read MoreGoodbye to Tax Clearance: A Shift in Responsibility for MVLs
HMRC Cease Providing Tax Clearance for Members’ Voluntary Liquidations Effective immediately, HMRC will no longer provide pre- and post-tax clearances for members’ voluntary liquidations (MVLs). This change, announced in HMRC’s Insolvency Guidance on December 6, 2023, shifts the responsibility for determining tax compliance to insolvency practitioners (IPs), who must rely on their professional judgment to…
Read MoreHMRC’s Scrooge-like Plan to Save Money: No More Letters About Your Refunds
HMRC has axed the practice of sending out letters informing taxpayers of their self-assessment repayments, citing the practice as causing unnecessary confusion and increased customer queries. This change, effective from December 7, 2023, applies to all Bacs self-assessment repayments, affecting both tax advisers and individual taxpayers. Instead of traditional letters, HMRC will now resort to…
Read MoreHMRC’s New Campaign: A Closer Look at Crypto Tax Compliance
Introduction The phenomenal growth of cryptocurrencies has brought with it a plethora of challenges, particularly in the realm of taxation. Her Majesty’s Revenue and Customs (HMRC), has recognised the need to address this issue proactively, implementing a series of initiatives to enhance tax compliance in the crypto realm. HMRC’s New Initiatives: A Path to Tax…
Read MoreEMIs Unlocked: Maximising Growth with Enterprise Management Incentives
Introduction In the dynamic world of small and medium-sized enterprises (SMEs), attracting and retaining top talent is crucial for growth and success. The Enterprise Management Incentive (EMI) scheme, a government-backed initiative, offers a tax-efficient way to motivate your key employees through share options. With over 15,000 UK companies already benefiting from EMIs, it’s time to…
Read MoreGuess Who’s Not Answering? The HMRC Helpline Adventures
HMRC’s seven-week service reduction During the busiest period of the tax year, HMRC plans to significantly reduce access to its self-assessment helpline, focusing only on complex queries from Monday, 11th December 2023. HMRC has unexpectedly confirmed that from 11th December until 31st January, most callers to the self-assessment helpline will be redirected to online services,…
Read MoreCompany Tax Return Essentials: CT600 and Corporation Tax
Introduction Welcome to our introduction to Company Tax Returns, CT600, and Corporation Tax. This article is designed to be a valuable resource for business owners, financial professionals, and anyone involved in managing a company’s financial obligations. Understanding the complexities of tax compliance can be challenging, but it is crucial for the successful operation of your…
Read MoreFrom Registration to Recovery: The Complete UTR Number Guide
Understanding Your Unique Taxpayer Reference (UTR) Number Welcome to an essential read from Mercian Accountants, where we demystify one of the critical elements of UK taxation – the Unique Taxpayer Reference (UTR) number. Designed to provide clarity and insight, this guide is invaluable for anyone navigating the UK tax system, whether you’re a self-employed individual,…
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